All Forum Posts by: Chris T.

Newbie here in regards to 2nd lien notes. This came across my email and perk my interest. 

Property is in CA

FMW: $430K

Senior Lien UPB: $282,000. Current.

2nd Lien UPB: $78K

2nd Lien mortgage payment: $599.75

No BK history, 2nd lien payments remaining 364. Loan was modified in 2017 with a $4K reinstatement. 

Owner occupied.

Minimum bid $56K.

Can I get your professional feedback on how to evaluate this deal?

I would not, you're not going to get that entire $7k back when you sell. Spend that money on where it matters most, kitchen, bath, fresh paint etc. 

In regards to not being an expert, ask your network, who might be able to refer you to a drainage expert, and pay him/her a consulting fee to come up with a solution which you're comfortable with. 

Personally, I would lock in a 30 yr fixed, since interest rates are going to rise. 

@Travis Pirtle

I cashed out a portfolio loan at 6.875 in Nov, 30 year fixed. 2 points. 

You should be able to get better terms and rate since you've not hit 10 yet. PM me if you need another bank to shop around. 

@Nicholas Meyer

I use cash offers to

1. Close quickly while getting a good discount

or

2. Make my offers stand out if the seller has several offers. 

Eventually, I would cash out and recycle that cash again. See BRRRR strategy. Make sure you have enough reserves if you plan on doing this.

@Justin Johnson @DaVeta Core @Darius Smith Sr

We're meeting tomorrow at Emmett's tomorrow 6:30 PM. Hope to see you guys there

Dupage Real Estate Networking 9/19/2018

@Michael Barbari

The focus of the group is professional networking. Bring your business cards, and network. 

The Du Page County Real Estate Investors group was started to provide a platform for Du Page County (and surrounding areas) real estate investors to share knowledge, resources, and deals.The members of this group are involved in primarily single family, multifamily and commercial investments, and represent all levels of experience. 

Our meetup is at Emmett's Ale House, 5200 Main Street, Downers Grove, IL 60515 from 6:30 pm - 8:30 pm. There is a parking lot across the street and in the back of the restaurant that we are allowed to use.

These events are 100% networking. If you have a deal where you need a partner you will have the opportunity to present it to the group. 

6:30 - 7:30 - Networking

7:30 - 7:45 - Introductions

7:45 - 8:30 - Networking

Morning @DaVeta Core @Darius Smith Sr

We will be meeting again on Sept 19, wednesday in Downers Grove.

Here's a link to our meetup page. I will create a new event on BP shortly. Hope to see both of you there.

https://www.meetup.com/DuPage-County-Real-Estate-I...

Most recent one

Applicant "We have 3 dogs and smoke outside"

me "ok, I guess" (qualifications state no smokers and cap at 1 dog)

Applicant "oh, my mom stays in her trailer, can I park the trailer at your property"

...... thinking hard to myself for a come back .......

me "depends on Village ordinances and neighbors"

Applicant "oh, we get paid in cash"

me "sorry, need documented income; can't help you all"