All Forum Posts by: Matthew G.

Great story Tim Gordon! Just wondering, are there several multi-unit properties in the area? It looks like a single family house in the background. This looks like the kind of property I would be interested in, just wondering what the neighborhood is like.

Welcome to BP Caleb Cordry. Let me know if your in the Johnson County area.

Thanks again for all the feedback everyone. I went ahead and reserved the url:

www.bootsproperties.com

I'm planning on getting a premium theme, but I'm going to hold off for a few months. I've found several other investor's websites useful as templates.

And Keith Barton, Bootstrap is still available...for now!

Thanks for the feedback everyone. Sometimes it's nice to get a little positive reinforcement in something you think is a good idea.

I know that this is something that won't matter too much down the road, but I would like to determine my company name now for marketing, brand building, and networking purposes. I don't want to go with a "we buy houses" kind of name, as I plan to use the same company name for various investing strategies.

My initial idea is to use Boots Properties LLC or Boots Real Estate LLC. A sample logo I designed:

My nickname is "Boots", and I wear cowboy boots pretty often, which is where the name comes from. Is this name "professional" enough? I will be investing in Midwest markets, so I think it should be alright.

If I decided to be more generic, my other thoughts we something along the lines of:

MG Properties (url taken)
MG Real Estate (url taken)
Grosdidier Properties (last name is hard to pronounce/spell)

Any thoughts and feedback is appreciated.

I'd recommend MAREI (Mid-America Association of Real Estate Investors):

http://mareinet.com/

They meet once a month. There are a few other groups in the area as well.

Thanks for the additional replies.

I have not run the comps yet. I do not have a source that can run MLS for me. I have this fear that if I tell people the details of a house they will attempt to swoop in and steal the deal. Is this a rational fear?

I checked the property taxes, and it's around $3k-$4k (all of 2010 taxes). The tax value is over $200k, and I know how reliable these values are. The owner's addresses are also available online, and I know they don't have a property management company as they mail the checks directly to the landlord.

My plan is to mail or call (if possible) the landlord and find out some more info on the loan. I was planning on using the general phone discussion outlined in the book "Flip", and see how that goes.

Thanks for the response Brian. The loan balance is important to find out. Isn't that information that I would need to get from the borrower?

I realize I need more information about this house, and I know this may not end up being a deal.

I am a new investor, and I have a lead on a property that I know looks to have a lot of criteria to be a good deal:

-payments are delinquent
-owner is out of state
-owner is an unwilling landlord
-owner tried to sell the house 3 years ago
-some repairs are needed
-its in a decent area

I have all this information because my friends currently live at this house and they received the delinquency notice.

What I was wondering was what would be my best course of action right now? I can probably get the owner's contact information so that I can call/send a letter. I do not have any financing set up, although I have the contact information for several hard money lenders.

If I bought this house, I would be looking to wholesale first, rehab second, and rent as a backup.

I have gone to some REI meetings, so I have basic contacts set up, however, I am not fully prepared to make this a full rehab. However, I knew this sounded like a deal and I would slap myself if I missed it just because I "wasn't ready." Any advice would be appreciated. Thanks!

Chris thanks for the kind words. I am definitely looking for a mentor in the area, hopefully I'll find one at my local REI meetings.

Adrian, thanks for replying as well. I got you're PM. Definitely go Chiefs!