All Forum Posts by: Gail Smith

Hello all!

How far away is cape carteret from Fayettville and does anyone know anything about the area and the market?  I'm in Rochester, NY and haven't worked remotely before but have a seller with property up here and down there!

It's my understanding that Z buyer doesn't really buy houses. They provide a service where they sell the leads that they "farm" to other investors. That's why they only deal direct with seller. All the wholesalers I know will at least consider a deal or a JV on a property if the numbers are right.

I used a POF from Cam on a SS that I was working on. The bank
apparently took one look at it and said "great, that will do"
didn't even contact Cam's office!

Hi Anthony,
You should check out FFREIA. It's a great group, informative and helpful. They hold General Mtgs on the 2nd Thurs. of the month. (That would be TONITE!) SO come on over!. At the Monroe Voiture Bldg on University avenue...#933. Networking at 6:30, mtg. starts @ 7. First meeting is free to attend for anyone that is interested!
Gail Smith

Hi Mike...long time indeed! I'm going to call you! George..thank you for your response...It really helped me focus because I've done a short sale and I'd prefer to stand clear for now...in fact...the owner did file bankruptcy and his lawyer said not to work with me because it would not help his situation in any way...I'll just mail to the tax liens for now and spend some $ on bandit signs!

I have limited marketing $ and want some expert advice! I have a lead list for both pple who have tax liens on their property and for those who filed bankruptcy...I can't mail to them all (lists are too large!) What would you recommend and if you have suggestions/comments concerning the pros and cons of marketing to either group...please offer them!

I'm surprised that no one has added Rochester,NY to this thread as a cash flowing mecca! You can find cap rates of 20%+ in the less desirable neighborhoods and 10% can certainly be had in the "better" areas. Houses for $50K that rent for 850/mo come fairly easy and even better deals are available! Watch out for our property taxes and closing costs, though...they will bite you! If anyone wants me to help you scope something out up here...I would be glad to.
This is an outdated article but the content is still applicable.

http://www.nuwireinvestor.com/articles/top-10-cashflow-property-markets-51396.aspx

If my daughter gets a roomate to share her house with her, does she need a c of o if she's living there too?

Hi Rod, Micheal...sry so late in responding, I don't get on my favorite site [i]as often as I should!
Rod...I wrote a blog about this experience...
go to: www.rightmoveproperties.blogspot.com if there's any interest!
Micheal...interesting solution but I'm not well versed in creative financing yet...this house needs so many repairs that it needs to be sold for much less than what's owed. That would change the wrap situation, wouldn't it.
To make a long story short...the owner filed for bankruptcy, which I discovered the day the bank accepted my offer of $65.9. Once the bank heard that, the deal was off, the property was tied up in the court system.
I'm considering going after it again, because I've heard that in spite of the bankruptcy, the property can be sold. The bankruptcy lawyer said I had to call the bank, the bank said I had to call the bankruptcy lawyer! Too funny, right?

Has anyone ever put their end buyer on the contract as co-buyer and then done a quit claim deed after the transaction to remove themselves? It would save on transactional funding fees and one side of closing costs....It seems sticky but I read an article saying it was one way to do it.