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All Forum Posts by: Eric Giovannucci

Eric Giovannucci has started 33 posts and replied 161 times.

Post: Well performing note/deed

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

@Dion DePaoli 

I honestly gathered a small amount of information, and told the seller I was not originally interested in that type of deal, but that I had someone that might be. So i jumped on here to see if it was a good deal from the information that I had gathered. 

All four properties have on time payments for 6 years. 

I offered to PM as I was going to give sellers information for a prospective buyer, in hopes that I could learn from this deal (in the background). I would like to see how it would unfold between a potential buyer and the seller. I was going to offer sellers information for a trade of being taught how this would actually work, and possibly a small finders fee, if anything at all. 

Post: Paralysis Analysis vs Being Educated

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

@Dawn Brenengen 

 I completely agree. I think I need to work with someone in the local area and learn from them. I am one of the many that "hired" a mentor, and find that I am still just as lost as I was in the beginning, just out some money now... If only I found BP prior to that venture. 

Post: Well performing note/deed

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

I was scanning craigslist for some deals, and made a few phone calls to see if I could arrange a seller financing deal on a 4 plex.... and it had already sold (darn) 

However, the seller offered a wonderful deal that I wanted to see if it is as good as it sounds. 

Price: 117k Cash price 

4 properties all set up as owner financing

Located in the mid-west 

All notes all well seasoned (6+ years of payments) and are yielding 12% in pocket. 

I suppose I just wanted to see what everyone's thoughts were on this type of deal. Is it common/uncommon, is it a great deal or just along the mid-level line? If you'd like more information on it please pm me. 

Post: Feeling overwhelmed

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

The duplex idea is an excellent one! I have attempted to do this, but the duplexs in The Bay Area is upwards of 750k...not to feasible. @Phillip Gonzales from what I know, you are in a pretty good part of the country for real estate, I think you should consider that option, if the family will go for it of course! 

Post: Paralysis Analysis vs Being Educated

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

I am taking baby steps, and want to ensure that I am fully educated. However, the more I read, the more I find myself burrowing into a deeper hole of putting my education on buckshot. 

I originally intended on going the lease option route to start. I chose this because well lets be honest, I do not have the money to buy and hold, and I already have one mortgage hopefully getting set up for a lease option (too far away for my liking to manage), and I will be buying another residence for my family in San Jose/Morgan Hill area. 

I suppose my million dollar question for today is, how did you find that sweet spot between knowing you were educated enough to begin your venture and continuously researching attempting to ensure you are educated enough to start?

Post: Finding A Note Buyer

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

@Bob E. 

That is primarily how I have been marketing this, I originally did not want to carry a note. I also am much more educated on the lease option process. After speaking to everyone here, it seems as if continue to market it as a lease option is the best course of action. 

Post: Finding A Note Buyer

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

the loan I owe on is with a traditional lender. 

Post: Starting a company is tough - especially when there are crooks on craigslist

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

@Dana Chen That is my faith in humanity is restored story for the week. It is unfortunate that we live in a world where people do these types of things. But what you did was amazing! I am thankful there are people like you still out there today, great job! 

Post: Finding A Note Buyer

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

@Jon Holdman yes we would be setting a wrap over my underlying note. 

Here are the numbers, 

140k Purchase Price 

128k on underlying note 

Buyer is offering 14k down. 

Post: Finding A Note Buyer

Eric Giovannucci
Posted
  • Investor
  • Boise, ID
  • Posts 171
  • Votes 98

@Bill P. I am sure its fairly obvious I am new to Notes. I just got some guidance concerning payment histories and holding for a period of time to show on time payment. I think holding for 6-12 months would be in my best interest.