All Forum Posts by: John Thedford

Investment Info:

Single-family residence buy & hold investment in Cape Coral.

Purchase price: $210,000
Cash invested: $50,000

Single family 3/2/2 pool home in SW Cape Coral.

What made you interested in investing in this type of deal?

I was on the fence until I asked the owner if he would carry paper. He responded with 20 years, 4%. Terms sold me. I got the property under market, and prices are rising. I expect this to continue for the foreseeable future. The downside to the deal is the property is rented under market and I had to inherit the lease.

How did you find this deal and how did you negotiate it?

The sellers were referred to me by a title company. The sellers stated they wanted a solid buyer and I was that for them. It was approximately a week and a half from contract to closing.

How did you finance this deal?

I put down 50K and the owners carried the balance.

Lessons learned? Challenges?

Always look for alternatives to make a deal more attractive. You never know unless you ask.

I posted in another forum about these people. Long story short: conventus has turned over servicing to shellpoint. Shellpoint has repeatedly cashed my checks (which were on time EVERY MONTH) and continues to fail to properly credit me (even though coupons were enclosed). I have told shellpoint to NOT CONTACT ME AGAIN VIA EMAIL AND TO USE CERTIFIED MAIL ONLY. They are a debt collector. If they continue to harass me via email (for payments I am not delinquent on) do I have any legal recourse against them and conventus. shellpoint is their agent so am I correct in believing they are responsible for the actions of shellpoint? I have emailed keith tomeo and jared repeatedly asking them to get this resolved and so far--crickets (except for keith trying to sucker me into a new loan stating the problem would be resolved). WHAT A JOKE. If shellpoint cannot credit me properly now, how in the heck would a new loan fix anything. The only net result I can foresee is another extended prepayment penalty and more interest for conventus. Anyone got any suggestions who I can report them to? Possible bring a suit against both of them? I CANNOT TAKE IT ANYMORE FROM THESE PEOPLE> 

@Dmitriy Fomichenko thanks. Closing on #16 today. 210K and owner carry 160K at 4% for 20 years sold me. 

A couple of years ago I got two mortgages through Conventus Lending in CA. Jared was the contact point at Conventus. Fast forward to this year: they switched servicing to Shellpoing. IT HAS BEEN A NIGHTMARE. I mail payments ON TIME every month. Shellpoint cashes my checks. Enclosed are the payment coupons. They started out sending coupons with incorrect payment amounts. I believe it took them three tries to get it right. Today I get ANOTHER EMAIL from these people stating I am delinquent. Also, they sent a letter in March stating I did not have insurance on the properties. That was NOT correct. When my insurance expired (which was not in March) I obtained a new policy. I sent that directly to the HEAD GUY at conventus and I believe to Jared. NOT ONE OF THESE GUYS responds to my emails and complaints. I believe they have done NOTHING to remedy this. They tried to sucker me into a new mortgage stating that would fix the problem. WHY would I believe that when it is the same servicer. Also, conveniently, the prepayment period would start all over. DO I NEED AN ATTORNEY? HOW CAN I GET AWAY FROM CONVENTUS AND SHELLPOINT. I did check Shellpoint reviews, and with over 300, their reviews are two stars. It seems I am not the only one they cannot seem to credit properly. AT THIS TIME MY ADVICE WOULD BE TO GO ELSEWHERE. Nobody deserves the ongoing (4 months) worth of emails and recorded phone calls stating I am not paid up. 

I own over a dozen units in SW Florida and do strictly annual leases. STR are a LOT more work.

Tampa is a great area as is SW Florida. If you would like you can set up a search on my site and get MLS access. My site is wealthrealtyandpropertymanagement.com
Let me know if I can help in any way,
John

I am happy to help. I have quite a bit of experience with the area and own a dozen rentals there. The area has strong growth. I am working with a builder and having some spec homes built. Feel free to sign up on my website for MLS access.
wealthrealtyandpropertymanagement.com
Glad to help any way I can,
John

I cannot say one is better than the other. I live in SW Florida and invest here. It is tough to find a deal anywhere at this point. I will be glad to set you up so that you can peruse the MLS listings and see if there is anything that interests you. My site is: wealth realty and property management dot com. You can also feel free to email or call with questions. I am currently working with a few buyers looking for new builds. I am working with a builder that has a nice product 3/2/2 in the 270K range. These were slightly cheaper not long ago but the price of materials is pushing the price up. I am in the process of closing on a 3/2/2 pool home in SW Cape Coral for $210K. I felt the deal is marginal at this time but there were two things I considered: we (I) expect a strong market in the area for the next few years. We have LOTS of people moving here. The second reason was the owner agreed to carry 160K at 4% for 20 years. That is CHEAP private money.
John L Thedford
Broker
Wealth Realty And Property Management, inc

Have you looked at areas further south such as Cape Coral, Ft Myers, Lehigh, or Naples?

@Harman N. truthfully it was an afterthought but sealed the deal.