All Forum Posts by: Jonathan Buerkert

So I'm not new but BP has certainly changed in 9 years.  Regardless of the new layout, I know there are people in here with access to the type of deals I'm currently seeking.  Background...the company I worked for since 2007 has recently been bought by a public, soon to be traded, Real Estate Investment Trust with a goal of aggregating 10,000+ units in the next 24 months (we're already a third of the way there).  Please reply if you have a deal you think we should consider. 

Example...through my network of agent contacts, I recently came across a portfolio of 400+ SFR, MFR, and commercial units in "nowhere" OH that a mom and pop operator had built up over the course of 3 decades. He's in his 70's now and is looking to retire...I got first look from an agent I have worked with in the past and periodically talk to now and again.

Parameters...50 to 500 or more units in one general area with management in place. No particular price, asset class, or market to eliminate yet but that's coming soon enough. I'll continue to post in this thread as we narrow the buying box. In the meantime, I have a template I can email you to get things started that will help me quickly analyze the CAP rate and opportunity so let me know if you have a deal in mind!

Edgar, it seems you are relying on two different title companies to transfer one simultaneous closing, which will never work. A simultaneous closing can only occur with 1 title company because no 2 title companies are the same or require the same things and it can take days, weeks, or up to a month for a county to update it's records showing a title transfer, depending on the county.

My suggestion is to get a copy of the recorded deed (showing the deed stamps) from the title company handling the A to B recording or a certified copy from the county recorders office. And in the meantime, show your buyer the purchase agreement between you and person who sold you the home (with purchase prices redacted of course)...that should hopefully buy you the extra time you need with your buyer.

I'm no guru, but give me a call if you're looking for other suggestions or options for future transactions.

Pao, do you have any Milwaukee investor/buyers? I'd be willing to help you get started wholesaling if you can help me find buyers for my Milwaukee properties. Give me a call or shoot me an email for my list. We pay buyer's reps all the time for bringing us solid cash buyers and we can offer your buyers discounts for bulk purchases.

Hmmmm, a bird-dogging company that doesn't charge for bird-dogging services? Sounds too good to be true, and you know the saying, "if it sounds too good to be true..."

Obviously there's a catch here, right? I mean, what do they get out of it? How did you find them? Please email me their contact info.

Josh, don't take this the wrong way, BP is a great site for forums and discussion, but I think you just picked up on something I learned about the users of this site not too long after I signed up...there are very few real investors and a lot of hype and talk out there. Notice how every other person posting a message was like, "I logged on to sign up for the telesiminar today but..." or "I would have loved to attend but..."

Bottomline, if there was a way to guage the active investors using this site who are actually buying, rehabbing, and/or selling real estate on a regular basis, I bet the percentage would be pretty close the percentage of people that actually signed up for the event.

I have a unique problem regarding FHA financing and was hoping someone here might be able to help me come up with a solution. I owner financed a SFR, fixer-upper to a builder on a land contract agreement or an "agreement for deed" with monthly payments on a promissory note. The builder not only had to completely rehab the house, but he also had to purchase a neighboring lot in order to dig a well to service the house and is now ready to sell. He listed the house for sale with the lot included and found a buyer. The buyer is relying on FHA financing, however the lender is balking at the sale because titlework shows that the deed to the house is still in my company's name and the lender is saying that FHA guidelines require that the deed be in the name of the seller (or the builder in this transaction).

So the question is, can someone who has a land contract agreement to purchase a property sell that property to a new buyer if that buyer is using FHA financing? Or in other words, what are the FHA guidelines involving land contract agreements?

Now I'm no expert, but it seems simple enough to me. The builder has a contract that guarantees him first rights to the title of the house under the terms of the land contract and promissory note. Even though the deed is not technically in the builder's name, shouldn't the executed and notarized land contract be sufficient to establish the chain of title to the builder and in turn, allow the builder's buyer to purchase using FHA?

Chris, please email me or give me a call. I work for a property management company in Columbia, SC and I'd love to connect with an up and coming investor in the Carolinas. We are doing exactly what you are wanting to do...buying cheap investment property (foreclosures), seller financing the property on a promissory note, and servicing the note until the customer either refinances or we're able to sell the note. I can help you acquire some new inventory or just offer up some advice for getting started.

Nick, unfortunately, my profit margin is too small here...if I'm being realistic with my sales price. So, saving a few bucks is a necessity.

At the same time, I do anticipate having more properties in Phoenix and would love to have a top notch agent in my back pocket. Email me your referrals contact info, if you don't mind.

I recently discovered that I can list my properties FSBO on the MLS for a flat fee to a broker without using a sales agent. I've been doing this in Florida with a brokerage called Addvantage Real Estate, but I'm looking for this type of service in Phoenix for a condo I have for sale. Does anyone know of a broker or agency offering this in Phoenix, AZ?

Yes Brett, thanks for the helpful information on KC. We'll try to avoid 20th to 55th Streets.

Do you or your broker know any good handymen or maintenance men in KC that can help us with secures, pictures, and inspections?