All Forum Posts by: Brett C.

For NH I also subscribed to JSJ Auctions.  

Welcome aboard gentlemen.  

roger that Anne.   Thank you.  Joe, please keep me posted with regard to FCI, I will call them and investigate myself as well.  Joe do you know of any alternatives?

wow thanks so much Anne and Joe too.  Enormous help.  

thanks Bob!!

Hi everyone, I have a partner who wants to hold paper long term for some of my deals. Sa-weeeeeet! I want to make the process as PASSIVE, painless and professional as possible for my partner and other potential partners but I've never done it before.

Specifics - my partner will hold the deed and "be the bank" on a long term amortization for me at a reasonable negotiated rate. I have to aquire the property with a combo of sufficient equity/cash flow/my own money to make my partner feel comfortable with the deal, at which point we will close and my partner gets the deed.

Questions:

1. I want to provide a PASSIVE & professional service for my partner where a third party manages the note, ie I send the payments to this company (not my partner) and they collect and we can log in on line to see status, amortization, payoff balance should I decide to refi, etc. I can't be mailing checks to my partner and managing the balance on an excel spreadsheet or bankrate.com. Where do I go for this service, and how/when do I set it up? I would assume we get in place prior to closing but I don't know.

2. My partner will "hold the paper", but who/where does the actual deed go? Does my partner actually hold the deed in a lockbox or do we send it to the registry of deeds, or the third party/bank type place that will manage the payments?

3. Can any old real estate attorney close a deal like this in NH / MA or do I need a special attorny / title company.

4. The basic lending terms are negotiated and agreed upon between my partner and I, but obviously we need to get it down on paper with a mortgage type contract that is formal and legitimate. This is where the rubber hits the road, it's the backbone of our partnership and it needs to be legally binding and representative of our intentions. Where do I go for this? Are there attorneys or third party loan service providers who specialize in this that I could go to in advance? Having this stuff set up in advance would help me reassure other potential partners that I know what I'm doing and that I can provide a passive investing experience for them.

Any help for this strategy / partnership is appreciated. On the surface it is very simple, I'll aquire a property that is a good investment for me and my partner, they'll loan me the money and the property will be their collatoral, win win. But when you are about to go and actually execute it and set it up, it's not so simple!

I had a follow up question... I have a partner who wants to hold paper long term for me on my deals. I want to make the process as professional and painless as possible. I'd like to have a third party manage the note payments just like a bank. I've heard people explain companies that handle the amortization schedules and payments for subject to investments, where could I go to find such a company to manage the note for my partner while they hold the paper?

The only company I know of in my area is Pater.  I only have two properties so I manage my own and I enjoy it, but I've heard from lots of other investors that most in NH stink. All the more reason to get your license bc then you could start your own and kill it.  Also another think I would do if I were you is call every broker/agent on loop net with a property near you and pick their brain and see if you could help them as your going to a hook for your license.  Those agents have legit investment properties, skip the two fams and start rubbing elbows with million dollar properties from day one.   Again, McElroy-esq. 

first of all dude, in jealous.  Oh how awesome it would be to have zero family responsibilities and do whatever unwanted in real estate at the age of 19.  Good for you.  If I were in your shoes right now I would:

1.  Study you butt off!  At school and in real estate.  School matters, I don't care what people say, college education makes you a better investor and a stinger business mind.  Plus studying real estate matters.  I studied hard throughout my twenties and when I had the cash to make moves in real estate my knowledge gave me he courage and confidence to take action. 

2.  I'd work for a prop management company.  You'll learn a lot about landlordig and your market and you'll be in the mix and around the people who are in the mix. Network with them and work hard.  This approach worked for Ken McElroy, case closed. 

3.  Get your license.  Again you will gain knowledge and be in the mix, you can save $ on your own deals and facilitate deals for others while you line your pockets all the while expanding your network.  

Yup, that's what I would do.  Good luck.  

wrt pets, it is illegal to charge a pet fee, not sure what the rule is in mass though.  Also, if not stated otherwise in the lease you have 15 days to return a security deposit (which cannot exceed the value of one months rent) and if it is stated in the lease you can go as high as 30 days.