All Forum Posts by: Shawn Ackerman

@Anthony Hollowaytake a look at the Milwaukee market. You can get properties close to downtown Mikwaukee and the Bucks area for under your price point. 

If you are looking to connect to discuss Out of State investing or want to talk Milwaukee WI market, Let’s connect on Clubhouse. 

@Alex Tsun Congrats to you and @Michael Henry

@Bret Maryon Take a good look at the Milwaukee WI market.  I started as a cash flow investor but have transitioned to more equity plays.  The market has a bit of everything.  All the best.  Also I don't live in the market.  My company is based in New York.

@Corbin Jones as I mentioned prior the lender made the note with you and I’m certain on the note there is verbiage regarding transferring, assumability etc..

So the short answer is NO you cannot transfer the debt obligation to another person or entity without expressed consent from the lender. And a phone conversation would not mean anything if the note is called due for some reason. I believe mortgage assumptions stopped back in the 80’s or 90’s.   with that said, quit claiming deeds while still maintaining the debt in the original debtors name is not uncommon. And the banks know it. I am not an atty so can’t speak to New Jersey law. It’s more so an “at your own risk” kind of deal. 

I have done this atleast 6 times and not once has the note been called due or has a lender contacted me saying “hey what’s up with the new name on the tax bill??”  I think if you miss a payment, it would cause them to look at it as another breach of contract. 

Not sure if I answered your question man but just giving you the real based on my experience. 

@Corbin Jones that is awesome that your bank will “look the other way”.  Really and truly I feel they are just after their bottom line and since they still have us on the hook for the note,Makes them no never mind.  I would suggest looking for Non QM lenders only your area. These are more asset based lenders and do not necessarily have to follow all of the Fannie and Freddie rules as they hold the notes on their books opposed to selling them. Keep on pushing man. All the best to you on your journey💪🏽💪🏽  

Just did a quick google search for NJ and here is what I came up with. Typically these lenders prefer to lend in your company name(but you may still need to personally guarantee)

https://www.nonprimelenders.co...

Hi Guys,  I work out of the Milwaukee WI market but have this deal in front of me.  How would you guys rate this deal?

https://drive.google.com/drive...

@Bryan Malone I'm from New York and I invest in the Mid-West(Milwaukee).  There has been some crazy appreciation going on in the market this past year or so.  All of my initial investments were low end.  Picking them up for $16K to $27K.  Those days are over now.  And I've also altered the type of properties I pick up. picking up duplexes for $50-$80K cash and delay financing them is what I am  buying these days. Milwaukee is a great market to take a look at as it truly has any and everything you can think of.  The market has, I would argue, more multi-family style building than single family, rent demand is high and with the current appreciation, I am happy I chose this spot.

Hey @Jared Tillery anytime man!!!

@Calvin Ozanick That would be great man.  I know that in Milwaukee there is a large multi-family presence would you say that is similar in the referenced areas? Price to rent 2% doable?  I ask because I would consider sharing our discussion details with some of my NY or CA investors.  For many of them that is their primary focus.