All Forum Posts by: Drew Perkins

You can let me know if you have any deals in Dekalb County.  My business partner and I are always looking for some rentals in that area....

The midwest is a good area, you just would need to find a business partner or someone to help you with some of the logistics.   I'm sure if you have $$ you can find a way to put some deals together.

I've heard some good things about investing in Indiana. Welcome to BP!

Good luck, hope it works!

You can pledge some other type of collateral, options being:

1. your primary residence

2. a certificate of deposit at the institution or another institution

3.  a co-signer's piece of collateral, etc.

4.  car or car collection, or some other personal property that you could put up

Also, you could have the seller carry the 2nd mortgage to avoid a downpayment on a shorter term, etc.

Sometimes offering to put the term of the loan on a shorter amortization or an earlier maturing date would allow you to keep down payment smaller and give you flexibility down the line.  

Hope some of that helps and good luck!

I've had friends purchasing in Fulton and South Dekalb County for last 6 months getting 15-20% cap rates on turnkey properties.  

Keep your head up!

I think communication is important.  Make sure you contact them and figure it out.  

Don't let it fester or take it personally.  It might have just been an honest mistake.

To make a long story short, this is a concept that could get you in trouble. Like it's been suggested, I would talk with a real estate attorney.  As far as the mortgage holder is concerned, if you are the only one on the note then you are the only one responsible for paying the funds back.  Be careful!

Welcome!  This is the place to find help to make it happen!