All Forum Posts by: Eva Melendez

Darren, 

Welcome to the Dallas area.  My husband and I have been investing here for over 12 years and have done many different types of transactions from wholesaling to flipping to owner financing and brokering notes.  Lets connect.  Message me on here and I will give you my contact info.

I think it depends on whether the land has utilities or is being used for agricultural use.  If it is close to a suburban area that is growing you might be able to find someone who wants to purchase it to sub-divide it into residential lots.  

As far as transferring it, that is not complicated.  You can simply have a Special Warranty Deed drawn up and transfer it.  (I am not an attorney or title company so get be sure to verify this with a professional).  Just to be absolutely sure that there are no liens on the property you might want to get a title policy or have a title search run.  There have been times when people have thought the property was free and clear and the title search turned up an old lien....better to be safe and verify that you are getting it without any encumbrances.

Eva Melendez

I think we would be able to answer your question better if we knew if you were trying to get into buying performing notes or if you had one for sale you were trying to list.  If you are new to note buying there are alot of sellers looking for non-experienced buyers to sell their "not-so-great" notes to...so buyer beware.  I have known of very seasoned note buyers who have had bad experiences with sellers who were less than truthful.  If you are looking to purchase notes, I would partner with someone who is doing it successfully in your area so that you can learn what to look for and avoid.

Eva Melendez

Welcome to the wonderful world of real estate investing. Although some here have mentioned that there is little cashflow in the DFW area my experience is that if you establish what your buying criteria is in order to make a property cashflow and you become very knowledgable about your "farm area" you can find the deals. I agree that MLS is not a good way to find them but there is a thriving investment community here and with a little research and time spent attending investor meetings you can learn alot. You have the added benefit of having a remodeling crew and even the fact that people call your dad's company to ask for remodeling bids could turn into investing leads. Often an heir will call a remodeling company to get bids on getting a house ready to sell but they dont want to spend the money on fixing it up, you can jump in there and offer to buy it as is.

PM me if you want to talk.  I am always open to sharing ideas.

Eva Melendez

I have alot of respect for Eddie Speed.  They guy really knows his stuff and has been doing it successfully for a long time.  I would come to one of his events here in Dallas because you will learn more not just from him but all the other investors who are actively investing in notes than you can from any book.

Just my humble opinion.

Eva Melendez

Usually notes sold in bulk cannot be cherry-picked. Seasoned note investors are usually the one's buying these because you have to have third party vendors who can verify property values (real BPO's not just online), attorneys in the state's where you acquire the NPN's ready to foreclose or modify the loan, verify that the note is transferred correctly, notify you of other liens, make sure the note was drawn up correctly and that if it has previously been transferred the transfer was handled correctly. There are a lot of moving parts in a transaction of this sort. We buy individual notes and can handle the brokering of portfolios but bulk note purchases are dangerous if you don't know the business very well.

My recommendation for people interested in getting into buying notes is to buy a few individual notes or 2 or 3 from local investors first.  Its a great way to learn about what the proper due diligence is.

Eva Melendez

I like the approach of telling them that I represent a group of out of town investors that is buying property in bulk in the area and saw that he owns several properties.  Then ask at what price point would he consider liquidating all or part of the portfolio.  That gets the conversation started.  He will probably come back with some high ball number but you can always say that based on some due diligence your investors may be interested.  Sellers always start thinking of what they are going to do with the money so keep following up after that.

Eva Melendez

I am an investor in the Dallas area and I know investors who are looking for land to build on as well as buyers who will buy vacant land if the terms are right.  Daren, I think I can help you make money on these leads.  PM me and lets talk.

Eva Melendez

My suggestion is to look for owner finance property.  Even for the rentals...but only if the numbers support it.  Regular financing requires alot of income in order to qualify for the purchase because they don't count all of the income from the rental but only part of it and they want you to have alot of cash on hand in case the house is vacant for an extended period of time.  On the other hand if you can find an owner finance property where the payments are smaller and you know that you can rent it for more (should be at least a couple hundred more), then all you have to do is make sure that you have some money in reserves for repairs and vacancies.  The great thing is that rentals are going up in Dallas right now so you can probably rent them quickly and for a good amount.  I work the N. Dallas area and know of several owner finance properties available so PM me and I can help you out.

Eva Melendez

Joe Glass is an honest and reliable GC who does work in Ft Worth and Arlington.  Cory, you may already know him...he is Dennis Henson's GC.  His number is [REMOVED].

Tell him Bob and Eva recommended him.

Eva Melendez