All Forum Posts by: Kenneth Picha

If anyone in the Colorado Springs Area or has real estate in the Colorado Springs area I can recommend a good property management place.  I can also tell you a property management place to NOT use.  Drop me a line. 

Avoid FB.  So much more and everything you will read or study FB uses.

Hi,

I am considering taking on the current loan from a buyer whose rental home is about to be foreclosed on.  He declared bankruptcy about a year ago and the deal with the bank was to have the rental home rented or they would reposes it.  He has not make any payments since the renters left which was just under a year ago and he owes for this years taxes.  

I spoke to the Lender and they would be willing to modify the loan so I could assume the mortgage.  The amount I would assume is just under $190,000 and the homes in this area for that size rent from $2100 to $2300.  The roof is new and I need to get in on the inside to determine its state.  Homes in this area for that size are about $220,000 to $240,000. I am not expecting much as it was rented just under a year ago. I did a search on the county website and the records are correct so far.   I would still have a title check run to make sure their are no Liens on the home etc.

 I have until mid-July for the modification paperwork to occur and my view is making an offer direct with the bank and see what they say.  I know I would have to have the seller protected from the bank going after them for the rest of the loan.

What are the thoughts/advice on me doing this kind of transaction with the bank and even offering the bank $150,000 with the same terms?  

Ken

If anyone in Colorado Springs is considering a Property Manager foe their rental drop me a line. We have been through a few and can give you recommendations. If so please drop me a line. Thanks Ken

The costs is more than $75000 and you still have to make it happen.  Save your money and buy the books, go to a good lawyer and CPA, listen to the BP Podcasts and use the money $70000 you will have left over to buy your first property.  Give it some time and wait. If you still want to do fb in a year then do it, they will be more than happy to take your money while you get your credit limit extended to finance their wealth.

Welcome to BP. Outstanding community.

Thank you

Well I know in my previous discussion I was going to follow up on the storage units I am buying.  The agreement is signed and it is in escrow now.  The loan came through at 4% for 3 years and 15% down.  I had another one come in approved and one more on Monday I will find out about.  The funny thing is the first bank we really wanted to work with said no.  I then picked up the phone and made several phone calls to local banks.  Within 72-hours I had the first approval.  I was not going to take no for an answer because I believe in what I found.

If you are wondering how, a business plan is key.  Listen to the webinar with @Brandon Turner and the amount of insight you will gain when writing it is amazing.  I did my business plan the old-fashioned way because I was to cheap to pay for the whiz bang ones out their.  You will also be amazed from your conversation with the bank how many people don't submit a business plan let alone understand how much one can help get a loan.  More to follow on this as I "Pilot My Way Through Real-Estate".  Yes I am a Pilot too which is why the title.

Anyone in the BP community who invests in Car Washes?  I am purchasing a storage unit facility with land across the street. This land is open and I am considering a number of things and a coin operated car wash is an option.  The reason is I have the storage units are large enough to hold RV's and boats. 

I have read about the environmental items but would like to know if anyone out there has started this type of thing from ground zero. 

Hi,

I have begun the process of applying to banks for a business loan on a storage unit property.  This storage unit is in escrow now and I will be closing in about 60-days.  If anyone has some good banks to recommend or equity investors let me know or send me a message.

thanks

Ken