All Forum Posts by: Jon Krachenfels

I am looking for some advice on a note purchase for a 12 unit multi-family commercial loan. 

I purchased a few properties from a banker and recently she called and asked if I had any experience in note buying?  I explained that I negotiated the purchase of a note once but didn't have too much experience. 

That being said I wanted to know if anyone could offer some direction other than the basic, buy low, negotiate a deed in lieu or foreclose and roll the dice at the Sheriff's Sale. Then value add and sell high. 

Or am I over-complicating the opportunity? 

Any assistance would be greatly appreciated. 

Hey Brian when I click the link I am directed to s page that says,  "file does not exist"

Best Regards, 

Jon 

 @Jeff S. GREAT information and how ironic you just wrote the book on the answer to the age old question....

"How do I find Private Money lenders?"  

Answer: Step 1 Identify when the AAPL conference is held in Las Vegas, Step 2 Stand outside of the door with Investor Packets Step 3 Hand out packets along with business card to everyone as they leave the conference Step 4 Fly home and realize that everything that happens in Vegas stays in Vegas Step 5 Find the next conference somewhere else and repeat Step 2!

Best Regards,

Jon Krachenfels

Thank You @Adrian Smude

 I appreciate the help.  I will give him a call and let you know how it turns out.

Hwy Brian, one campaign I have found that worka very well with essentially the exact information that Troy suggested (which was great info btw), but with a small tweek. Instead of sending a letter, send a postcard and on the front of the postcard include a picture of the house you want to buy, and include, "I want to buy your house" in bold letters on the front over the picture. It helps if the homeowner sees their car, or lawnmower or trash in the yard. I have found this card has given me the best response rate.  As new and recent a picture as possible is what I have found works.

Best Regards, 

Also, when looking in new areas such as Detroit be sure to factor in all increases/decreases in cost of living.  You would think that living in a city like Detroit would be more cost effective than living elsewhere but when you factor in increased insurance rates and the high taxes you will be surprised what you find.  I would agree with the others, educate yourself.  A good place to start is the BP Podcast.  In fact there are SO MANY great Podcasts out there to get a strong education. I would agree with the others when starting out your real estate investment career buying locally is pretty important if you plan on managing your own property and finding the right team to work with is just as important. Think, when "X' happens who are you going to call?  You will need a plumber, electrician, handyman, HVAC, etc, etc, etc.

Work Smart, and hard and remember just because someone has a license doesn't mean they are a professional!  When making such a large move from a booming Memphis market to anywhere be sure you see the fruit that someone bears before you count them as a mentor.

At the advice of @Eric Oldum it would probably be better described as a Handyman.

Best Regards,
Jon Krachenfels

Hey Mila I am also looking for a reliable contractor in Tampa.  Could you tell me if you found anyone and if you would recommend them?

Best Regards,

Jon Krachenfels
513-315-8186
[email protected]

I am an investor in the Cinci and Detroit markets and am breaking into the Tampa area with my first rehab and flip and I am having quite a bit of trouble finding a reliable contractor.  

I flew down for a visit and had 6 appointments scheduled with 6 different contractors.  3 were referrals and 3 were found off of craigslist.  I had mix results...3 showed up and 3 no-show'ed.  

But, after flying out I was told by all three that I would have a quote by the weekend and that was last week.  Not one of them has called back or contacted me at all.  I have left 2 vm's for each of them and got a hold of 1 briefly who said he was on a jobsite and just hadn't gotten back to me yet.

That being said I understand the weather has been poor, to say the least, and we are backed up here in Ohio as well because of the rains but I am blown away by my results.

The rehab is a 1712 sq ft duplex.  It is a small project that should take approximately 1 week for a skilled tradesman, including paint (2 colors walls/trim), 800 sq ft of ceramic, install upper and lower cabinets (total of 12), lite demo,  set 2 toilets, minor electric and finally cutting a pass through door between the two units.

Any assistance would be greatly appreciated. 

"Best Ever Master-Mind" unfortunately I will be our of town for the Aug 27th meeting, maybe September. Do you have any notes or topics previously discussed at other Master minds?