All Forum Posts by: Account Closed

I found a 57 unit $4mil property in default, as a newbie should I. I have read all the particulars, analyzed and analyzed. I figure I can get investors to hold the $4mil for 4 years and I sweeten the pot somehow. All of the buildings are very nice and in a good upscale area. Rent is not cheap. It seems the owner tried doing things he should not have and got in a little trouble. The property is more than $4mil it's only in default for the $4mil. it's more of a $8mil property. I have been studying and learning since December 28th, my daughter says I should start small. Am I shooting to big or not? I have a couple of people in mind to bring aboard to help my Dream Team. At 55, an army vet I don't have fear of the unknown, at the same time I want to know what others think. I am sure I am not the only one who had a very large first deal. I do have another smaller one, but for some reason that seems like it is harder to get anyone to invest in. Ahh haa, the higher the risk the greater the reward. Please give me your thoughts. Thank you.

I am a very new investor and I have found a great investment for a trailer park that is in foreclosure. 14 properties, land and trailers; 6 of the properties I would not even count. Its in foreclosure for not paying taxes. Even if I low balled the montly rent I still come out with a nice amount on the 8 properties minus the yearly property taxes it is a no brainer. I have the deposit that the county is asking for the deposit of my bid but I still need to come up with the rest. I see most hard lenders are for 12 months, which is not bad I guess, however I would like at least 2 to 5 years to give their money back in full. I hope this make since, I only have to June 1st to upset the bid. I have pulled all county information on each property, analyzed the area and it seems the reason the taxes were not paid is because the owners are Heirs, so they obviously cannot care. The trailer park is in a good area and a nice school district. I would appreciate any help. Thanks