All Forum Posts by: John C.

We have an opportunity to buy several notes directly from the note holder for 230k.

Package consists of two quadruplexes and three houses with gross rents of $6695.00/month. One quad and two houses in retail area, one quad and one house in rental area. Net rents before debt service, repairs, and vacancies are $5087.82. All properties stay rented. Taxes can be reduced and rents can be increased slightly.

We have a very very short window on this deal. If interested please contact me for additional details.

John Clark
[email removed]

[POLITICS REMOVED]

That being said since you have not been paying your mortgage so you should have some cash saved up. If you don't then you are probably out of options. If you do you could hire an attorney (note I said attorney not some "loan mod expert" on the internet) and file suit for wrongful foreclosure. You would then have to pay for forensic audits, investigations, and the like. If they can find fault and Bank of America bought it back at the steps then anything is possible. Not guaranteed, but possible. Basically you will end up spending your mortgage payments on legal fees for several months. May or may not work. This is certainly easier to do before the foreclosure. Was the loan a Countrywwide "Pick-a-pay" loan? I'm being told those loans have more holes in them than swiss cheese.

Anyway if you have the money you can fight this and possibly win. Depending on the value of the home and your income situation it may not be worth it.

[SOLICITATION REMOVED]

Good luck.
John Clark

Several of our apartments have CVT tile flooring. It has withstood years of abuse and is great shape but has not been cleaned/stripped/buffed in years and really looks rough.

These are not large areas (maybe 450 sq ft) so I don't really think I need to hire a specialist. Any suggestions guys?

We are remodeling a couple of our ground level apartments to full ADA compliant handicapped accessible so please let me know what you find out and I will do the same.

JohnCl

Get a commercial modem and high quality router, have someone program it to toggle the amount of bandwidth per user so as to avoid one user bogging everything down, put up unidirectional antennas that point at strategically placed repeaters around your property, and your all set. May have to tweak it a little bit. I'd pay a guy a few hundred bucks to put this all together for you.

Ideas to consider: Some sort of splash screen like you get at Mc'Donalds regarding liabilty and whatnot so you don't wind up in court if the tenant uses the service for any sort of criminal or fraudulent activity and change the password once a month or find some other way to deny service to people when they are late on their rent....

Market rent in our area is $550/door for a 2 bedroom apartment. Because of our location and amenities plus the fact that these are ground level garden-style homes across from a rapid transit station we are exploring the idea of converting to full ADA spec handicapped accessible. The question is what sort of bump in rent/door could we expect if such a conversion were made?

TYIA,
JohnCl

Was just browsing through the rental adds on craigslist last year and there was my house but with someone else's phone number so it looks like it happens quite often. Not sure how they would gain access to pull of such a trick but I'm sure that's the least of a scammer's worries when he's got people driving over ready to rent with cash in their hand. Hmm. Never did figure out what was going on there. I guess that's the other side (like most cons). The prospect is probably a deadbeat getting evicted from their last house hoping to blind the new landlord with cash.

Brian,

Doubtful. You have to tell the BK Trustee everything or go to jail. Do not pass go, do not collect $200. Those guys are serious. The trustee will follow the chain of title and see if there is any value there. Trusts don't offer asset protection anyway. Just concealment. Not wise to try to conceal stuff from a federal judge. They tend to be a little sensitive about that.

Hi Greg,

It's been a while since you posted. How's it been going? I would definitely sit down with a couple of BK attorneys. Not the ones that advertise on the TV or on billboards because they only want to deal with really simple ones where they can use their templates and collect a check with the least amount of work. They are basically just BK mills. So find a "real" attorney that will help you based upon your abnormal situation.

Also it is my understanding that as long as the trustee determines that the property is underwater (or close) they have no reason to touch it. Can't squeeze blod from a stone. I think you actually don't have to include it as long as you've been able to make the payments.

Which brings me to a question: Say you do decide to include it in the BK can you still collect rents or will those go to the trustee until settled? My guess is the later but I could be wrong. Anyone?

JohnCl

I own a small apartment community in Georgia. I am considering giving one of the units to a maintenance person in exchange for rent. I want to give them a "rental agreement" like a weekly rental facility, rooming house, or hotel/motel would give instead of a "lease" to avoid a long drawn-out eviction if things don't work out. I can furnish the place and pay for all utilities if that is necessary. Does anyone have any experience with this? Ideas? Suggestions? Forms? :-)

TYIA,
JohnCl