All Forum Posts by: Jim Workman

@Gary P. Are you still happy with Arrow Equity? I'm looking also.

Does anyone know of a property search engine where you can put in parameters such as price range, cap rate, rent%, etc, but limited to one city?

I am more interested in the returns than the locality at this point.

This would really only work for a very tight focus.

Any ideas?

Jim

Have any of you BP investors tried to sell a turnkey property? Are you competing directly against the turnkey company? Do they keep their inventory on the MLS?

Hi @Ashlie Greising,

I'm looking into St Louis and feel that a good property manager is the first thing to decide on. Could you send me your contact?

[email protected]

Thanks Everyone,

It sounds like it could work, but is not right for my plans.

Jim

I posted under 'Buying & Selling Real Estate'.

Thread is

"All-Inclusive Trust Deed" offer

I received an offer for my property where he would pay my equity (300k) then use an "All-Inclusive Trust Deed" to make the payments on my mortgage (900k). He also suggested a 25k escrow account to make up to 4 payments if he missed any.

My little bit of googling makes it look like I would be exposed to "Due on sale" clause if the lender chooses, or to foreclosure if he doesn't keep up payments.

He also would like a 60 - 90 day escrow in order to sell his property in DC.

I am planning a 1031 exchange and don't see how that could be accomplished in this scenario. I believe he would take title to the property.

He said he would refi in a couple of years, but as long as he is just paying my mortgage, I don't see any incentive for him do so.

Another thread suggested that some kind of Lease/Option would be preferable to the seller.

The property is in a quickly appreciating area.

Any suggestions?

Jim

Hey Guys,

I have an offer that includes somewhat creative financing. I would like to get some experienced feedback. Should I start a new thread in a different category or can we continue here?

Sorry for the confusion. A newby mistake.

I meant the 900k I paid was 100% mortgaged. It now has 300k equity.

@Amit M. I'm over 60 and less sure that I will live forever. While I can easily sit on the property as long as I have my day job, if that goes away, it would put a real strain on my wife.

I'm hoping to reallocate to some positive cash-flow properties that will be self-sustaining even if I am not.

If I can sell easily, I'm willing to let someone else have next year's 17% appreciation;-) (That's a zillow joke.)

Also my huevos are all in one basket. I would like to be able to reallocate a smaller chunk once I retire.

If I were on a ten-year plan, I would agree with you completely.

I have heard about some hedge funds buying bulk REO inventory. Is it possible to buy multiple properties from them?