All Forum Posts by: Eric S.

Fellow Note Investors,

When a first lien holder files foreclosure, are they required to notify the other lien holders of the Lis Pendens?  Or can they proceed to sale without the other lien holders being notified?  Is this a state by state procedure?  

I ask because I hold several performing seconds, and I'm looking for a sensible way of protecting my positions short of calling on the firsts/pulling credit every 4-6 months.  

Thank you and happy note investing!

CHICAGO 4BR 2BA Investment property-Morgan Park! Owner Financing Available!

1358 W. 109th Street, Chicago Il 60643

Price: $80,000 OBO

Monthly rent: Has been rented for the last 5 years at $1350 a month

Taxes: $2052

Insurance: I pay about $500 a year

My name is Eric and I have been a rehabbing buy-and-hold investor since 2003 on the South Side of Chicago. I am selling a great investment property for either a local or a remote investor, brand new or experienced. I have owned this property since 2006. The home is a 4 br, 2 bath, split level. This property is in Morgan Park, which is my favorite neighborhood to invest in, and the neighborhood where I still have many investment SFR's.

Be sure to check out the attached financial overview sheet that has all of the expenses attached.

I am willing to finance this property for a buyer with a negotiable purchase price with $15,000-$20,000 down through a note and mortgage, the same way a bank would.

Since I have so much experience renting in Chicago, I would be happy to mentor/help a buyer with anything he needs. I have tons of contacts and would be happy to pass those on to you. I am always available to help. If you would like the property professionally managed, I can recommend a manager at 10% of gross.

If you are interested, please contact me so that we can talk further about the deal.

WWW.CONTRACTFORPROFITS.COM

Hi 2nd Mortgage Note Investors,

I am about to close on a performing second loan, and need help developing a system for how I should handle the property insurance.  

I doubt that the seller of the 2nd has access to the insurance info, but I know which bank holds the first.  Do you call the bank and ask for insurance info and request to be named additional insured, and loss payee?  What do you do if they don't cooperate in terms of sharing the info and adding you to the insurance dec page?

Are there any other insurance considerations when purchasing a second?  How do you experienced note investors deal with insurance on a second?

Any help that you can give me on this I would greatly appreciate!

Hi All,

I am selling a property to another investor and am taking back a note/mortgage.  Can someone refer me to an attorney who can help me with those documents?  I need a couple of additions made to the documents and therefore cannot use standard templates.  

Thank you!

Owner financing available! Great turnkey home across from Math/Science Academy in desirable rental area is ready to go! Full finished basement, refinished hardwood floors, large kitchen, completely rehabbed! Fenced yard, open concept layout. Property has been rented for the last 5 years at $1400 a month. I have owned the house since 2011.

Great deal for someone who wants to get into real estate investing with low money down and no bank qualifying. Call for details or a showing. Broker owned. Investment partnerships encouraged. Minimum amount down is 10%. All aspects of this deal are negotiable, including purchase price and monthly payment.

Property will be sold via land contract, but if/when buyer reaches 20% equity, seller will convey property via mortgage and note.

Property management available from @Mark Ainley . Contact me for details.

For those of you just getting started, I have tons of contacts and would be happy to pass those on to you. I am always available to help. I HAVE OTHER PROPERTIES AVAILABLE WITH SELLER FINANCING!

If you are interested, please contact me so that we can talk further about the deal. For more info and additional pictures, go to:

www.contractforprofits.com

Land contract, seller financing, contract for deed, articles of agreement, owner will carry, must sell, motivated seller, bring all offers, no banks, rental, cash flow, mentor, partner, chicago, south side

Owner financing available! Great turnkey home across from Math/Science Academy in desirable rental area is ready to go! Full finished basement, refinished hardwood floors, large kitchen, completely rehabbed! Fenced yard, open concept layout. Property has been rented for the last 5 years at $1400 a month.  I have owned the house since 2011.  

Great deal for someone who wants to get into real estate investing with low money down and no bank qualifying. Call for details or a showing. Broker owned. Investment partnerships encouraged. Minimum amount down is 10%. All aspects of this deal are negotiable, including purchase price and monthly payment.

Property will be sold via land contract, but if/when buyer reaches 20% equity, seller will convey property via mortgage and note.

Property management available from @Mark Ainley . Contact me for details.

For those of you just getting started, I have tons of contacts and would be happy to pass those on to you. I am always available to help.  I HAVE OTHER PROPERTIES AVAILABLE WITH SELLER FINANCING!

If you are interested, please contact me so that we can talk further about the deal.  For more info and additional pictures, go to:

www.contractforprofits.com

Land contract, seller financing, contract for deed, articles of agreement, owner will carry, must sell, motivated seller, bring all offers, no banks, rental, cash flow, mentor, partner

Owner financing available! Great turnkey home across from Math/Science Academy in desirable rental area is ready to go! Full finished basement, refinished hardwood floors, large kitchen, completely rehabbed! Fenced yard, open concept layout. Property has been rented for the last 5 years at $1400 a month.

Great deal for someone who wants to get into real estate investing with low money down and no bank qualifying. Call for details or a showing. Broker owned. Investment partnerships encouraged. Minimum amount down is 10%.  All aspects of this deal are negotiable, including purchase price and monthly payment.  

Property will be sold via land contract, but if/when buyer reaches 20% equity, seller will convey property via mortgage and note.

Property management available from @Mark Ainley.  Call for details.  

For those of you just getting started, I have tons of contacts and would be happy to pass those on to you. I am always available to help.

If you are interested, please contact me so that we can talk further about the deal.  

Land contract, seller financing, contract for deed, articles of agreement, owner will carry, must sell, motivated seller, bring all offers, no banks, rental, cash flow, mentor, partner

I will be there.  Looking forward to meeting everyone.  

Hello BP World,

I am looking to purchase Contracts for Deed/Land Contracts/Installment Contracts that are either performing or non-performing.  I especially like Michigan, but would consider any state with friendly installment contract laws.  On performing, I am looking for a yield of at least 18%, and a purchase price of 25-50k.  Title transfer and title insurance is negotiable.  Please contact me if you have any for sale, or know of any sources.  I am open to purchasing from a broker if necessary.  

Thank you!

Hello BP World,

I am looking to purchase performing or re-performing notes with a yield of 15% or above.  Purchase prices from 10k to 50k.  Please contact me if you have any for sale.   I am not a broker and want to purchase for my own portfolio.  

Thank you!