All Forum Posts by: Jereme Olive

@Ned Carey Thanks for your response. The investor has very limited options from my numerous conversation with him. His best options are to sell some of his properties  and/or rent those that can be rented with limited repairs.

He has mortgages on some of this properties, no rental income  

Thanks, Joshua. It's a difficult situation. He still have an opportunity to turn his situation around. 

Hello BP family, 

I recently came into contact with a potential seller through "cold-calling" who is actual an investor. Great start right? Not exactly.  When we had our initial conversion with thought we had a motivated seller, however, the more we communicated with the seller the more we understood that the seller was an investor that needed advice.

The Overview: 

1. Own about 6 to 7 properties in the Baltimore area

2. ALL but (1) are vacant and needs minor to major repairs 

3. Owns taxes on three of the properties 

4. Have a mortgage on (4) of the properties

5. In danger of losing two of the properties to the city (wish to keep)

The investor is seeking to either sell two properties or find alternative finance. However, the investor is not willing to negotiate on the selling price (investor lost thousands of dollars with poor contractors and management) and is having trouble obtaining finance for the rehab. 

Basically,  there is no money to maintain, repair, or rehab any of the properties the investor owns.   

What advice should I give? Where should this investor start to fix this situation? 

Thanks, Peter and Robert  for your response. Today after doing some more research on the property I discover the owner has a realtor. During my initial conversation with the owner relative, he stated, "he was not working with a realtor".  So I called the realtor to get some move information and he verified he is working with the owner relative. Is this a lost cause or should I continue to build a rapport with the relative? 

We started my real estate business little over a month ago. We recently committed to a direct mail (letters) campaign. A week later after emailing our first batch of a letter, we received a call from that letter.  However the person I am speaking to is not the property owner

Hey Damien. Have you looked into private money lenders?