All Forum Posts by: Matt Ridenour

Thanks Andrea.  Definitely a lot of options, which is kind of the problem.  That shiny object, this shiny object.... 

I am willing to invest elsewhere.  I live in Michigan and have found fertile enough ground near me for my own purposes.  I just finished a deal that my wife and I rehabbed alone.  Took us 3 weeks and is cash flowing $600.  Bought for 125 cash with 12k rehab.  If I could find 10-15 of those I'd be in great shape.  Unfortunately the only reason I can get those numbers is because I don't hire anything done, which means I can't scale.  

With the example above, I am refinancing the purchase price but leaving the rehab cash in the deal in order to move to the next deal quicker.  

Hello bigger pockets community!  Hoping you are all finding your way in this crazy world. 

I have some analysis paralysis setting in and I'm hoping for a kick of inspiration.

I have 150k cash and 150k line of credit.

 *  It is highly possible I am going to lose my teaching job in the fall. (Music teacher)

 * My wife will most likely keep her W-2.

 * I am currently a single family rental type guy, though I'm interested in multi.

* I tend to do all of my own construction, which can be limiting in terms of scale and deal proximity.

* I'm looking for max cash flow to replace my income as soon as possible.

What steps would you take to maximize the use of that cash?

Thanks in advance for any thoughts!

Good luck Chris!  It all starts somewhere.  I expect to hear your story on bigger pockets podcast show 756! :)

Update!  One of my rabbit holes actually panned out!  Here is what I did:

I searched the REO department for TCF bank and found their listings. I contacted one of the agents listing a house for sale in Minnesota. Nicest guy in the world. He took my contact info and is connecting me with the person who manages my area.

So, here you go. Search for their other listings and find a contact there.  

Hi Chris. Others on here are going to be much more educated in purchasing REOs. This is a one-off for me as I happen to know the bank maintains the mortgage on a property and that the owner has passed away. My general deal source is my realtor friends and the MLS.

In general I believe the experience of purchasing REOs varies greatly depending on the bank. If you're interested in the process, grab a cup of coffee and comb the forums.  Then put something decent on and go introduce yourself to loan officers at your local banks. (After the quarantine is lifted that is.)  :)

Sorry to not be super helpful. I'll be hunting around here today and will come back and share some links with you as I find them. 

Hi everyone.  Just wondering if someone out there has had any luck speaking with TCF bank regarding REOs and nonperforming notes?  I'm about 4 hours deep in hold time, dead end forwards and google rabbit holes.  I'm trying to purchase a note they are carrying that is about to go non-performing. 

Thanks for any guidance!
Matt

Rereading my post I realize it may sound cold and uncaring.  I looked after her quite a bit and helped her with various building issues.  She was kind and thankful for my help.  I admit freely that I am/was interested in her property, but I did my best to help her while she was alive.

Ok everyone. I've gotten such solid advice from here and I'm coming back to the well.

My elderly neighbor just passed away suddenly.  She lived on a nice piece of land that I would like to purchase.  She has no next of kin and I assume she didn't have a will.  I asked her about selling last year and she was not at all interested.  

Just looking for first steps to get on this!

Thanks all!

@Account Closed what about the tenant that neglects the property?  Our tenant buyer deferred all of the maintenance and I didn't have a say in the matter.  It's 2 years late for a decent paint job (historic district) and the roof is next.  Also nothing good going on inside, nor landscaping outside.  I washed my hands of the mess knowing that he was on the hook for the balloon payment after 5 years, but then he went and defaulted.  Not sure how to protect against that other than screen the tenant buyer better. (school of hard knocks)

@Danny 

@Danny Webber, thanks for this.  It's a good start to helping me define my absolute numbers.  Working on refining my goals today to be more specific.