All Forum Posts by: Gregory Flores, Jr.

Don't know much about probate besides the fact that some may not even include real estate and that the owner has passed with no will. Also not sure about how any of these processes are carried out in NYC.

@Account Closed, besides shooting stuff down? Do you have a particular marketing strategies to find off-market deals that work for you? Anything the group here can work with? Not meaning to sound like an ***, but asking for more constructive feedback.

I think its a solid approach @Taylor Witt. As someone who likes to be conservative with projections in all other things I do, I totally understand the conservatism here. If those are the requirements you have for ensuring that a deal will cash flow, and possibly cash flow better than your conservative projections, then stay true to them.

It may be a result of an aggressive cap rate being used when coming up with your bid. Still, nothing wrong with being conservative. That, and being competitive, are different stories though. It may just be a matter of finding the right motivated seller.

Well...I didn't check every single formula, but the ones I did make sense, and the way you break down everything to the annual and monthly after-tax cash flow looks really solid! Good job, @Ross Welch.

(I also took the time to download the file so I can look at it tonight after the day-job at Schwab)

You should post this in the local Georgia forums to get opinions on the neighborhood, and local agents.

https://www.biggerpockets.com/forums/553-georgia-real-estate-q-a-discussion-forum

@Jolene P. Neal don't look on MLS for deals. Training is great, but build your network, and find those off-market opportunities.

I know the market is different that the one I'm in, but I like the idea of targeting distressed owners possibly facing foreclosure. Not sure how easy it'll be in NYC, but the foreclosure notices are public record here in CO so pulling those addresses and names are easy.

Man, I hope to get that that level @Justin Garrett. Congratulations! Did you build up to taking down that big fish, or did you start with SFR? I'm hunting down pre-foreclosures to flip (my backyard is in the $250k-$450k+ range), and then putting that cash in a neighborhood in southern CO with lower property values that cash flow.

Hi @Bob Green. If there is any interest in flipping in Colorado, please let me know per item 10.

I've begun identifying homes in pre-foreclosure with the intent to negotiate with sellers, file cure documents with the foreclosure trustee, cure the mortgage, take ownership of the property, and avoid auction (if a house goes to auction in CO, the foreclosed party has 75 days to pay winning auction amount + interest to take back the property). The property would then be rehabbed as needed, and flipped.

My experience in distressed assets comes from purchasing bankruptcy claims at a debt fund in NYC. My email is [email protected].

Sounds like you at least have a potential deal to analyze. Working on trying to get the numbers on this, even if it doesn't result in a purchase at the end, might be really valuable experience. I'm working on building my own experience, beginning with SFR in pre-foreclosure here in the Colorado market. I want to build up to commercial multi-families, and really like your method of calling around to local PMs @Michael Pendleton.

Talk to as many local investors as you can that know your market, and see if someone thinks this thing is worth taking down. Work with them on it and give half for the experience.

Colorado foreclosure laws seem crazy:

“The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure sale, a notice to the borrower describing how to redeem the property.

The owner of the property may stop the foreclosure proceedings by filing an "Intent to Cure" with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled.

The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.“

http://www.foreclosurelaw.org/Colorado_Foreclosure_Law.htm

How reliable is info from Auction.com title reports?

Title info indicates that the mortgage was refinanced in 2015 by a corporate mortgage lender. Could this paper have been sold off somewhere else at this point? I’ve got experience buying bad debt, any thoughts on whether it’d be easier dealing with a servicer over a bank?

Nationstar Mortgage LLC dba Mr Cooper

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Owned by Nationstar Holdings 

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