All Forum Posts by: Francisco Tejada

What type of direct mail has worked best in NYC?

I've been doing a lot of reading about direct mail. Yellow letters vs post cards, short copy vs long copy, glossy vs plain text. It seems as if different things work in different areas of the country. I am looking to hear from anyone who has done direct mail in NYC and surrounding areas.

Does anyone have experience with a company called Applied Education or Charles "Chuck" Kohout?

answers to other questions
Q:How old is the boiler and what type of fuel does it use?
A: I found a permit for the following in 9/2008. Replace low pressure boiler and oil burner
I also found a mechanics lien for $1,405.00 that expired in July 2009. Does expiration mean that it was paid?

Assuming that now, I know it's an oil based boiler, what should I conclude about maintenance and or expected life of boiler?

G. Founder
additionally, thanks for all the resources, I've used some of them before. Also thanks for providing me with some of the questions to ask.

My only counter point about the rent roll is that, If I had the chance to buy THIS building for 350K given what I know about the property I think it would be a no-brainer with an 80 or 100K RR. Am I being nieve? If so please point it out.
If not, then I reiterate, even if I become a landlord then this property still cash flows. Again I've seen the leases of all 6 tenants, and at the current rent rates, this property seems like a deal.

Thanks G.Founder.
I do know that the note is coming from a note broker and that the source is an investor who purchases 1-4 family notes in bulk and this 6 family commercial note happened to slip into that lot. That is why he is selling it at 350K.

David great questions,
according to the attorney, a "Receiver" would be assigned to collect the rents or "intercept" them as I understand it. The building is fully rented and I have seen all the leases for all the tenants. I think the building would EASILY sell for 800K because it currently rent rolls for 100K/yr. Even if we went with exit strategy #3 which I did not mention, buy/hold, the property cash flows and covers expenses. This brings the question.... "well then why did the current owner default" When I asked this question the answer from the attorney was that he was not 100% sure, but that basically they believe the owner is pocketing the rents and engaging in a form of "equity stripping". If that makes sense to anybody, please elaborate.

I would like some feedback on an opportunity that was presented to me by a lawyer that I was interviewing to be a part of my team.

buy a 650K note at 10% interest on a multi-family mixed use building.
the owner has defaulted on the note and it was accelerated
the note seller is asking for 350K

exit strategy #1
foreclose on the property and flip it. the RR is 80-100K so will easily sell for at least 800K. we turn 350K into 800K

exit strategy #2
current owner will find a way to pay the accelerated loan and stay in the property. we turn 350K into 650K.

Let me say that I do like this lawyer so far, he is an investor himself (obviously) and he professional and courteous. He was recommended by others at a REIA meeting. Should there be any concern on my part that he is both the lawyer and a partner in this deal?

Besides that I would really like feedback on the deal itself. What am I not thinking of? What could go wrong? It sounds like a slam dunk.

Hi Richard
I am curious why the assumption of 50% expenses is a good calculation. I know that many people use this calculation but not sure why.

I realize this is an old post but I actually attended GWREIA meeting in late November. It was my first REIA meeting of any kind an it was a really good experience. I met 1 potential partner, 1 wholesaler that I might do business with and I met a lawyer who specializes in creative real estate. I've followed up with the lawyer and interviewed him and I think I will use him for future deals. He also is an investor himself and has a connection with a notebroker and he sent me a deal that I am now trying to raise capital for to participate in.

Thanks G.Founder.
In that scenario, would it be legal for my friend's property purchasing company to pay me a referral fee after I've purchased the 2nd note. assuming of course they close on the short sale.