All Forum Posts by: Marna N.

Hi Keith.  I'm in the upstate too.  For a PM, we use April Breton of Real Estate Marketplace.  Her company used to be called Compass Real Estate, and her website is

http://www.compass4realestate.com.  (BP won't let me post her phone number).

We have 2 houses with her and will be adding more as we acquire them.

If you hear of any good meetups or groups (besides Upstate CREIA), please let me know!  Take care and best of luck to you.

@Paul Felix how are things going?  I just stumbled upon this AWESOME thread, and am very curious!!  I love that you're a numbers guy.... I'm a numbers girl but you take it to a whole other level :)

You are welcome to PM me if you don't want to pick back up on this thread, but I'm definitely curious how it's going.  We are just getting started, hired a coach and we're doing yellow letters to our D4D leads.  Very small operation right now, but will ramp up soon.

Thank you for your time and, again, I loved this discussion.

Thank you @Jeff B. and @Rick Pozos.

We are definitely going to write her a letter.  Hopefully she will contact us and we can get accurate info from her.  If it was NOT discharged in teh BK, then she's supposed to continue payments on it.  Why wouldn't she be living there?  My guess is that either way, she is not making payments on it.  Hence, your point @Jeff B. about its being winterized. :/  Hmmmm....

(Sorry Jeff B, I can't get your name to turn blue to tag you.  Hope you see this!)

Thanks so much!!!

Jeff B.

Thanks Ashley!  She does not live in the house; it's empty and appears to have been for some time.  Actually, it was "winterized" last year.  :)

We are going to write her a letter.  We are personable anyway, and we love the idea of everyone walking away happy!

Thanks again.

@Wayne Brooks 

Thank you for your reply!!  I JUST saw your name in another thread about Ocwen, so it's funny you've written me!  

We'd like to contact the lady, and just ask the questions.  What are the questions??  (ha ha)  

Whatever happened Chris?  I am researching a couple properties that happen to each be listed as "ocwen" as their owner.  Ugh.  All the info I've found on here says they are a PAIN to deal with!  Thanks!!!

Hi all.  My partner and I were driving for houses, and came across one that appeared empty.  It had a "winterized" sign on the front door so we came home and researched it.  The house is still in the ladies' name, with her buying the house in 2007.  

I am new to this, and have a limited understanding of all this, but we searched the Register of Deeds for our county and found that she filed bankruptcy in 2015.  Like I said before, the owner of the property is still this lady, NOT a bank.  

Who do we call or write?  She's still the owner, not the bank.  (I'm not sure how bankruptcies work, so who else could own the property?)  This is a nice house, just needs some sprucing up (we could see in the windows and the roof & a/c are good indicators usually, to the condition of a house).

Thanks for any direction you can give us!

M.

Thanks you Neal!  We think it sounds good too!

Marna

We have an office building we'd like to buy and we have done a Cash on Cash Return calculation and come up with 23.5%.  It sounds great to us, but would like verification from more experienced people! :)

We also want to make sure we calculated it correctly.  Our formula was Annual Net Cash Flow (maintenance, taxes, insurance, P&I mortgage pymts) / Down Payment + Closing Costs (money out of pocket).

*We question whether to include P&I mortgage payments in the above formula.  Our thinking is this is money going out of our pockets.  (We realize we are building equity along the way with the Princ payment, but that is getting too deep for us right now.)

Here are the numbers, for those who want to double check my calc's:

$21600 (annual gross income), but $15,140 NOI - $10,440 annual P&I payments = $4700 Net Income

$18,000 down payment + $2000 closing costs = $20,000 Cash Out of Pocket

*This is an owner finance situation so we think $2000 is fair on closing costs.  Even if we're off a little on this number, we're still in the 20% ConC Ret ballpark.

Thanks SO much for anyone who takes the time to look at this!!

M.N.

You guys are AWESOME and quite an inspiration!!  I cannot believe that about the poison ivy.... I'm highly allergic as well and know first hand the reaction you had is absolutely no fun.  Sorry that happened.  I can only imagine how discouraging that was, but you are a beast and are powering on!  Great job!