All Forum Posts by: Alberto Artasanchez

You almost have your answer in your question. This investor has something that you would like them to share with you. You have identified that the best way for him to share this with you is to provide something he wants and does not have. A person like this generally has a lot already, so you have to dig deep and get creative to find what his wants are. You might be surprised that you have what he wants. Maybe you are a fitness buff and they are overweight and they are looking for inspiration. Another, off the wall example might be that he really enjoys fishing with his grandson, so that might be your hook. Maybe you can get them a fishing rod. Perhaps, he has a favorite charity and would be thrilled if you volunteered for it. You can only find this out by paying close attention to them, genuinely listening to them and asking questions about them and not necessarily about the topic you want to learn about.

Hi @Aly W. 

I just googled "selling a judgment" and all kinds of interesting sites popped up. This is the one that caught my eye:

http://www.judgmentmarketplace.com/

I don't really have a recommendation since I don't operate in this space. I specialize in the mortgage note trading space.

I am not an attorney but you most likely can sell this judgment. Whoever buys it won't give you 3k, because that's what they might ultimately collect. The advantage is that you can get a percentage of it now with the advantage that it's now off your hands.

I would say it's a must but at the very least set up a business page on facebook, twitter, linkedin and google+. You can set all these up for free.

Any costs for labor and equipment in your units will most likely not be covered by  property manager. Make sure to sign a written contract with them. This should spell out everyone's rights and responsibilities. Some of them will not collect rent for you. Obviously you want to negotiate the price down if this is the case.

Hi Beth,

Great post. A couple questions. What kind of interest rate are you getting? Since you are doing the loan under an LLC is the bank asking for a personal guarantee and are they also looking at your personal financials? Maybe you are getting these terms because you already have other cash flowing properties under the same LLC? Thanks.

For your second question:

"can you attempt to buy a property from original owner even when the mortgage has been released or would you have to somehow contact the bank?"

If the mortgage has been released and a release of lien has been filed at the county clerk, this just means that they property is now free and clear of that encumbrance and the owner of the property does not need to satisfy that encumbrance before selling the property.

One question that can be pretty revealing is to ask why they are selling? They might not necessarily give the real reason but you might get interesting information. Look for body language too when you ask this question.

Tori,

It sounds like everything will be in his name so your credit history should have no impact on the application. Make sure you are listed as an occupant in the property though.

Dalston, 

It is not easy to target particular notes for purchase once you have a deed on the property. Either for 1st or 2nd mortgage it is better to target purchasing the mortgages directly. Once you have a deed on a property banks don't generally like selling the mortgage note to the home owner. It usually needs to be an arms length transaction.You are better off targeting to purchase mortgage notes from hedge funds and companies that specialize in selling these notes. Feel free to message me and I can provide some sources for 1st and 2nds.