All Forum Posts by: Gabriel A.

Thanks for responses. So it's kosher to put some language in the contract regarding cashing the check = assigning the lien?

Every now and then, I'll receive a legitimate check in the mail with a warning that by endorsing it, I'll be agreeing to sign up for an insurance policy, a magazine subscription, or whatever else.

Anyone know about the legality of these checks or how I can begin writing them against my own business accounts?

I'm interested in offer $X for a lien, and mailing my check with the offer, with the stipulation that by cashing it, they are agreeing to assign lien to me.

Thoughts?

Gabriel

Thanks for the responses! Steven, you purchase them and perform the debt collections yourself?

Gabriel

Does anyone have any experience with this? I posted a year ago with no luck...

Charles,

Isn't the 50% assumption more of a safety net for people who are just purchasing 1 or 2 properties? In 29 units (one is a 6-plex, btw), don't I benefit from economies of scale?

Thanks!

Gabriel

29 units in Midwest.

Asking Price: $1.1M
$875k of which is in assumable loans.
PITI: $9319

$14,925 in rents collected if 100% full. I have data for last 24 months, average actual collected is around $12.5k/month.

The owner has been doing the maintenance himself, so it's hard for me to budget for that.

Is there any price at which this looks like a decent deal?

Thank you!

Gabriel

How much success have you had using this site for a direct mail marketing campaign?

Thanks!

Gabe

Located in Southwest Missouri.

15 pads
3 Currently Rented @ $150/month
8 Park-owned homes in various stages of repair, 2 of which can be rented right now for ~$300/month
Purchase price = $32k
Down payment = $3k

I can do the work on them myself, and many of the materials are already included. After fixing each unit, I would either Lonnie Deal or rent them. I could refinance the Lonnie Deal notes to a 3rd party, allowing me to pay off the loan quickly. I cannot manage them myself long term. I would be most interested in paying loan off ASAP and finding someone else to manage after 1-2 years. I know of numerous qualified, trustworthy people to manage park long term.

Thanks!

Just read Lonnie's Mobile Home Investing book. It's about $35 and well worth it.

I haven't drafted the message. But I live in an area where people will be turned off by corporate type messages. I will hand-write them and stress that I am an individual investor, and they will work only with me, I answer my own phone, etc etc.

I hope for short-sale or sub2 (does this ever really happen?) leads.