All Forum Posts by: Greg Powers

Hi Don--

There's a good resource I found on the subject of becoming a private lender, www.privatemoneylendingguide.com.  I read through a fair amount of it a while ago and it seems pretty comprehensive.  It's difficult to say who is behind this site, although the info is copyrighted by LoanMLS, which I understand is in the business of selling notes; but the information seems pretty balanced and straightforward without any sort of sales pitch.

Keep in mind that this guide is a general overview and, as suggested above, real estate and associated lending are local with many nuances.  I just thought this was a good starting point.

Good luck! 

I'm not a lawyer, but I think the question hinges not on the fact that someone bought the complex and now doesn't have to honor existing leases--I think they would--but the fact that the contract is valid from the date of move-in, rather than the date it was signed.  Since the complex changed hands before the effective date of the contract, the contract is void.  

If that's correct, then the property manager can let the existing tenant stay since there is no valid lease between you and the new owner.

You could talk to a lawyer to nail this down, but Ann's ultimately right--raise a stink and negotiate what you can.

Good luck!

Good story!  My response would have been, "What if someone turns you in for disability fraud and you lose that income--would you still be able to pay the rent?"  Give him something to think about.

Thanks for your thoughts, Gretchen.  I'm thinking the hybrid would be best.  Chris Feltus just mentioned something similar in a blog post, so I'm going to check and see what he does.

I've been planning a flipping business for a little while now, but I also recently got my real estate salesperson's license again (I was licensed a decade ago and let it lapse).  I'm designing a lead generating web site for the flipping and I'm obviously going to say I buy houses for cash, but I'm wondering about the wisdom of also mentioning that I could list the house for sale if that's what the seller needs to achieve their goals.

I have legal and compliance questions about this that I'll discuss with my principal broker, but just from a marketing standpoint, what do you think?

On the one hand, someone visiting my site would see that they do in fact have some options, which might make the situation less stressful for them and more likely to call (and since I'd have to disclose that I was an agent anyway, offering that information up front could help build trust).  And hearing about the down side of listing their house from someone who actually does it might make that discussion sound less "sales-pitchy" and less of a pressure tactic.

I want to position myself as someone who truly wants to help the seller, not as an investor who is trying to make money off them, so I think offering the options would work toward that.  Then again, too many options can be a bad thing.

Thoughts?

Nate, I just sent you a colleague request with some info. I'm in the early stages, but I think we might have some complementary skills/assets.

Hi Nate, from a fellow Mancunian or ManchVegan or whatever you call Manchesterites! Let everyone know what your goals are, what you're pursuing, etc.

And thanks, @Ann Bellamy , for your fat fingers. :) Meghan is wonderful, but I would like to speak with someone with landlord/tenant legal background, also, so I'll contact you later for any recommendations.

Forgot to mention...NNEREN strips out a lot of the necessary data on sold properties, so MLS access is preferable.

I use NNEREN as well. Some of the larger towns provide online info for the assessor and tax collector which includes historical sales data. It's not ideal for comps, but you can find some interesting and useful historical info there.

Definitely buy and read both J Scott books. I bought the print AND ebook versions. There is so much information in those books that you'll never remember it all, and I figured it would be nice to have it as a reference on my iPad when I'm out and about.

He also has a blog, 123flip.com, which allows you to follow each of his projects step by step.

I think the only better way to learn would be to work side by side with someone who is flipping, or to just do it yourself. But I'm pretty sure the tuition at the University of J Scott is cheaper than the University of Hard Knocks.

Good luck!