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All Forum Posts by: Mark Hilgendorf

Mark Hilgendorf has started 3 posts and replied 9 times.

Post: Looking for likeminded Investors in Iowa

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

Good morning. Mark Hilgendorf here in Clinton Iowa.  I would recommend the Quad City group discussed above. There's some good people there.

Post: Deal Financing - Platinum Financing Group

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

Thanks, all. That's what I thought you'd say. :) Lendinghome lends in 26 states... not Iowa. I'll check the blogs and forums for referrals.

Post: Deal Financing - Platinum Financing Group

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

I am trying to find private money, hard money, or other creative financing options to use to fund or partially fund my next flip or buy & hold. I checked out Connected Investors, and they gave my name to Platinum Financing Group. PFG offers funds at 7-15%, personal loan (not secured), plus a one-time "success fee" of 8%. (They told me they do not charge points, but that sounds like points to me.) Their application asks for my credit card number, to pay the 8% fee. The form is filled out before any offers or options are shared. I did a Better Business Bureau search on the company and found nothing. A google search gave me 3 separate companies, in California, Kentucky, and Canada. Has anyone had any experience working with them? Can anyone recommend another source for a personal loan, from a trusted source? I am willing to pay the interest if the deal is right... but I need to trust the company. Thank you!

Post: Duplex - questions for seller at closing

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

Thank you! So I should have a FOIA form for the seller to sign, so I can present it to the utilities and get the history I want? I will request pro-rated rents at the 4pm close tomorrow. I do not think there are written leases - she just told me they were 'month-to-month'. There might not even be deposits. (!!) I do have a lawyer, he will be at the closing with us. The walk-through is tomorrow at 1pm - I will bring a camera with a date-stamp

Post: Duplex - questions for seller at closing

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

Good evening. We are buying a duplex, and we are closing tomorrow. I have had several questions for the seller. She has not been cooperative. For instance, I do not know if one or both of the tenants have moved out. I will be paying the water bill and I do not know the 12-month history for water and sewer bills. The water company will not share it with me, and she has not replied to my requests. The city sewer billing history is being mailed to me by the city, but has not arrived yet. I do not know if the tenant(s) staying have given her deposits, and if she will forward them to us. This is our second property. The first one we purchased empty, and in hindsight, we should have bought this one empty as well. I feel like I am making a lot of rookie mistakes... but how do I get the answers I need? Should these have been asked before making an offer? An addendum to the offer to purchase? Answered before setting a closing date? Now my biggest question is, what do I need to ask from her at closing tomorrow, and what leverage do I have to get answers?

Post: Flushing crazy tenants from new duplex purchase

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

She has not seen the lease. I got the lease here, I assume Brandon Turner uses it! :) She has not seen it, nor have I told her anything. All she knows (as far as I know) is that her mother is got an offer of 28,000 for a duplex listed at $29,900 - and it was accepted. I did not suggest any other terms yet.

Post: Flushing crazy tenants from new duplex purchase

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

I will tell them I am remodeling and I have other tenants coming. I do not think they have a lease, they are month-to-month. Do I need to give them 30 days to vacate? I cannot start that 30 days until after closing. What do I do if they do not pay rent the first month? What do I do if they do not leave after the 30 days? Call the sheriff? It may not be a problem, but I want to be ready for worst case, and I do not want to make a mistake... Thanks all for your help!

Post: Flushing crazy tenants from new duplex purchase

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

No, I did not reply to her. I did not tell my agent (yet) either. There are no leases. They are both month-to-month. I want him to sign a lease, because I have 9 pages of rules and expectations... but I will re-write it as a month-to-month lease. So do you think I need to close - and then evict both?

Post: Flushing crazy tenants from new duplex purchase

Mark HilgendorfPosted
  • Investor
  • Clinton, IA
  • Posts 9
  • Votes 2

I am buying a small duplex. I had Facebook messaged a girl I thought might be related to the seller, in an effort to reach the seller. She replied that she would let her know. Then I went through the real estate agent, made an offer ($28K, listed at $30K), had it accepted, and performed termite and sewer inspections. The seller told me that at close, the upstairs tenant would be leaving and the downstairs tenant would stay. We are planning to schedule a closing. After the inspections, I find out the single female upstairs tenant is the daughter of the seller, and she usually sleeps downstairs, with the single male tenant in the lower unit. It has been two weeks since the girl told me on Messenger that she would tell the seller I was interested. Last night I find out that the girl is the daughter, and lives in the building. She messaged me: "I am the upstairs tenant and the downstairs tenant is an amazing person and faithful renter. The terms you suggested are ignorant and you are going to lose both of us if you decide to buy. Which you won't because I'm making a bid." I was going to ask the man downstairs to sign a lease... now I am wondering if I should ask them both to move. I have not closed yet. If I need to, what is the best way to empty the building? Do I close and then evict? Or can I ask the seller to give them notice and to sell it to me empty. I am in Iowa. TIA!