All Forum Posts by: Rich Vogel

I have a couple of investors that are looking to hold notes on my properties. I am looking for a good laywer that can draw of a note and walk me through the process of what I need to do.

Thanks

Rich Vogel

@Kibby Twong, I live in Milltown NJ which is near East Brunswick and New Brunswick.  I only have one buy and hold in New Jersey and that is in Somerset.  The rest of my buy and holds are in PA which is about an hour from my house.  Which I am getting very nice returns compared to New Jersey.  I do know people who are doing well by universities in New Jersey.  If you ever need help you can shoot me a pm or we can grab coffee some time.

@Kibby Twong this house is going to be a loss for you.  What happens when you figure in cap ex vacancy and repairs.  I just did a quick analysis with cap ex vacancy repairs and it puts you at a $376 a month.  Say you sold it in 5 years that is a 18k loss there.  Then you have to pay closing costs when you sold it. Say you sold it for 350k minus 21k for your 6% commission and 18k you made 1k.  There are much better opportunities out there. Maybe if you thought it was going to go up to 450k it would be a good deal but that is essentially gambling.

@Traci Lovelace

I have actually been able to put accelerators ( thats what I call them I don't know what the professional term is. )  So if my bid is 100k right now I will say starting at 100k i wanted to go up by $100 installments up to 105k.  So if someone comes in and offers 103k my offer would go in as $103,100. Hey your realtor ask and see if they offer this on this deal.  I try and do it on every deal but some deals wont allow it. 

Thanks

Rich Vogel 

@Jeanne J. are you looking for wholesale, flips or buy and holds? Every house has a number that it is worth buying at(that number might even be negative sometimes). But if the numbers work then it is a good house.

Hey @Daniel Lehman at 24% I think it is a no brainer to pay the car loan off first.  I can see making a case of not paying it off if you had a low interest rate. I would pay the car loan off keep working on the credit score and save. 

@Tom Seccafico As Michael Wentzel said above meet with some local banks. I had a lot of trouble getting financing and I built a relationship with a local bank and it has worked out great!! What I liked was that I could speak to the decision makers.

Thanks

Rich

Hi All,

I know there is a lot of legality around borrowing money from people and soliciting business for borrowing.  I have some family and friends that are interested in holding notes on my rental properties.  What is the process that I need to go through with them to make sure everyone is protected.  Also what if some one who is not in my inner circle wants to invest in a note on my property? Do they have to be accredited? I want to make sure that I am doing this the right way.

Thanks for the help,

Rich Vogel

Good Luck @Jordan Johnson.  If you don't mind letting me know how you make out. I am actually looking to put a mailing together for my buy and hold business since deals are getting harder and harder to find around here.

Thanks

Rich

Hey @Shaun Palmer, I have minimal experience with mobile homes (I actually helped a family member purchase one for himself).  What do the lot fees look like? How much does the insurance look like on a mobile home (I believe you have to get different insurance then a regular home), and what I believe is the most important thing is what is your exit tragedy.  I know some people that have made money in this space and some that have lost a bunch of money in this space.  I would recommend finding someone in your area that is active in the mobile home space.

Thanks

Rich