All Forum Posts by: Greg G.

Congrats! Can you share more about the deal?

Charles - How's the due diligence going?

A, the end definately doesn't justify the means. I've heard it said that how you do anything is how you do everything. I tend to agree It's a slippery slope.

To get the thread back on topic;

Attend local meetings put on by self-directed IRA companies like Entrust, etc... There's generally an opportunity to give a 30 second commercial about your deal and many are there to put funds to work. Be sure to bring a flyer.

Greg

If you start by lying to build your buyers list, where's it end? Not a great way to build a business that'll last, imo.

Greg

Lamont,

Can you post some more details for everyone to see?

City, # of units, vacancies, rents, asking price, etc...

Thanks, Greg

Rich,

Be sure to let me know if/when you start putting together a TX BP deal.

- Also looking for Apt deals in Houston, TX.

Greg

Maybe this follow-up question would be better categorized under a different thread, but would a private money lender be interested in making a short term loan if the situation made sense?

In this case, I can see that average monthly rents collected are $x the last 3 months, 6 months, 12 months and 36 months. Could rents be forwarded to a trustee at the title company to ensure the private lender is paid first from gross rents?

How would it need to be put together to make sense for everyone involved? Or is this just vanilla, run of the mill, private money lending?

Greg

If factoring were an option, It would be a point of negotiation with the seller. His mortgage would be paid off, and his seller note would be in 1st position. The new note would need to have discounted/deferred payment terms during the term of the factor repayment, (first 6 to 12 months).

Appreciate the input everyone.

Talked with a couple companies that give advances on credit card activity as well as a larger factor in the area, (that I use at my day job), and they've confirmed that they don't lend on rents.

Bill,

Thanks for sticking with it, lol.

What protects me while the seller holds title? I suppose it's a wrap note?

Greg