All Forum Posts by: Allen Gregory

Thanks a lot David. Just filled it out and sent it back. Everyone has deal parameters. Now that I know the big guys want CAs it won't be a big deal to me anymore. Thanks again.

Hey guys,

I'm putting together my first commercial deal and was hoping someone would be able to give me a little guidance. I just got a CA (Confidentiality Agreement) from a broker at Marcus & Millichap.

I won't be the buyer. But in order for me to get the information I need, I'll need to fill out the CA and send it back. The broker already knows I'm not the end buyer.

I'm wondering if it's okay for me to put my name in as the buyer to initially get the information, and figure out the rest later. I hope that's not something that will put me in hot water.

Does anyone have experience with any of this (Marcus & Millichap and/or CA agreements.)?

Thanks,
Allen

That is an awesome idea Kenyatta. I will be attending my auction in Fulton on the first Tuesday of June.

Auction bird dogs are great for investors. They don't want to spend time at auctions. They want to deploy capital into properties. They've got the money and we've got the time. That's what it's all about.

And since we're shaking the same tree, I'm sure we will run into each other again sooner or later.

If it's not a trade secret, would you mind letting me in on how you find your buyers? If you can't tell me I will understand. But if you can it's probably best to send me a private message.

Thanks,
Allen

Thanks for the information Joel. I'm going back with questions in hand. I'm beginning to realize that sometimes you have to shake people awake to get answers. But when you do, they know you're serious and they either run toward or away from you as fast as they can. We'll see what happens with this.

Thanks again.

Hey everybody,

I'm working with a gentleman who has a client who wants to purchase foreclosures in metro Atlanta where I live. I'm trying to figure out the best course of action to get to the foreclosures before the agents do as this particular client is not interested in dealing with agents.

I don't think we have a public record for NODs or lis pendens in GA. I went out and got the "Daily Report" newspaper and I see a bunch of properties in foreclosure there. It looks as if all of them are represented by attorneys.

I'm thinking there are 3 ways to do this.

1. Call up the attorneys and see if I can make an offer
2. Purchase properties at the courthouse steps
3. Find sellers via online presence and/or classified ads

I realize I may have answered my own question. But if anyone can give me a little more insight, that would be great.

Thanks.

Awesome post Mitch. This is a very simple definition and it is so often distorted and overlooked. I've always known that I need about 5K per month to finance my desired lifestyle. And here I am chasing deals that will net me 50K. Maybe that's why I'm bumping my head against the wall.

Working a regular job sucks. Especially when all you see and hear about and think about are success stories. It doesn't take a brain surgeon to do this business. I'm beginning to see that your priorities MUST come before your profits.

I get it now. Thanks.

Hey guys,

I'm talking to a lot of different people and getting close to putting something under contract. I want to know if anyone has any experience with RealQuest. I need to get comps and values to be sure that I'm contracting at 50% or less of ARV. I was thinking about the $79 Gold RealQuest offer. But I wanted to know 1) if anyone had any experience and could give me an idea of how good it is and 2) if there's something else that I should be using that's better and/or cheaper.

Thanks,
Allen

Hey guys,

I have a broker who is representing a buyer in a transaction. He's supposed to send me an offer in the next few days. When I get the offer, I plan on opening title with it. I don't have a company or anything and it's my first deal so this will all be in my own name. When he submits the offer to me, where does the earnest money go? Does it come to me in the form of a check before I even open title? Or does it go into escrow at the title company? If they don't perform will the title company still send me the check?

I don't have a contract with the seller yet. I'm waiting to get this offer and then I'll send an offer to the seller that's a little less so I can make $5,000 or so.

Based on all this information, how is this transaction supposed to go? Please keep in mind that this is a portfolio of properties that the buyer wants to cherry-pick from. It might be 10 properties or it might be 65 properties. That's why I'm waiting to get the offer from the buyer before I make an offer to the seller. Because if the transaction ends up being $500,000 or more then $5,000 or $10,000 won't make a big difference to anyone.

Is my train of thought correct on this? Can somebody help me? Maybe even give me like 5 or 10 steps as to how this is supposed to go. For example, 1. Get contract from buyer. 2. Open title. 3. and so on and so on.

Thanks in advance guys. BP beats all the other forums out there. I got a really complicated question answered in less than an hour a few days ago. So I know for a fact that you guys are on the ball. Any feedback would be greatly appreciated.

Thanks guys. You all made excellent points. I've been around the block with the guy who gave me the list. He's my mentor and worked with me through a pretty crappy non-transaction just to prove a point to me.

We went around in circles with some note brokers who kept asking for POFs. I contacted them. I put them on a conf call with my mentor, we got a couple tapes but they were all sanitized. The brokers wouldn't send us unsanitized tapes without POF and NCND with photo IDs attached.

My mentor kept telling me, "Brokers are a waste of time. They make you jump through hoops. When I talk to the bank, they NEVER ask me for POF." He kept telling me and my brain just couldn't make it work. I even went so far as to tell him that it was a good idea to give the brokers POF just to move the transaction along. And he refused.

He gave me the list, told me to go over the program again, use my brain, and call the banks and get him some tapes and he would take care of the rest. And that's where I am right now.

He doesn't need me to work with him. He gets calls from banks all the time and they just give him unsanitized tapes because he's performed with them in the past. I'm a student of his and he's willing to work with me and cut me in on the action, but only if I can get him unsanitized tapes directly from the bank.

Having said all that.

Steve - I expect them to ask for that and with Greg's approach I probably won't need it.

Paul - you are a true gentleman and a professional. Based on your experience, do you think Greg's approach would be successful? Please keep in mind that I got the list about 60 days ago. Your reply to Justin about capital requirements and auctions is spot-on. I can get another list if you think the one that's 60 days old no longer fits that criteria. But I really want to know how to get past the POF, get the tapes, and get them to my guy.

Thanks again everyone.

Hi Everybody,

I hope this doesn't go over too many people's heads but I'm sure there's an experienced person that can help me. Here goes:

I have a gentleman who sent me a list of banks that are selling NPNs (non-performing notes) backed by commercial assets. It's a little intimidating calling a bank and talking about this stuff.

I think I figured out a pretty good opening line when I call the bank:

"I'm looking to make a full-boat purchase of NPNs backed by commercial assets with UPBs (unpaid balance) of at least $100M"

I think that sounds pretty good. It would be great if someone could help me with that.

Also, when I call the bank who are the correct people to speak with regarding this?

Any help you can give is greatly appreciated.

Thanks,
Allen