All Forum Posts by: Dan Deppen

Basically yes, but its relatively informal. You'll make an indicative offer, and then you can end up cancelling or fading the bid later if you find a problem in due diligence.

But before you make the offer you should do a certain level of due diligence like checking for delinquent taxes. You wouldn't pull a BPO or an O&E report until after the offer is accepted.

When the offer is accepted discuss the timeline to close with the seller so you are on the same page. Mileage varies but 2 weeks seems typical for a 1 off. If the seller wants you to close super fast then that is a red flag. 

If you do have to cancel for fade the bid make sure it is for a good reason and share that information with the seller.

I recommend reaching out to Debbie Mullins. She is an expert at setting up Quickbooks for notes, including not just note purchases but also joint ventures and even funds.

What kind of deal is it? For my note deals I create a 5-6 slide PowerPoint, and make a 5-10 minute video explaining the deal. The key data is in the slides, but by doing the video I can discuss some of the details and reasons why I like the deal without cluttering the slides or writing a novel if I do it in Word format. 

I believe your other post mentioned you were buying at 70% of value? From your numbers above it looks like there is equity, so you would want to base pricing off the unpaid balance and not the value of the property. Plus as Tim mentioned NJ is probably one of the most challenging states to do a FC.

It sounds like the extra return from the $15K for option 1 is juicy, but the 2nd option is lower risk and you are more comfortable with it. In that case I think its reasonable to take the second option, especially since this is your first deal.

I have my assistant record things using Simplifile, and have a vendor for the counties who don't e-record. Overall the process has become much smoother over the past year. My worst recording experience was with Delaware County PA. I think it around 8 months altogether. For a while I though they just weren't going to record it.

I wish I could live for over 10 years rent free :)

Ah, got it. I don't really have any systems like that. I have an assistant who works for me half time, we live in the same area but both work from home, so we would need an office to implement something like that. I use DropBox and Pipedrive to keep everything organized. 

I'm not sure how statute of limitations works in OH, I would give Franco Barile a call.

If it is collectable definitely check out the property. If last paid is 2007 its likely vacant and trashed. 

What do you mean exactly by physical systems? Are you talking about computers and local storage vs cloud, or filing cabinets? Or do you mean like physical dailer planners instead of Trello?