All Forum Posts by: Eric Gaines

Hey @Account Closed Thanks for the reply. I'm aware of the online sites like realytrac, but want to get listings that have not been taken back by the bank yet. 

Good Afternoon BP Community,

Does anyone know where one might go to find a Pre-foreclosure list? I'm aware of the newspaper ads, but was wondering where one might go find a list to sift through if there is such a place.

Quote from @Sergio E Maldonado:

following this conversation. I am looking for a similar excel tracker sheet for long term rentals (1 year contracts). I currently managing two properties.

 Did you ever find a excel tracker sheet?

Quote from @Eric Schrader:

Hey folks, 

So I have approached some family members and have a few that would like to start investing in real estate.  I would be the muscle and they are the $.  Does anybody have an example of a promissory note I could use as a template.  I understand the jist of what should be in that document but I don't want to miss something important.  If they are funding the rehab portion, what other folks need to look over the document (title company or attorney)? Since this is for rehab only, with no position on the asset, is it just as simple as a payment contract between 2 parties?

Thanks  

 Hey Eric,

I know it has been some time since you made this post, but did you ever find the solution to your question? I'm looking at doing this exact thing on a property I own free and clear. I want to give a friend an opportunity to make some money and I need the money to complete the rehab on this property. Let me know your thoughts.

@David M.

Thanks David for this information. This is the line of thinking that I had when I proposed the questions. I just need to find a commercial lender that can do this type of loan. Do you have one by chance?

@Jay Voorhees

Hey Jay I have a personal lender that has suggested that but I’m not interested in going that route. I want to establish business credit and i don’t want any of it in my personal name.

I have a rental property that is paid off that I'm trying to find a mortgage lender that will allow me to take a mortgage against it. The property is own by my LLC. Does anyone know a mortgage lender that can do this type of loan in Georgia?

@Kevin S. Hey Kevin, Great question but from what I have gathered it depends on the area and type of tenant you are trying to attract. I set my minimum credit score qualification at 550 and above. You have to take in several factors when identifying if a tenant meets qualifications for renting the property. These qualifications could be what the debt is that is impacting their score, do they make three times the rent in income, have they defaulted on any loans and what is their total debt monthly payment compared to the income they are generating monthly. For example, One of my tenants went through a bad divorce in which she had everything in her name. Once the divorce was final the other spouse stop paying the bills subsequently causing my tenant score to drop.

@Karam A Tascoe Hey Karam, Great job on completing your first deal. I have a portfolio loan lender if you’re interested just send me a PM.

I ended up going with a guy i knew in Atlanta. I couldn’t find anyone who could do what i wanted for a inexpensive price.