All Forum Posts by: Scott Nachatilo

Oh yes, I should say that the mortgage was assigned to Argent in November of 2006.

An individual has a house he'd like to sell me in which he obtained money to purchase the property through a Argent Mortgage. He stopped making payments on his mortgage shortly after that, and more or less just let the property sit.

When I do a google search for Argent, I come up with: "Argent Mortgage was a wholesale lending company that was purchased from ACC Capital Holdings by Citigroup in the summer of 2007. Citigroup has essentially re-branded Argent Mortgage as Citi Residential Lending."

It seems Argent was a subprime lender that got taken out.

I have searched court records and do not see any foreclosure actions in regard to the owners of the property.

My question is, what is my next-best move in working out something with the mortgage holder? Is there an easy way to find out who I can contact?

I agree with Kevin. Keep it simple. If you are just meeting with an acquaintance or family member, you shouldn't need to worry about an offering document...your main concern should be whether or not you will work together.

Jawsette, JCC, & Ingrid - thanks for the education & your opinions on that topic. What are your plans to demonstrate compliance for each project? It seems like a form / checklist for the certified contractor would make sense. I haven't seen an EPA form like that...have you?

I was just reading on EPA's web site about the April 22, 2010 requirement that contractors working on pre-1978 housing will have to have EPA certification for lead remediation...http://www.epa.gov/lead/pubs/renovation.htm

Are you guys doing anything to address that? What are the responsibilities of the property owner?

Kari - Think about what you're asking for a minute. Do you understand that although the funding for the Section 8 program is administered from the Federal level, actual distribution of those benefits and administration of the program happens at the local level. What that means is that every local office will have a somewhat different approach to implementing this Federal program.

Therefore, it seems self evident that the type of list they will have for individual section 8 landlords in any given location may be different. What that means is that although I can go down to my local housing authority, request a list of Section 8 landlords, and get one on the spot, YOUR local housing authority may not have such a list.

You'll have to do your homework for your local housing authority to find out what information you are privy to.

My company does some property management for other owners. Our decision to start management for other owners was strategic because it has helped us become much better managers of our properties. It pays most of the cost of running our office...it's nice to not have to worry about paying that overhead.

I wouldn't get into it just for the enjoyment factor! :mrgreen: I

But seriously, if you do plan to do buy and hold, it might be a nice fit for you.

As for getting started, you need to be licensed. Then, just do a little bit of marketing & you'll be good to go.

I'm not sure this is an "either or". Both are just ways to get properties. As James said, how does each of those techniques fit in with your business model?

Depends on price range. Buying replacement doors starts to get as expensive as just replacing the cabinets.

If it's a low-end rental, you can just replace all the doors with 3/4 inch plywood.

Jon's got it right. I would refuse to pay the company. One month's rent to located a tenant is on the high side. To make that an annual fee is absolutely ridiculous. Make them sue you to collect. I'll bet they won't do it.