All Forum Posts by: Bobby R.

I'm not sure is this is the forum for this question, but here goes:

I've heard folks on BP talk about the 2% rule.  My first rental, where I rented my house after  I got married and moved in with my wife, I cleared almost $300/mo and that was nowhere near the 2% rule.  

With my bandit signs, I'm getting calls for where folk want to sell their rental property.  Some of them are where I can get a couple hundred dollars a month.  Another we can buy cheap and bank the full rent roll.

(I know you have to account for repairs, vacancies, yada yada, so don't get your drawls twisted)

How do determine if a rental is a good deal or not?

Great, Daniel.

I'm out of the area, so having someone with your talent would be great.

Looking for investors, landlords, wholesalers in Panama City, FL. I've left the area but my marketing is still running and I'm getting calls.

I need some boots on the ground in Panama City to lock up deals and flip.

Wholesale. Not to sound flippant, what difference does it make?

Got a call from direct mail--atty representing estate says the bank should have taken property by now. It's years behind in mortgage payments. Atty doesn't know who the note holder is; he did seem blasé about the property. Seems like something one can pick up on short sale after title search.

The house is in a great neighborhood, ARV $150-200k.

Can I just simply send the atty a purchase agreement?

La Nae Duchesneau , do you have a purchase contract for a FL MH? I'm going to meet w a seller later this AM. Never bought a MH, looking to wholesale it. Thank you Bobby

I got a call from my bandit sign where the guy wants to sell me a portion of his FL retirement for a small loan. I told him I didn't think it was legal. He says it is, he's done it before. He says he has had payments going to a friends acct to pay him off. Has anyone done anything like this?

Dion DePaoli, you said a mouthful. Thanks for the insight.

Bill Gulley, the seller is the the person who owns the house and the note. Honestly, I don't know what the couple in the house want to do as they are paying the note according to the land contract and I'm only speaking w/ the realtor whose interest is with the aforementioned seller.

It's been a busy couple of weeks since I've been up here...
Wayne Brooks, the owner of the home, the one paying the mortgage to the bank, is selling the house that he has sold to a tenant buyer under land contract (sounds confusing when you put it that way).

"Land contract doesn't expire" is the jargon the realtor used. There no date set for balloon payment so the TB can refi and cash out the seller.

No the land contract is not in default.

Thanks, guys. Interest is 6.8%, payment of nearly $1400/mo + taxes and ins.

So how do you restructure the note? It'll be great to keep the buyer from splitting.

And when offering $50K, that's for the price of the house or the note? or both?