All Forum Posts by: Don DeMarco

Nathan, sounds to me like you've worked through a lot of different scenarios all of which are good for you.

 I Buy nonperforming notes full time now and the only downside is If the homeowner is still living in the property he could file for bankruptcy, if you foreclose depending on the state could take you 12 to 24 months to get access to the property . But the numbers work it just may take longer than you anticipated to turn a profit

Just make sure you do all of your due diligence, doublecheck your taxes and title

Targeting SD IRA Investors is a great idea to raise private money, they are familiar with investing and if you have a good deal they will be more than open to listen and possibly fund

Great discussion Brien, I am also interested in learning more about crowdfunding.  I am interested in learning how to raise money for a specific project.

Darian,

Welcome to BP,  I would say sit down with your Parents and get a list of all their contacts (friends, family etc...) put into a database and have them send out an introduction that their son is now in the RE business and if they know anyone that is buying or selling to please contact you and as always Referrals are greatly appreciated.  It would be nice coming from them but you can have it come from you.

Hope that helps

Welcome to BP, there is a wealth of information to tap into here

Eddie,

I just you email with all the info

Thanks 

I agree with Chris, don't complicate matters.  Go get your next deal

Welcome to BP, there are many different things you can do as a Real Estate Investor, I would first decide what you want to do and focus on that.

I have done a lot of deals in Baltimore and you really need to put your boots on the ground in the area where the property is.  If you can get rental of 950 a mo. and the property is in a decent C class and your other numbers are accurate I would buy it however it does seem that a tenant making 100k a year would live in in a C-D neighborhood and commit to staying for another 2 yrs??

What is the FMV of the property?

Maybe think about purchasing the property and then selling the property to tenant (for a profit) and hold the paper (be the Bank) since tenant has credit problems.  Tenant has vested interest, they maintain the property, they pay all their own utilities, taxes, insurance, no management fees no vacancy to worry about etc...  If you can buy for 25k and then sell for 40k and hold the paper for a ten year term, you have a winner

This is a SFR with 3 bedrooms, 1 bath, has a lot size of .42 and was built in 1961, Homeowners do live in the house.

Homeowner agreed to modification terms and started payments on February 1, 2015 and payments have been on time each month.

FMV of Property is estimated at $52,000
Zillow Value $47,094
The UPB is $49,755 (New Mod. Amount)
Current Interest Rate 8.93%
Loan Term 30 yr fixed
Property Taxes $353.06 yr.
Original 1st payment date 3/1/97
Next payment due date is 12/1/15
Sales Price $34,000

Purchase this performing note and get a 14.1% cash on cash return.