All Forum Posts by: Thomas Fish

This was one property in a small portfolio of properties that I turned over to a guy who was going to refinance to buy your father out, and didn't, and instead walked away from the property. It's something that could still be worked out. I am definitely game; I liked the property. But if your objective is to just trash my business, I'm not interested.

This was one property in a small portfolio of properties that I turned over to a guy who was going to refinance to buy your father out, and didn't, and instead walked away from the property.  It's something that could still be worked out.  I am definitely game; I liked the property.  But if your objective is to just trash my business, I'm not interested. 

Hi. I am selling two of my properties:  an apartment and a hotel.  I'm selling them with seller-financing.  And if an investor has a credit score of 680 or above, I might be able to sell them with no money down.  If interested, please contact me.

I am selling a 100 room hotel (formerly Holiday Inn and Comfort Inn) with a fully equipped restaurant, bar, pool, hot tub, conference rooms, and other amenities.   It's located in Michigan 1 block from the I-127 exit on M-55.   I am selling it with SELLER FINANCING with the following terms:  Purchase Price $800,000.  Down Payment:  $300,000.  No Monthly Payment for 1 year.  Then 5% interest, $5000 per month, 5 years.     This is a perfect property to buy and flip.  If interested, please let me know.  Thank you!

I am selling a couple apartments (5 unit, 12 unit, 24 unit) and a 100 unit former hotel for cash or seller financing.  Central and Northern Michigan.  Buyer should have a strong cash position for down payment if opting for seller financing.  Experience in multifamilies helpful, but local management available as well.  

I agree and would like to add my "thanks" as well. I have become acquainted with many fellow-investors through this site...and have partnered on deals with some. I used to be more active on the site, but I'm generally out in the field now, acquiring and managing multi-units. (Always looking for partners on those.) This site has been an extremely valuable resource. Much thanks and gratitude! Onward!

Bryan. Usually, in any given deal, there are so many people involved (mandates, reps, IM's, coordinators, transactional specialists, whatever someone is calling himself at the time, etc.), that somewhere in there, one can find some credible people to actually communicate intelligently with. And through those contacts, maybe some legitimate local investors emerge who are actually able to do business. I guess I was just pointing out that, even though the whole bulk reo circus can be maddening, there is a glimmer of hope among the ruins. I have actually closed a couple bulk deals in the past year (a couple out of dozens and dozens and dozens that fell apart at the closing table), but from many of the other ones that didn't close, I made some pretty great contacts. / But yeah, you make a good point, on these "buyers" and "sellers" who totally flake and waste everybody's time and energy, they are eventually exposed and erased from any list of legitimate contacts. They generally end up appearing on the "black list," which all the other legitimate people circulate to prevent from getting burned again...and again...and again....

Hey Brandin: the problem with Bulk REO's is multifold. Problemsss. Usually, the guy saying he has product actually has nothing but an email from some other guy who says he has product, who also only has an email. The guy who "has a buyer" actually has an email from some other guy saying, "I have a buyer with funds already in escrow. He can provide LOI, POF, and close in three days." The non-seller-SELLER is then put on a 3-way with the non-buyer-BUYER, while the IM's happily sign the MFA and hungrily lick their lips in anticipation of their soon-to-come riches. THEN, the "seller" can't produce an LOA, the "buyer" realizes he can't buy diddly-squat with just a random email sitting there in his "read" box. The IM's all think they're getting cicumvented. And everybody rubs their backside, realizing they've just been a victim of yet another cluster-f***, until the next email pops up in somebody's in-box, stating "CA Tape, 43+3, Already in Escrow" which starts the whole rump-abusing process all over again. BUT... the silver lining in the whole dismal cloud is that you can build a network of contacts up and do business in a zillion other ways.

And also, Will, I am glad you brought up worst case scenarios in context of reselling a property. In a land contract scenario with, say, a 7 year balloon, the worst case scenario if it doesn't resell before the 7th year, is that the contract expires and the buyer walks away. If the buyer put in $20k and took out $1500 per month for 7 years, that's $106,000 back on a $20k investment, plus the $20k back too. Not bad for a worst case scenario. / Granted, we can also argue that the property might need capital improvements during the life of the contract, but (a) the expenses include adding to a fund for such repairs, and (b) we're talking about 4-10 unit complexes in which such capital improvements--roofs, furnaces, etc.-- are afordable within the fund's capacity. / So as I've said, each deal is different, each property is different. If it's a direction that someone would like to pursue, please check out what I have each month. Thanks!

Each deal is different. And like every other equity type of investment, they hinge on supply and demand and a host of other variables. I've never used or bought into the "50% rule" on expenses. In some cases, I am sure it might apply, but certainly not in every case or as a dependable rule of thumb. My suggestion is this: if anybody is interested in bringing $10k - $20k to the table and partnering on a multi-unit deal, keep in email contact with me. I'm doing 2 per month and will always have something fresh in the hopper to mull over. Thanks!