All Forum Posts by: Mitch Messer

@Nathaniel Kamp This sounds like an opportunity worth exploring, but time is not on your side here!

First, the bank won't even talk to you without some formal authorization from the owner's estate.

Since the owner died intestate, her estate will have to go through probate. You'll want to talk to a local probate attorney to see how much time that could take.

If the squatter is not making mortgage payments, you've got perhaps another month or two before the lender begins foreclosure proceedings.

In your situation, I would approach the squatter to see inside the property to assess the condition. I would express my interest in buying the house. I'd share that if I did, I'd be prepared to pay them to vacate. (I would not specify how much.)

If the property needs a ton of repairs, then even buying it subject to the existing mortgage may not be enough to make this a viable deal.

You need more info, and fast!

Good luck!

@Timothy Cooper Instead of seeking equity partners, have you considered working with debt partners?

I don't know anything about Montana, but if you're finding quality investment-grade deals, there's a lender out there that would be delighted to get in, get paid, and then get out, without demanding any equity.

If nothing else, it's worth exploring!

@Nicholas Henry Provided your ex continues to make on-time payments on your mortgage, there's no reason your credit score should move one bit.

You're selling it to her subject to the existing mortgage. It's definitely a "thing!"

Fortunately, it's the same here as it is for ALL personal relationships: transparency, consistency, and authenticity!

Hey @Brian Hatcher, I just tried to connect with you on LinkedIn.

Did you mean for a CRM, or for some other purpose?

We have also used Salesforce.com, but it's serious overkill for most real estate investors and it's not FREE.

(BTW, I tried to reach you on LinkedIn. Did you see my request?)

@Adaze Foltz

I've been both a recipient and an originator of many private loans.

Provided you are working with a legitimate and experienced private lender, I see TWO main benefits:

1. SPEED - I've had private loans close in 4 days. Once the lender says "yes" they can fund immediately. No traditional lender on the planet is going to fund that quickly: You should expect 30-45 days to close.

2. RELATIONSHIP - With a private loan, you're able to establish and develop a relationship with the actual lender. This comes in handy if things get funky and you need to make adjustments mid-loan. You can talk to a single person and come up with a reasonable solution. With traditional funding, you're NEVER dealing directly with the person with the money. It's all intermediaries and committees and underwriting teams. So, if things do go sideways, it's much harder to negotiate your way through.

And, provided your loan is structured properly and closed with a competent title agent, I see no greater risk working with a private lender than with a traditional one.

Hey @Brian Kloft, I use HubSpot, it is FREE, and it does all of the things you mentioned needing in your email.

You can set up your account and be loading data into your Contacts database, all well within the next few minutes.

I recommend you start there!

"Done" is the new "perfect!"

Great question, thank you for asking!

Here's my #1 dissatisfier in dealing with agents: Most have NO idea how to evaluate investment properties.

I HATE when agents bring me a so-called "deal" without having first determined whether it actually makes sense financially.

Then, when I do run the numbers and calculate a cash flow of $50/mo and a cash-on-cash return of 3%, I feel violated, like my time has been totally wasted.

And, that's the last "deal" I'll ever consider from that agent!

Just because "the seller has dropped the price $20K" doesn't mean that it's automatically a sound deal for an investor.

I strongly recommend The Hands-Off Investor: An Insider’s Guide to Investing in Passive Real Estate Syndications, by Brian Burke.

He also is active here on BiggerPockets: https://www.biggerpockets.com/users/cirrusav8or.