All Forum Posts by: Josh Stevens

@Bob Beeler

@Wayne Brooks

@Jeff McCaskey

Thanks guys.

The only other thing I can think of is buying the note at a discount from the bank.  I don't know whether Chase would even sell a specific note this way though.   Has anyone ever done that?  Unless someone tells me otherwise, I'm going to try it.  Not sure who to call, but I think I'll start with the account contacts.

Note Investing

Note Buying

@Dave Van Horn

Thanks.

I'm stumped on how to help a seller.

I got a lead from my direct mail marketing, and the seller's situation is as follows:

She has a single family house that she purchased in 2007.  Her husband lost his job and they haven't made a payment on their house since April 2012.  They are agreeable to me trying to do whatever to help.  They're at the point where they'll either do a deed in leu (sp?) or just lose it.

I'm guessing the ARV would be around $165,000 and I'd guess repairs would be in the $30,000.

They have a balance of  $138,681 on the Loan, and a past due amount of $43,643 for the missed payments (to bring it current)

I don't know how to help.  My first thought was that maybe I could try a Subject-To, but I don't know how to negotiate with the bank to deal with the past due amount.

I don't know anything about Short Sales, but the seller has tried it twice and it has stalled out on the 1yard line with Chase Bank, so I don't know that I could do any better.

Any advice would be very much appreciated.

Thanks.

I went back and looked and realized that I had never thanked y'all for your answers. 

Thanks!

I went back and looked and realized that I had never thanked y'all for your answers. 

Thanks!

Are there typical contract components that would bind the buyer appropriately to cover the payment of the loan and give the seller some type of recourse if they didn't?

I am trying to make a deal work for me to buy a small apartment building.  I really don't think that I can make this a deal if I try to get a commercial loan.  I threw the term "Subject-To" out there and the seller wasn't familiar with it, but she did ask if I wanted her to approach her lender about me assuming the current loan.  I figured, why not.  That route may be extremely unlikely to take, so I would like to further explain "Sub-To" to the seller to see if she is interested.  I've investigated it on BP to make sure I understand it better, but I would like to approach her in a very professional and non-shady manner so that she knows her interests are covered. 

Is there a good way to clearly explain the approach that will show that it is a legitimate method of sale?

Thanks so much for the quick replies.  This is awesome. 

I've already been in contact with the owner/seller.  They are going to provide their last 4-6 yrs of P&L info.  They've also given me their property manager's contact information, who I am going to call to discuss the history of management.

I'm doing my due diligence on a multi family (5+ unit) apartment complex in Texas.  I've only purchased a few residential personal residences in the past.  Is it a good idea to use a realtor to submit an offer on the property, or is it enough to just work with a real estate attorney to prepare the contract?  Or should I try to use both?  I really appreciate any advice you may have to offer.

Thanks,  Josh Stevens