All Forum Posts by: JC Gauthier

I'll get in touch with SLS first and worst case, buy it as an REO if the numbers still work. Thanks guys!

We have a seller in foreclosure and the servicing company is Specialized Loan Servicing. Has anyone had success in purchasing notes from them? We usually pick from tapes, but this is an individual property that we want to purchase the note. Thanks in advance for any comments, ideas or suggestions you may have.

@Jay Hinrichs If you ever need boots on the ground for properties or notes in Orlando, let me know and thanks for sharing that. Sounds like a nightmare well handled!

Hello Shan, 
Yes, notes can be wholesale-d, but, as with anything in this business, it will always depend on the numbers. 

Without knowing the details, it looks like you're getting it at 46% of ARV. As a wholesaler, that looks pretty decent, but as a note investor, you will need more information:
* Is the property vacant/owner-occupied/tenant-occupied?
* Is she selling you the note in 1st or 2nd position? Are there other notes/liens on the property?
*Are there any overdue taxes?
*Is the borrower in bankruptcy?
*Does the borrower want to keep the house or have they already walked away from it? How many payments have they missed? How much are the monthly payments (Principle and Interest)?
*What is the unpaid balance of the note? At what percentage?

Having this type of information gives you a better feel for the situation, as well as ammo to plan your exit strategies. As a wholesaler, you really only have one option - sell the note and collect an assignment fee. As a note buyer, there are other, more profitable, options to consider. Talk to her and see if she can answer some of those questions for you, then you will be able to determine the next step. Hope this helps and good luck to you Shan!

JC Gauthier
First Step Partners

This property is a 6-plex. It is two separate buildings with 3 units per building. Front unit has (1) 3br/1ba, (1) 2br/1ba, (1) 1br/1ba. Back unit has (1) 2br/1ba and (2) 1br/1ba.. That makes this property a 10/6. It has been gutted and needs to be completed.

There are 6 sets of cabinets, sinks, appliances, bathroom vanities and fixture, toilets and light fixtures that are already purchased. It all comes with the property and are brand new, still wrapped and on pallets. That's almost $15,000 worth of stainless steel and stuff!

There are family issues going on and the completion of the rehab cannot be finished. This loss is your gain as the cap rate is 13.16%!

The estimate came from a GC with repairs about $80,500. About a mile off of I-40, this property will be a cash-cow for you.

Owner financing is an option and you would need to call me to discuss this.

We have equitable interest in this property and we are selling the contract.

This property is worth in the market value about $40,400 and is in need of about $7,000-$10,000 in work. In the neighboring towns, almost 3,000 people are looking of a place to live and have Section 8 vouchers. This house will bring in about $750 per month and it won't be long until you’re in a cash flowing position! You could get into this house with very little down and paying monthly. If this option is chosen, the price will be higher.

We have equitable interest in this property and we are selling the contract.

Offered at: $120,000

SW A Ave, Lawton, OK 73501 – Single Family

SW 18th Street, Lawton, OK 73501 – Single Family

SW 18th Street, Lawton, OK 73501 - Duplex

Owner Finance Price $120,000

Owner Finance Options:

- 20% down and $947.78 a month, which includes Principle & Interest Only or

- 10% down and $1,007.18 a month, which includes Principle, Interest, and PMI.

*** both options are with a 30 year amortization (10 year balloon).

Build Your Portfolio Right Away!

Owner Finance this package! This is a great way to get in with very little money and build your portfolio and get cash flow immediately!

Here is the breakdown of the properties:

SW A Ave, Lawton, OK 73501 – Single Family Home

- 2/1 with central heat & air

- No repairs needed, ready to make you money now

- Appliances: included are dishwasher, stove, and refrigerator. There is a hookup for W/D.

- Mini-blinds throughout. No garage, only off street parking.

Rents in the area are $500- $575 a month

*See below for exciting Section 8 info

SW 18th Street, Lawton, OK 73501 – Single Family Home

- 2/1 with central heat & air

- No repairs needed.

This property has new carpet in Living Room and will as new paint in Living Room.

Bathroom has been updated

Appliances included are the fridge, stove and stackable washer and dryer. There is no dishwasher in this unit as there is no spot for it. It has mini-blinds throughout. No garage, only off street parking.

Rents in the area are $500- $575 a month

*See below for exciting Section 8 info

SW 18th Street, Lawton, OK 73501 – Duplex

- Both units are 1/1’s

- Left unit needs no repairs. Right unit needs rehab of approximately $5,000 or less.

- Appliances: included are the gas stove and a/c window units. This unit uses gas heat. No w/d hookups.

- Mini-blinds throughout. No garage, only off street parking

Rents in the area are $375 a month

*See below for exciting Section 8 info

Remember, these 4 doors (3 properties) are on 1 lot!

*You can also choose to Section 8 your rental, as there is a strong demand in the area.

***A 2-bedroom, 1-bath rental brings in $742.00 per month and a 1-bedroom w/ 1-bath is on average $558.00 on a Section 8 voucher.

You can find more information on the rates you can expect to get at the following link:https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2018_code/2018summary.odn

It is recommended that you use the Thrifty Nickel to advertise your rental for the most response possible in the immediate area.

Close to everything that you may need including:

- US HWY 62 & I-44

-Lawton Indian Hospital

-Comanche National Museum & Cultural Center

-Also close to Fort Sill military base

-Lots of restaurants and shops to suit every desire!

-Fantastic Lawton High School is close.

-Close to Lake Helen & more than 6 parks!

1907 NW Floyd Ave, Lawton, OK 73507

3 beds /2 baths with potential for 4th bedroom

Built in 1920

2,763 sq ft

ARV $84,000

Estimated Repairs $5,000

Offered at: $69,900 with Owner Financing

Interested even if your credit is not optimal and you want to add this to your portfolio

Options are as follows:

- 10% down, 10 year note, 10% interest rate (PMI needed)

- 20% down, 10 year note, 10% interest rate (No PMI)

- 10% down, 30 year amortization (10 year balloon), 10% interest rate (PMI needed)

- 20% down, 30 year amortization (10 year balloon), 10% interest rate (No PMI)

- 10% down, 30 year amortization (15 year balloon), 10% interest rate (PMI needed)

- 20% down, 30 year amortization (15 year balloon), 10% interest rate (No PMI)

Buy and Hold for your portfolio

Owner Finance this home! This is a very large house for a family. Experience a property that has unlimited potential. Garage has been legally converted to a large room so you can create a 4th bedroom and/or additional living space for even more profit potential. It’s wired for central a/c and heat, but has window units that are located in the converted garage that come included.

It requires a new laminate floor and bathroom door, some TLC and if you’re not a very handy person, then this is not for you. However, if you are a “Mr. Fix it” type of person, then welcome to your new investment property!

Close to everything that you may need including I-44, US HWY 62, Lawton Indian Hospital and Comanche National Museum & Cultural Center.

- Fort Sill military base.

- Lots of restaurants and shops to suit every desire!

- Fantastic Lawton High School is close.

- Close to Lake Helen and numerous parks.

It is recommended using the Thrifty Nickel to advertise your rental for the most response possible in the immediate area.

You can also choose to Section 8 your rental, as there is a strong demand in the area. A 3-bedroom rental brings in $1,049 per month on a Section 8 voucher!

You can find more information on the rates you can expect to get at the following link

https://www.huduser.gov/portal/datasets/fmr/fmrs/F...

This property is worth in the market value about $40,400 and is in need of about $7,000-$10,000 in work. In the neighboring towns, almost 3,000 people are looking of a place to live and have Section 8 vouchers. This house will bring in about $750 per month and it won't be long until you’re in a cash flowing position! You could get into this house with very little down and paying monthly. If this option is chosen, the price will be higher.

We have equitable interest in this property and we are selling the contract.

1907 NW Floyd Ave, Lawton, OK 73507

3 beds /2 baths with potential for 4th bedroom

Built in 1920

2,763 sq ft

ARV $84,000

Estimated Repairs $5,000

Offered at: $69,900 with Owner Financing

Interested even if your credit is not optimal and you want to add this to your portfolio

Options are as follows:

- 10% down, 10 year note, 10% interest rate (PMI needed)

- 20% down, 10 year note, 10% interest rate (No PMI)

- 10% down, 30 year amortization (10 year balloon), 10% interest rate (PMI needed)

- 20% down, 30 year amortization (10 year balloon), 10% interest rate (No PMI)

- 10% down, 30 year amortization (15 year balloon), 10% interest rate (PMI needed)

- 20% down, 30 year amortization (15 year balloon), 10% interest rate (No PMI)

Buy and Hold for your portfolio

Owner Finance this home! This is a very large house for a family. Experience a property that has unlimited potential. Garage has been legally converted to a large room so you can create a 4th bedroom and/or additional living space for even more profit potential. It’s wired for central a/c and heat, but has window units that are located in the converted garage that come included.

It requires a new laminate floor and bathroom door, some TLC and if you’re not a very handy person, then this is not for you. However, if you are a “Mr. Fix it” type of person, then welcome to your new investment property!

Close to everything that you may need including I-44, US HWY 62, Lawton Indian Hospital and Comanche National Museum & Cultural Center.

- Fort Sill military base.

- Lots of restaurants and shops to suit every desire!

- Fantastic Lawton High School is close.

- Close to Lake Helen and numerous parks.

It is recommended using the Thrifty Nickel to advertise your rental for the most response possible in the immediate area.

You can also choose to Section 8 your rental, as there is a strong demand in the area. A 3-bedroom rental brings in $1,049 per month on a Section 8 voucher!

You can find more information on the rates you can expect to get at the following link

https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2018_code/2018summary.odn