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All Forum Posts by: Jonathan C.

Jonathan C. has started 123 posts and replied 273 times.

Post: Compiling List of Mobile Home Park Owners

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

@Jeffrey H. Appreciate the info. 

Are there any list brokers or list sites though that people here have had any luck with? I.e. listsource or similar?

Post: Compiling List of Mobile Home Park Owners

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

Hey guys- I invest in RE full time, but have done only a lot of flips and small multi family so far. Interested in possibly buying a mobile home park. Researching with Jefferson Lilly stuff, MHU, and everything else that's been recommended on this forum.

My question is on any tips on how to compile a list of mobile home park owners. I'm hoping there are list providers where I can just buy this, but maybe not. I send about 8K mail pieces a month for my wholesaling business, so I'm familiar with the idea behind it, but it seems harder to find mailing addresses for mobile home park owners.

Any input appreciated.

Thanks

Post: Contractor Repair Estimate to Use to Justify Lower Price to Bank

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

Does anyone have an example contractor repair estimate they've used to get the price on a short sale down so the bank will approve it?

I've come up with a few of my own but they haven't been successful in getting the bank to accept a lower price, so think I must be missing something.

Post: Buying fire damaged properties

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

You could call companies that specialize in repairing fire damage and let them know you'll pay them for a list of properties they go to. Some won't give it to you, but you may find 1 or 2 that will. You'll also have to stay on top of them to make sure they actually give it to you after they say they will.

Post: Any College Park, MD Student Housing Landlords?

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

Wondering if anyone on here owns student rental property for students at the University of MD at College Park.

I own a number of other rentals, and student housing in another state, but this will be my first time owning one for students at this school.

Anyone on here a landlord in this area?  

I'm also a full time flipper- done about 75 flips at this point- so can share any of my knowledge in that area in return.

Thank ye

Post: Umbrella Insurance for House Flipping Business

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

Hey guys-

Searched this topic on BP but mostly came up with results for umbrella insurance for rentals.  I'm specifically wondering what kind of insurance house flippers maintain.

I have builders risk on all the properties that has liability coverage as well, but am interested in getting an additional umbrella liability policy as well to have additional coverage.

Unfortunately, I'm getting quoted super high rates on it- I guess due to the perceived liability from flipping 20 houses a year.

What kind of insurance do other house flippers here have?  Anyone have an umbrella policy? Thoughts on if it is needed?

Thanks

Post: Buying at Auction in Maryland- Making Sure Bidding on the 1st

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

Do you guys see anywhere in the ad I included where it tells you what position the lien you're bidding on is in?

Post: Buying at Auction in Maryland- Making Sure Bidding on the 1st

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

Hi Guys,

I've bought about 90 houses since 2010, but never yet at Auction. Looking at buying there due to competition on MLS and direct mail.

Have done a lot of research on this already, but what I'm told is in MD they are required to disclose both in the legal notice and at the actual auction itself if you're bidding on a 1st position or 2nd, 3rd, etc position lien/mortgage.

I've scanned through the ads in MD but I don't seem to see where in the ad it discloses the position of the mortgage.  

I'm just trying to make sure I can get a good process down to make sure I am definitely bidding on a 1st and not a junior lien.

Included example ad below.  Any help appreciated.

Thanks

BROCK & SCOTT, PLLC 484 VIKING DRIVE, SUITE 203
BROCK & SCOTT, PLLC 484 VIKING DRIVE, SUITE 203VIRGINIA BEACH, VA 23452

SUBSTITUTE TRUSTEES' SALE OF

VALUABLE FEE SIMPLE PROPERTY

KNOWN AS

8707 Ritchboro Road

District Heights, MD 20747

Under and by virtue of the power of sale contained in a certain Deed of Trust to PRLAP INC, Trustee(s), dated November 29, 2006, and recorded among the Land Records of PRINCE GEORGE'S COUNTY, MARYLAND in Liber 26624, folio 574, the holder of the indebtedness secured by this Deed of Trust having appointed the undersigned Substitute Trustees, by instrument duly recorded among the aforesaid Land Records, default having occurred under the terms thereof, and at the request of the party secured thereby, the undersigned Substitute Trustee will offer for sale at public auction at THE PRINCE GEORGE'S COUNTY COURTHOUSE LOCATED AT 14735 MAIN ST, DUVAL WING ENTRANCE, UPPER MARLBORO, MD 20772 ON,

JULY 10, 2015 at 3:00PM

ALL THAT FEE SIMPLE LOT OF GROUND and improvements thereon situated in PRINCE GEORGE'S COUNTY, MD and described as follows:

LOT NUMBERED ONE HUNDRED NINETY EIGHT (198) IN BLOCK LETTERED "B" AS SHOWN ON THE PLAT ENTITLED "PLAT 2, SECTION THREE, PART OF BLOCK "B", FORESTVILLE PARK", WHICH PLAT IS RECORDED AMONG THE LAND RECORDS OF PRINCE GEORGE'S COUNTY, MARYLAND IN PLAT BOOK 96 AT PLAT NO. 67. BEING IN THE 15TH ELECTION DISTRICT OF SAID COUNTY.

The property will be sold in an "AS IS WHERE IS" condition without either express or implied warranty or representation, including but not limited to the description, fitness for a particular purpose or use, structural integrity, physical condition, construction, extent of construction, workmanship, materials, liability, zoning, subdivision, environmental condition, merchantability, compliance with building or housing codes or other laws, ordinances or regulations, or other similar matters, and subject to easements, agreements and restrictions of record which affect the same, if any. The property will be sold subject to all conditions, liens, restrictions and agreements of record affecting same including any condominium and of HOA assessments pursuant to Md Real Property Article 11-110.

TERMS OF SALE: A deposit of $28,000.00 payable in certified check or by a cashier's check will be required from purchaser at time of sale, balance in immediately available funds upon final ratification of sale by the Circuit Court of PRINCE GEORGE'S COUNTY, MARYLAND interest to be paid at the rate of 6.25% on unpaid purchase money from date of sale to date of settlement. The secured party herein, if a bidder, shall not be required to post a deposit. Third party purchaser (excluding the secured party) will be required to complete full settlement of the purchase of the property within TEN (10) CALENDAR DAYS of the ratification of the sale by the Circuit Court otherwise the purchaser's deposit shall be forfeited and the property will be resold at the risk and expense, of the defaulting purchaser. All other public charges and private charges or assessments, including water/sewer charges, ground rent, taxes if any, to be adjusted to date of sale. Cost of all documentary stamps and transfer taxes and all other costs incident to the settlement shall be borne by the purchaser. If applicable, condominium and/or homeowner association dues and assessments will be adjusted to date of sale. If the sale is rescinded or not ratified for any reason, including post sale lender audit, or the Substitute Trustees are unable to convey insurable title or a resale is to take place for any reason, the purchaser(s) sole remedy in law or equity shall be limited to the refund of the aforementioned deposit. The purchaser waives all rights and claims against the Substitute Trustees whether known or unknown. These provisions shall survive settlement Upon refund of the deposit, this sale shall be void and of no effect, and the purchaser shall have no further claim against the Substitute Trustees. The sale is subject to post-sale review of the status of the loan and that if any agreement to cancel the sale was entered into by the lender and borrower prior to the sale then the sale is void and the purchaser's deposit shall be refunded without interest. Additional terms and conditions, if applicable, maybe announced at the time and date of sale. File No. (14-05767)

Keith M. Yacko, Robert E. Frazier, Thomas J. Gartner,

Jason L. Hamlin, and Gene Jung,

Substitute Trustees


www.hwestauctions.com


JUNE 25, JULY 2, 9, 2015 11927925

Post: $165K Purchase, $265K ARV: Green Oak Terrace, Greenbelt MD 20770: $165K

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

Hi guys,

Townhouse on Green Oak Terrace Greenbelt MD

Pictures: https://www.flickr.com/gp/118920662@N02/d2nvK6

Asking: $165,000

Closing: July 24, 2015

Repairs: ~$50-60K

ARV: $265K

If interested, please reply or PM me and I'll send full address.  I have deals like this about 8-10 times a year in DC Metro Area, so let me know if you want to be added to my buyers list.

Thanks, Jon

Post: NE District of Columbia and Prince George's County

Jonathan C.Posted
  • Real Estate Investor
  • Nashville TN
  • Posts 287
  • Votes 170

I do deals in PG, MoCo, DC, NOVA...

PG great, but very competitive for any listed properties as was previously mentioned.  I've been buying in PG since 2011 and (no surprise) every 6 months it's more competitive than it was the 6 months prior.

At this point almost impossible to buy bank owned listed property cheap enough to make money.  Still can occasionally get deal on listed short sale but, here again, banks being much more aggressive and not dropping their prices enough to make the deals work in majority of cases.

I'm continuing to ramp up direct mail, continuing to reach out to wholesalers, and looking into buying at auction.