All Forum Posts by: Alexis Monroe

@Levi T. NOI is $921,566/year with property management in place @ 6%. Currently, 100% occupied. Class B/C. For other information, I need for you to call me 614-648-3704 please

Hi,

I’m Alexis, founder of LexLand Realty. 
For the past several months, I’ve been able to acquire investment properties without any money down. In a nutshell, I’m able to structure the asset so the deal pays for itself.

I’m seeking a partner to purchase 186 units (85 buildings) all within 2 miles in PA from a retired landlord for $9.3M 

The partner will not be required to bring any money to the closing table. They will need to show 1) proof of $2.3M in liquid assets 2) History of similar purchases 3) form entity to apply for loan together 

We would split the profits 50/50.

if you know of any groups , individuals or organizations that would be interested in this partnership, please give me a call 614-648-3704

Hi there note buyers! 

I’m interested in Learning how to invest in purchase notes. I found a mortgage note I’m interested in making an offer to a local bank. I found the lead through a motivated seller who called me to sell his home because his monthly payments are too high.  He tried refinancing but was unable bc credit. I can’t buy his home because it’s worth 153k and he owes 143k. He bought home 1 year ago.  My question is, when I make the offer to purchase the note To the bank, should I mention that I spoke with the borrower and he’s likely to start defaulting as incentive for bank to sell? how can I request the interest rate, balanced owed, etc on the mortgage without a release of information from the buyer? 
And do you send a formal purchase contract to make offer or just a letter saying your offer after you do review terms of purchase note?

Thank you for your time to answer my questions!

good afternoon!

Has anyone ever bought a home directly from hoa?

Hoa foreclosed on this home for 5k. They put it for sale at foreclosure auction and it was sold to the hoa, plaintiff for $100.

I am now in negotiations with hoa attorney  to purchase the home directly From the hoa. It’s not listed on market. 

The ARV is 220k

1) does the mortgage stay with the home? A mortgage for 186k was taken out 3 yrs ago by previous owner.

2) where do I start my offer on this home? Should I offer the minimum hoa payments of 5k and purchase subject to mortgage payments? (Or did the mortgage Not survive) 

3) do I max offer 70% of ARV - repairs?

Of course I don’t want to offer too low but I’ve purchased properties directly from bank For literally the back taxes owed and assessed value. I want to know if anyone has purchased directly from hoa. What is the hoa really looking to get from the home. All Responses and opinions are welcome!

Hi Biggerpockets family!

I've been reading about how raising private money for your deals can be an absolute game changer. So far, in the past 3 months, I've been able to buy and sell 5 properties for a huge profit! The way that I find my deals, I do need to have the cash to purchase them. What are your ideas on finding private investors to raise private money? Once I find them, what is the best way to communicate with them about this matter?  

All ideas and comments are welcome!!

@Pras Palanichamy I am an investor in florida and also have my real estate license. I use it mainly so that I can access up-to-date comps and predict how quickly a property will sell. I can also use for the going rental rates for properties. I really don't understand how investors make purchase decisions without MLS or without a realtor who has MLS. For me, MLS is essential for investing.

1. Being a realtor absolutely creates direct access to sellers. You make great points about networking as well. But, you can also make direct access to sellers without a license. This is done by targeting motivated sellers through mailing lists, cold calls, etc. I find that sometimes ppl are more willing to open up to me with me being a realtor. Whenever I do door knocking to find motivated sellers, I wear my real estate license name tag. That way, if a seller does want to list their property for full market value, I offer to list as well. It opens up more solutions for the sellers. 

2. Yes you can submit offers without a real estate license. I think every state has a generic purchase agreement template that is approved by the state bar and  you can google it. You just need to fill in the blanks purchase agreement. 

@Michael Healy read your lease to see if there’s any provisions that will allow you to evict her off those grounds alone. (If not, be sure to add it in there for next time)

But, if someone is threatening to kill you, you need to file a police report in general. You may even be able to file a restraining order as well. 

Thank you guys soo much!! I did a background/asset check on that guy with lexisnexis and found he had filed bankruptcy twice in the past 2 years and a foreclosure. I also couldn’t find him on the NMLS registry. Wow kind of disappointed! It’s really hard to find a cash lender that will loan me cash to bid in auctions smh 

Thanks for the feedback. I requested proof of lenders license and he emailed immediately.  He also sent me his drivers license. I also verified his company is registered with state. Could it still be a scam with this documentation? What are realistic terms for private lenders? 

Hi there,

So, I am new to investing. In the past 6 weeks, I've been able to buy property from motivated sellers and sell it for a very large profit. AS a result, I applied for private funding with willie stevens with posh realty investors. I was able to be approved for $100,000 based on an executive summary, my drivers license, and copy of my utility bill. NO bank statements, or proof of my business financials were required. I got approved for 100k and he is offering me 5% interest rate. Pay back within 1 year. The paperwork looks legitimate. ITs 3 pages long that outlines the terms. It is going to cost me $3,900 which is an up-front loan processing fee.

Does this funding seem legitimate? I don't want to be scammed into someone getting me to wire them $3,900 to their bank account. What are other signs for private money scammers?