All Forum Posts by: Michal Sypolka

Another great one about raising private money is "Getting the Money" by Susan Lassiter-Lyons.

A teacher in my son's daycare asked me to help her with with a default mortgage situation. They live in PA now, but kept their house in Suffolk County, NY (Long Island). They have an ARM mortgage on it with a balance of close to or exceeding the ARV of the home. They have not been making payments on it for few years now, and the bank is not foreclosing on them. They also have a small ($14,000) home equity loan, which is also in default. She doesn't want the house and is not looking to get any money out of it. She just wants these loans to be gone. The house needs a complete renovation.

Here are two options I could think of:

1. Do nothing and wait for the bank to come to you with a foreclosure notice, and then find an investor/flipper and work with the bank on a short sale.

2. Find an investor/flipper and work with the bank on a short sale. The fear here is that the bank may not want to take a low offer, and proceed with a foreclosure.

The house is not in an area I invest in, so I would just serve as a wholesaler here, and help her find a flipper and deal with the bank.

What would you do? Any other options?

I agree with others about talking to brokers, but if you really want to look online for MLS listed properties, Redfin has a multifamily filter.

I recommend you listen to this episode of Rod Khleif's podcast with Neal Bawa http://traffic.libsyn.com/lifetimecashflowpodcast/neal_bawa_AUDIO_edit.mp3?dest-id=350694.

Neal goes into a lot of detail on market selection.

@Jeremy England I just refinanced my rental. I also wanted to go with a local broker but their fees were high. I ended up going with Better.com, which partners with BP. Their fees are low and I believe you get a $500 credit through BP. The entire paperwork process was done online and was very smooth.

This unit was completely renovated in 2015. It has two large bedrooms, kitchen was opened to the dining room. Hardwood floors throughout. Very nice patio with a place for a big table and a grill. Across the street from Lake Mahopac, and the community has access to a private lake area (see pictures). Heat/HW, snow removal, landscaping and lake rights included in common charges. Please see plenty of pictures here: https://drive.google.com/open?id=1qQUdoTohx-Q0O0k6....

If you have any  questions, please don't hesitate to ask.

Thank you.

I want to second @Steve Babiak and thank @Dave Van Horn and PPR Note for a great event this past weekend. I'm a newbee with one rental and this summit gave me an opportunity to learn a lot and meet some great people. So, big thank you, and please do it again next year.

Tim, check this post: https://www.biggerpockets.com/forums/80/topics/546290-so-i-went-hunting-for-a-property-management-system

Thank you Allende. That's a good point about having the HELOC sitting available ready in case I need to use it.