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All Forum Posts by: Thomas Fish

Thomas Fish has started 33 posts and replied 96 times.

Post: Time to Close the BP Bulk REO Forum?

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

It sounds like you're pretty set on shutting it down, and it kinda reminds me of the time in my home town when authorities removed the stop signs from a train crossing because they were becoming "a maintenance issue." They took 'em down, but decided to put them back up again after 3 people--including a cop in his patrol car--got killed by the passing trains.

Personally, I only come onto BP for this particular section. If huge, pie-in-the-sky bulk sales aren't made immediately, I have still made some excellent contacts here that have resulted in smaller sales both residential and commercial. A begat B begat C until C finally begat D who bought something. The nature of the beast, I understand.

In all reality, people wanting to make those kinds of connections can go over to your competitors (CI, Trulia, etc.)

My vote is to keep it for whatEVER purpose it serves. But it doesn't sound like that vote is going to count for very much. It sounds like the screwdrivers of disassembly are already whirring...approaching the screws.

Post: Seeking Partner for 2 Deals

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

Hi John. Please write me directly at my aol address. I can answer these questions there. Thanks! Tom

Post: Seeking Direct Buyer for 2 CA SFR Tapes

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

There are 2 CA SFR tapes, Southern CA, priced at 65 +3, direct buyers only: no pass-throughs or assignments. $130M takedown. LOI and SPOF will get you the tape immediately to scrutinize, do dd, etc. I'm posting this on Monday, 1-31. If you're reading this anytime after Feb 3, I am sure these will be gone. But please feel to write before 2-3 if you are a direct buyer or mandate. Thanks! Tom

Post: Seeking Partner for 2 Deals

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

I am seeking partners for 2 commercial deals:

1. 98 unit apartment building, 95% occupied, cash flowing approximately $200,000 per year. 5 miles from my house. Central Michigan. Need $500k investor to assume the existing loan or $1.9M investor to buy it outright.

2. 8 units, netting approximately $2000 per month, northern Michigan. 100% occupied. Need $20k investor to split the deal with me.

If interested, please let me know.

Thanks!

Tom

Post: Smaller Bulk REO Packages

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

These are available:

CA SFR's, various sizes, Buyer and Buyer-Reps Only, No IM's please.

CA and AZ tapes, together or separate, small (approx $5.7M for both). Buyer or Buyer-Reps Only, No IM's please.

36 Nationwide: $790K First to contract and escrow gets it. Will entertain IM's...but without the ability to get your buyer into escrow, you may be wasting time. Not a lot of papering-up bs here: just a contract and escrow. I'm the seller of this one and I'm flexible.

81 Michigan for $64,000. First to contract and escrow get this one too. Same as above: IM's welcome, but contract and escrow get it. Not a lot of paper going back and forth.

10 Houses in Saginaw, Michigan. All or None. Land contract with $4000 down available or a lower cash price.

Please contact me if interested.

Thanks!

Post: 15 Houses on Land Contract!!!

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

Hi Charles. In Michigan, I mainly have Detroit, Flint, Saginaw.... a few Battle Creek, Lansing, Pontiac. In Saginaw, I have 4 on land contract @ 250 per month each, 3 at $400 per month each, and a couple for cash: $4500, $5500, etc. / I also have a midwest portfolio: 36 properties, $790,000.

Post: 15 Houses on Land Contract!!!

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

Thanks for the responses. You can write me individually too. "Selling on land contract" means that the houses are being sold on terms --down payment, monthly payments, etc.--and the seller retains the deed until the final payment is made. / There is no catch, as some of you have pointed out, buying property in Detroit is a crap-shoot, speculative. I have 81 houses available there right now for $64,000 cash ($800 a piece). The houses I have offered here, the ones on land contract, are typical Detroit houses: need repairs, need back taxes paid, can rent or resell... and are a gamble. (The ones offered in Saginaw are similar, only Saginaw's rental market is much more stable.) But the price in either market makes the gamble more reasonable. / Also, I'm open to offers in both areas: cash offers, term negotiations, etc. Please feel free to write. Thanks.

Post: 15 Houses on Land Contract!!!

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

Hi! Yes, they are in Saginaw and Detroit proper. The Saginaw houses are on the west side of the city (the better side). And the Detroit ones are in various areas. I guess there are only 14 houses for land contract. The 15th house is actually a cash sale in Saginaw: $1500. That one is on the east side, a little rougher area. But for $1500, it's a great deal!

Post: 15 Houses on Land Contract!!!

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

I currently have 15 houses for sale on land contract. Here are the packages:

7 Houses in Detroit: $250 per house, 0% interest, 48 months, $1000 down. Two of these houses are duplexes.

3 Houses in Saginaw, Michigan: $400 per month per house, 0% interest, 48 months, $1000 down. One house is a duplex.

4 Houses in Saginaw, Michigan: $75 per house until January, then $200 per house for the next 48 months. 0% interest $1000 down.

These houses need to be fixed up and rented or resold. Rents in the areas average $500 per month.

If interested, just let me know.

Thanks!

Post: Hating This New Format

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

I agree. I used to like to scroll through the topics quickly and find ones that apply. I concede that, if I spend an otherwise valuable hour on this site (a) finding the old discussions and (b) setting up my "favorites," I might grow used to this new, ad-space-intensive format.

Maybe I'm wrong here, but it seems the business model may have been to reach a certain level of user activity and then monetize the site. I am just wondering if that couldn't have been with a little bit of a heads-up (or did I miss it)? "Hey, make your favorites now, the site is changing and your forums are going to be harder to find." Something like that.