All Forum Posts by: Anthony Antonacci

 Thank you! I am assuming you have used this? What information did this provide on your prospective tenant? Criminal background and credit? More or less? Thanks!

 Amy - thanks for your response. Craigslist would be fine with me as long as they are screened like everyone else, so glad to hear you have had success there. Regarding the criminal background checks - I am in Indiana. Is this state by state? Every "tenant screening guide" I see mentions running criminal background checks and I don't understand how this would be discriminatory. I am not disagreeing with you, just looking for guidance on how I can protect myself, as well as avoid any issues. Thank you!

 Dennis - This is in a class B neighborhood. Very strong schools and highly appreciating area. Just older, well-maintained homes/duplexes. Please let me know what you have had success with. THANK YOU!

Hi BP Community,

I am evaluating a duplex in the midwest as a long-term investment property. I will NOT be living in either unit but live in town and plan to self-manage the property. This would be my first investment property and, as I crunch the numbers, believe this could be a worthwhile investment and relatively simple way to start my REI career.

I have a few questions for those that manage properties and would appreciate your feedback.

- What is the most comprehensive/reliable, but cost effective, way to screen tenants? Specifically, criminal background checks, credit scores, rental history, etc. Are there reliable platforms to use or can you point me in the direction of the best way to do this so its easy on the renter and me as the owner/manager?

- What is the most cost-effective way to get maximum exposure for your listings? I want to avoid the MLS and get the best bang for my buck, but also fill the units quickly. Any help from the community to find the right middle ground would be appreciated.

- With these subjects in mind (tenant screening/advertising), how much should I set aside in annual cost? I am doing line item projected expenses and am unsure how to account for these costs.

- Other than google searching comparable rentals, is there any way you all accurately project rents as well as vacancies for your areas?

Thank you so much!

Anthony

Hi Everybody,

New to the world of REI and especially the concept of buying notes. Have dove into some reading here the last week or so and wanted to check for understanding on some key concepts and lay out some questions...hopefully this helps some others, too. Thank you in advance.

Notes in General

1. What is the difference between 1st/2nd position and what implications does this carry for an investor?

2. How can an individual investor who is unable or unwilling to buy notes solo get into owning notes? PPR and other services a route?

Performing Notes

1. If these notes are performing, why would someone be selling them at a discount? Are performing notes more commonly acquired through owner financing? How do you locate these deals?

2. Can someone explain the interest to be reasonably expected in a performing note? If it is a residential loan at 4%....is this your rate of return? 

Non-performing Notes

1. Strategies are to a) restructure and make performing (to hold/collect or sell note later) or b) foreclose and secure the property for sale. Can someone provide feedback here and/or expand upon this?

2. Certain states are more favorable to purchase these correct? I am in Illinois which has a very long foreclosure process as compared to Texas. Would it be less ideal to buy non-performing notes in a state like IL?

3. These are often bought in bulk by large investment groups...what kind of quality is out there for a small, individual investor? 

4. Do you get to set terms for the borrower when you take over the note? For instance, late penalties, etc.

Thank you!

AA