All Forum Posts by: Joe Strickley

With all the recent hullabaloo over robo-signers and clear title, I was wondering if any investors have experiences they wish to share. Apparently, REO sales have dropped by over 20% as a result of buyer apprehension. Anyone buying trustee sales may not even be able to get insurance. My understanding is that title insurers will only offer cover if the bank (owner) offers an indemnity, to cover legal costs in the event of a dispute. But what does title insurance cover you for anyway? For investors buying across State lines, are there any precautionary steps to protect from disputes over title?

Personally wouldn't go near a property that needs a lot of work, because I don't know enough about rehabbing. If I saw a multi that looked interesting, I'd want to be happy with the area, and tenants, but first would want to know why someone is selling a good deal in this market.

I'm looking for a qualified CRE broker to represent me in the purchase of a small USPS. Please PM me, or leave your contact details on your reply.

I am no expert, but doesn't that go without saying? I'd assume anyone acquiring any kind of real estate wants to know the bricks and mortar aspect of the deal make sense. Anyway, congratulations on the sale. Care to share the details? PM me if you prefer.

Ndb, in my limited experience, I would have thought big banks are a pretty safe bet. They survived the tsunami, have a generous Uncle (Sam) and apparently have been profitable in spite of everything. I've looked on loopnet and only occasionally seen one, and they can be pricey. Having said that I guess all the usual NNN cautions apply (see FE's comments above).

Bryan, yes, apologies, they are in NC and I see their physical address is in Cornelius, not Charlotte. Here's their web address http://www.retireonrentals.com/ I first contacted them 2-3 years ago, and they are still around, and haven't changed their business model, so that is a good sign.

Charles, I ran their numbers and for an all cash buy, it's better than a poke in the eye with a sharp stick, as they say. Still, I'd be interested in any views.

Has anyone had any dealings with this company? They are based in Charlotte, SC and rehab SFH, find tenants and sell them on together with the leases, and continue to manage them. The homes are generally in the +/- $100k price range, and rents offer a reasonable ROI. I'm guessing appreciation won't be big, but as a hassle-free toe-dipper investment, the risk seems negligible given the small amount invested. I'm sure there's lot's of downsides, but has anyone used them, or any companies offering similar services?

Where are you based Jeff? I've been moving around a lot so have used USPS mail boxes, and have nearly always had to stand in long lines in POs. They still provide a good service to a large segment of the community, and I'd be surprised to see them disappear from major conurbations. And with the government underwriting them, I don't see what could be better. But I take your point that even the seemingly secure have their associated risks. Your "beholden" comment is relevant to any investment to one degree or another, but NNN are marketed as being as safe as houses.

Hi Charles. I wish I had one or two properties I could get you to look at. Single tenant, NNN is the investment I am focusing on, and/or multi-unit residential. The only company that gets mentioned in glowing terms is Walgreens, and apparently even they are now threatened by Walmart and others. However, they are a bit out of my league price wise, without resorting to leverage, which I'm hesitant to do. USPS is probably a good fit for my profile, but as someone else mentioned I'd need to be in bed with the local town major. I also learned today that inventory is very low, so that may explain limited choice.

Thanks Vikram, I'd probably only do this through an intermediary.