All Forum Posts by: Dave Van Horn

@Martin Kruger,

To protect yourself, you can try to keep the 1st current or try to reinstate it but it might not be possible if they've already foreclosed. And if they have foreclosed, it could be a different ballgame regarding the redemption and reinstatement rights in your state. The redemption period may not apply to you as the new buyer but I would check with a Foreclosure attorney in the state the property is located in since redemption and reinstatement rights vary state-to-state.

And if you want to try to avoid a bidding war, you could also contact the law firm that represents the mortgage company/bank that's foreclosing - you may be able to buy the 2nd mortgage before it even goes to sale.

Also I would check with a private money lender on funding this deal since they could lend you the money to take out the first mortgage.

Best,

Dave

Hi @Gabriel Aponte,

Congrats on joining BP! I'm also an investor/Real Estate business owner based in the Philadelphia area (investing both in the area and nationwide).

If you haven't already, I'd suggest checking out our local REIA group, DIG (Diversified Investors Group). They have meetings all across the region and they're a great group for new and experienced investors. Alongside using BP, I built a huge network going there and have learned a ton. Maybe I'll see you at a meeting in the future!

And if you ever have any REI questions that I might be able to answer or if there's anything else I can do for you, just let me know.

Best,

Dave

Hi @Martin Kruger

Thanks for the mention. We've sold plenty of notes at Sheriff Sales so here's my thoughts:

The third lien will be wiped out at foreclosure. The winning bidder will win the property subject to the 1st mortgage. This means you can sell the property and at closing the 1st mortgage will be paid in full and the investor gets the rest. Depending on the type of market, it would be very unusual this sells for anywhere close to $20k. Just keep in mind to factor in paying off the 1st mortgage.

I'd also say that you should be certain that the 1st mortgage is really only $37k.

Best,

Dave

Hi @Hilary C.,

Thanks for taking the time to survey the BP audience comments and suggestions.

I just have a question about the BP award badges that seemed to have changed a few months ago. When I last checked (maybe back in late August or September) there were a slew of other badges featured on the Awards Page.

For example the following badges no longer show up on the current Awards page: Narc, Cop, First Responder, etc. And it looks like these badges that are no longer featured on the awards page still show up on peoples' profiles.

So my question to you is...will these awards be coming back? Will the ones already awarded stay grandfathered in on member's profiles? Should we no longer strive towards achieving previous awards? Would be curious to know either way.

Thanks,

Dave

Interested in notes but don't have the start up capital?

In November's upcoming call, my partner Bob Paulus (PPR Director of Borrower Management) and I will explore strategies for recapitalizing on your real estate notes and expanding your business with little to no capital.

And as always, we will allot time for a Q&A, so please feel free to bring any and all note-related questions!

Register at the link below:

www.pprnoteco.com/call-nov-2016/

Call-in information will be sent via email following registration.

We hope to hear from you on the call!

Hi @Johnathan Norman,

Congrats on the new property! 

And yes, If I were you, I would have the management company have the tenants sign a lease upon closing. Then I would probably make some improvements on the property and give the proper notice (per the state's requirements) to raise the rent, if that's what you intend to do. Tenants often expect an increase when there is a new owner, and if there's improvements it helps justify the raise and sets a good precedent. 

Regardless of the rent, the tenants would probably appreciate the lease since it guarantees that you as the new landlord cannot raise the rent every month.

Best,

Dave

Hey @Mark Roberts,

I'd recommend a colleague of mine John Groom, based out of Austin.

Here's his website:

http://www.askjohngroom.com/

Best,

Dave

Hi @Brendan Raney, welcome to BP! I'd suggest checking out the International Real Estate Forum here on the site.

There are also some writers on here that invest internationally as well. Ali Boone's work comes to mind: 

https://www.biggerpockets.com/renewsblog/2013/05/1...

Best of luck,

Dave

All great suggestions guys!

@Abel Curiel  Love Gary Keller's work.

@Carl Sandridge thanks for chiming in! Will have to check out How I turned $1000 into $5M

@Tommy Mejia

I was actually just listening to a Grant Cardone talk with Success Magazine earlier today! I've read McElroy's Advanced Guide to RE, will have to look up Marketopoly

PPR and I will be there! Would love to make it to the BP meetup if I can. Keep me posted on the details.