All Forum Posts by: Gilbert Ross Jr

I am in Essex County NJ, let me say welcome to you and your husband. I am a realtor but I focus on investing. If you are going to invest in real estate look into non-performing real estate notes. Probably the best bang for your buck these days. If I can help you please let me know. 

Gilbert Ross

Abundant Capital Investments

As long as the chain of title is correct, the assignments and the alleges are correct it doesn't matter in my opinion how many times the lien gets sold. Many times the banks are moving assets to keep their books in order. These are non-preforming liens. I would suggest that the first lien be current unless the property has a lot of equity. I see from your last post you are new to investing. Best to you let's connect, I could always use eyes and ears in the Maryland area. There are notes I see in the Baltimore area.

I think it depends on your current situation. Sometimes we need the cash now to invest in other opportunities or we have personal situation we want to use the money for. At other times we are creating passive income for retirement. You could the second scenario for a self directed IRA account.

Thanks

@Zachary Mowery You don't have to pay the taxes and water each quarter. Depending on the offer you get the seller can pay for the taxes and water. That can be negotiated depending on what the offer is. You will have to see what the offer is and see your profit margin, maybe you do pay them at closing or you split the cost with the buyer.

This is not a good deal. Ideally you want to buy 2nd liens with a preforming first lien. This person is getting rid of all there debt and that will leave you in a bad position. This type of lien should be purchased as a part of a pool of 2nd lien notes. This way if this one didn't work out you could have other liens that might be profitable. 

I don't think you should delay. With you doing renovations in the fall into winter months, you may experience some set backs. You will be a couple months ahead of the next season when you are done. Do a short term listing from Jan-Mar if you don't get any offers then relist in the spring season.

Gilbert Ross

You could seller finance the property to another buyer. This is similar to renting but your not the landlord. You will receive monthly payments but the buyer owns the property. Have thought about this option?

You should look into buying non-preforming and re-preforming notes. Great investment, mailbox money.