All Forum Posts by: Lance A White

Here is what my banker emailed back to me: "A person can obtain financing with a resident alien card & obtain a social security number or a TIN."

Those are interesting questions. I am in a business group with a lawyer. If she is there tomorrow I will ask her. Typically private and hard money lenders are short term, usually 6 to 18 months. I can also talk with a banker friend of mine and get his perspective.

3110 Annabelle Dr,

Bellevue, NE 68123

Wholesaling as is. Must be able to close on March 27th. High end rehabber or owner occupant will get a great return from this one. See more photos and video at: www.facebook.com/turrisgroup

4 beds 3 baths 2,700 sqft

This 2700 square foot single family home has 4 bedrooms and 3.0 bathrooms. 

The nearest schools are: Springfield, Platteview Central and Platteview.

FACTS

Lot: 10,044 sqft

Single Family

Built in 1993

HOA Fee: $14

Cooling: Central

Heating: Forced air

FEATURES

Parking: 2 spaces, 523 sqft

Patio

Porch

Room count: 8

Stories: 2

Structure type: Other

Unit count: 1

OTHER

Floor size: 2,700 sqft

Heating: Electric

Lot width: 1004

Parcel #: 010958029

$227,000

[email protected], [email protected] or call 402.408.4566

We are getting ready to close this deal and are moving into the private money stage. If you are looking to be partner in a deal, this one should take 60 days or less to rehab.

Looking for a tri-plex conversion in Lincoln Nebraska, South of O street and East of 27th. I am looking for a military friend of mine that wants an owner finance lease option for 18-24 months. At least one of the units must be a 2 bed unoccupied unit. He wants minimal rehab.

Thanks,

Lance

We put a property under contract that is an up/down duplex. It is a foreclosure, and the bank had it stripped to the studs. We are getting ready to close on it, but would wholesale it for $59,000. 

ARV is conservatively $131,000 with rehab costs being $44,340. Buyer profit would be $20,000 with 6% realtor commissions factored in. I say $131,000 conservatively as that is the comp price for an SFR not a duplex.

Rents for a three bed in that area is $950 and a two bed daylight basement $600.

For a buy and hold rehaber, taxes are $2099, insurance $1500, 5% maintenance, $400 utilities, property mgmt 10%, and 5% vacancy would give you an NOI of $10,881 and a cap rate between 10 and 11%.

If you do it yourself you may even want to make it a tri-plex with the third being an efficiency on the first floor, which would rent for $400-475/mo.

I can be contacted at [email protected] or check it out on our facebook page turrisgroup.

Thanks Matt.

For the most part that is my understanding.

Since the mortgage company is probably in third position, they may take $40,000 ($63,000-$17,000-$6000). I don't think the county will negotiate and have no idea on the fed level.

When buying tax liens, all other liens are second to the county taxes in Nebraska, and may get wiped out after the redemption period. I don't know about federal tax liens, but the mortgage company is definitely at risk, and would probably rather settle for something rather than nothing. 

They (the mortgage company) may also pay the county taxes and 14% penalty and take back possession of the property through foreclosure. I believe that would still leave the federal tax lien in place.

This may be a good discussion to have with one of the gals down at the county assessor. They are generally very helpful and if they don't have the answers, can direct you to where to get them.

Let me know if you pursue this outside of the BP forums. Excellent topic.

I only have experience negotiating with HUD and Fannie Mae.

It seems to me, they are buying on speculation. Negotiating with a government entity  after the purchase is risky. 

I would say have your numbers in mind before you bid, don't go over those numbers. Then if you get the property and are unable to negotiate you still win. If you are able to negotiate, then you really win.

I will be interested in other feedback on this topic.

Stacy,

Start generating your own leads. Don't rely on the MLS. All investors get reports from the MLS. Drive neighborhoods, research absentee owners (out of state), Start a yellow letter marketing campaign. Find buyers (like us). Learn what your buyers want and how to evaluate a deal.