All Forum Posts by: Matt Waggoner

Thank to everyone!  I have a plan to go forth.  

Hi all...

I am an investor in Illinois (Rockford Area) and am considering a 5 family apartment.  None of the tenants have leases and all but one have been there 4 years plus.  The current owner bought it 35 years ago and has done the bare minimum to make it habitable.  
We walked each apartment today and all but one were ok.  One was completely trashed.  When I say trashed, I mean it looks like a crack house in the basement (and might be for all i know.) See pic below.  Anyway, as it sits now, the property cash-flows pretty well.

At the minimum, all units need windows and doors. One unit need major renovation.

My Choices as I see them:

1.  Buy the place, raise all the rents to market rates (they are well below, but so is the condition of the apartments) and wait for them all to move out.  Renovate and install new tenants.

2.  Evict for health reasons the one tenant.

I asked myself, "if the place was vacant, would I buy it?"  The answer I came up with was, yes. 

Any advice please!!!

Thanks!

Matt

Hi all.  I've been trading options for years and and expanding into real estate.  I found this forum through a co-worker and it has been gold so far!  
The business model is three-fold:  Fix-flips, Rentals and note investing.  
I got burned pretty hard years ago so I have been hesitant to re-enter the real estate realm.  I have since identified my mistakes thanks to Richdad and Biggerpockets so here we go!
My motto has always been, "Learn the game and play aggressively".... so that's what I am doing.  :)  I am looking forward to all the knowledge in these forums.  

Thanks for the response @Bill Griesmer.  Yes, I would love a list of, "Superlien" states!

I have heard a good way to get into note investing is to write "seller second" or seller finance a purchase of one of my properties.  What's your opinion?

Hey everyone.  I have been investing in options for years and want to expand into real-estate.  Note investing seems to fit my lifestyle the best.  As you can probably understand, I have many questions; but here is the one for now.

I get the discount rates, COC return, performing, sub-performing and NPN. I have a handle on arbitrage and will eventually use leverage to grow my business. Until I fully understand all the in's and out's, my deals will be mostly cash.

The question I have is:  What do you look for in a note while performing "due-diligence?"  Also, what is mean't by a, "conforming loan?"

Sorry if these are stupid questions, but I'm asking anyway!

Thanks!!