All Forum Posts by: Drew Poniewaz

Why choose one self-directed IRA company over another? Is there any kind of benefit other than personal/professional relationship? Do/can these companies offer incentive in order to invest with them? Lower fees, etc....

@Doug P. I hadn't thought about asking the tenants to buy with seller finance. Is this something you have done? I didn't know what the existing owner would think about me talking to the tenants before we "close". I would have to be worried they would say no and then have to go back to the owner and say I don't want the deal.

@James Wise from what I have researched, banks won't start the foreclosure process if they are being paid and don't feel the need. I guess worse case scenario is that is that I give the property back to the original owner. Thanks for the thoughts.

I have a guy who is willing to let me take over 2 properties 'subject to' the existing financing. They are rented  out and he is just tired of dealing with tenants. The problem is that he owes more than market value on both properties. One is $100 below market rent, the other is $50 above market rent. I would want to get property management in as well to take care of the day to day. So total cash flow per month would be $60. So the deal is that I never want to pass on an opportunity but I am having a hard time finding the opportunity. I am hoping someone can shed some light on a creative way to take over these properties and make it work. If anyone has any ideas or proven strategies please let me know.

I am in the process of originating a contract for deed. I was hoping that someone could point me to a specific forum that details out the process or if this can be the forum that starts the detailed process. I want to make sure that I don't miss anything.

What do people do when someone asks to be removed from their wholesale list? Part of me says "OK I do not want to harass you", but part of me says "do you ask retail companies to stop sending you fliers in the mail" or "advertisements in your newspaper?" Is there any harassment issues that I need to worry about?

I don't understand how a foreclosure from the 1st lien affects the 2nd lien. Does the first wipe out the second completely if it is settled for less than what is owed on the first? Also, how does buying a non-performing first during the foreclosure process affect the foreclosure process and the note?

@Joseph Sanders