All Forum Posts by: Edwin Brown

A couple other factors that will matter, How many property loans do you already have (over 4 gets a lot harder), do you live near the property (lots of lenders are putting geographical clauses in their underwriting rules).

Also, you'll probably have to go 75%

Has anyone ever done this? On either side of the table?

I'd love to hear what worked and what didn't.

Makes sense. Thanks for the quick reply. Enjoying the site.

If you are not sure what you are doing you can really get burned in the tax deed world. I would hire an attorney who has handled these before and pay him just to look over your shoulder and make sure everything is done correctly. I lost 40k a couple of years ago on a bad tax deed.

We wholesaled a client a couple properties in June of 2009. Our loan officer promised us the client could easily get financing, so we used our own cash and owner financed them to the client. Well, actually we used my father's cash, which he didn't need at the time especially since the deal was only going to last 60 days.

After a college graduation, a wedding, no sales for 6 months and moving to a new city, Dad was more than a little strapped for cash. A year had gone by and he still didn't have his money back.
On top of all of that, he and my mother are scheduled to go on a mission's trip to Africa in August and he won't have the cash to go unless these deals refinanced.

Well, miracle of miracles, both refinanced on Friday and I am sending him a big chunk of cash that should ensure he doesn't die of heart attack in the next 6 weeks and that the little children in Africa will actually get something to eat next week.

May sound depressing, but at this point, we're just happy for it to be over. If you are in this business long enough you'll realize it actually feels better to get out of a terrible deal, than to finish a good one. At least it did on Friday.

For some reason, when a post is removed you can still see it on the forums page if it is the last post updated in that section. As soon as someone else updates a post in that area. At least that is what I've seen before.

Welcome to the family.

I'm may have done my numbers wrong, but is that only 300/unit in monthly rent? I certainly don't know your market, but in my market that would be the absolute bottom of the barrel which means it will be a management nightmare and probably in the ghetto.

The numbers looks good from an ROI standpoint, but if someone pitched me that exact deal in my town, i would expect the vacancy to be closer to 25% in reality.

That's the only thing that could be wrong with that deal as far as i can see. If you are comfortable with the area and it's just a low rent town, should be a good deal.

I'm an investor in the Chattanooga market. Contact me, I'd love to talk or get involved in a new group.