All Forum Posts by: Steve Sparks

Tiffany,

I just picked up 2 in Columbus as part of a bulk deal and I need to move them..they will be cheap (under 10K) PM or email me for more info..email below.

Steve

Just a shout out to My Man Ty! I reached out to him because of this thread..we have been considering doing something similar in Cincinnati. He took the time to call me and explain what he know as well as provide me with some invaluable resources..we will be considering looking at a JV in the future! Thanks again Ty!

I follow you Marc, my guy is the asset mgr for the lender..so you probably already have access to his stuff.

Marc,

I have a contact that deal specifically with repossesed mobiles in KY..I am sure he would have a few that meet your criteria..I buy some stuff from him put only those on real property..let me know if you want more info.

Steve

Reo and non performing notes Alex

I would definitely try to reach the seller..the buyer has no chance and sounds like the seller is very motivated. Is this deal in Pourtsmouth I take it..if it were a little closer to Cincy I may be willing to partner with you.

Good Luck!
steve

Uwe,

This is very typical of what happens with the receivership APT buildings here in Cincy..here is what will happen..it will sit for about 6 more months..the occupancy then will be about 25%...Then it gets sold (maybe to me) at about 3k per unit..it gets rehabbed with city money and someone has a great deal.

Steve

the note holder was a widow..her husband was the investor and it was her last note..she was well off and just didn't had the energy for it..just developed a rapport and she told me "you remind me of my husband when he was young"..funny story..she had me call her accountant to work out the details and that guy has referred me 2 short sales!

I have tried the local banks..they will listen..but they tend to value their notes a little to high..a lot of them are waiting for the new accounting regulations to dump some.

Vikram..I really kind of fell into both of them. The 1st was from a vacant building mailer. It ended up being a seller financed note..I bought it for 25% of FMV..gave the owner $500 to sign the deed to me and sold it quickly for 65% of FMV. The second came from 1 of by bird dogs..he was complaining that he had a deeply discounted short sale approved..10% of FMV and 4% of value of the note..but there were personal judgements that were deeper than the leins and they wouldn't release..I asked for the bank contact..talked him into selling me the note instead of waiting on the short sale...I was fully prepared to foreclose..but in my pre-marketing for the property I got an offer for the note for 5x what I paid for it..still 50% of what I could have sold the property for..but I decided to take the bird in the hand...hope this helps.

Good Topic..I am actively looking for these as well in Cincinnati and KY..I have done a couple recently but they are hard to find at the right price!