All Forum Posts by: Les Goss

Hi Will,

I've been an investor in Colorado Springs, mostly on the Westside, since 2004 and have lived here since 1983. I'm a real estate agent with Metro Brokers and would be happy to talk with you and meet you when you come out. The town is definitely booming!

Bob, I started with FCI, but switched to National Asset Advisors on this one. They have a great rep, but they sure are slow!

Interesting idea, @Bob E., but I just have the note which doesn't have that clause, nor does the mortgage. I'm not sure if the original borrower moved back in or if we have squatters. I guess I'll find out soon!

@Patrick Desjardins, this is in Lansing, MI. Good idea on the property managers. They should definitely know!

@Mike Hartzog, thanks for the advice. That's the way I'll go.

I need to get the property back from whoever is living in there now. It was abandoned over the winter, but it's occupied now. The borrower has a note and mortgage, so will need to be foreclosed. Should I let my servicer take this or contact a local attorney myself?

Thanks,

Les

I just posted a new blog on this topic. I hope you find it useful...

https://www.biggerpockets.com/blogs/7697/50523-thr...

Thanks, @Darren Eady! Glad you found it useful.

Les

I've just posted a short introduction to the performing note business on the Bigger Pockets blog. I hope you find it useful!

Besides agreeing with @Nate Wightman about the value of rentometer.com to find rental comps in the area, I always look at trulia.com, not for the value of the property, but for the crime heat map down the page a bit. There are some parts of town I stay away from based on that. Good luck!

De Andre', this is a huge topic and I'm not a qualified exchanger (not the correct term, I know), but basically if you sell a property and buy another within the time frame allowed for at least what you sold the first property for, you can delay paying taxes on the gain from the first. The ownership entity must stay the same for the sale and the purchase. You will really need to get some professional help to do this. Messing it up can have severe consequences from the IRS.