All Forum Posts by: Rudy D.

I just want to be sure I understand notes. When I buy the note, I am buying the debt, however I don't actually "service" (collect payments, send out bills, etc) for the loan?

So if the person defaults on the loan, I don't personally have to take them to court, because the mortgage servicing company will do that?

I'm actually interesting in buying performing notes and enjoying the cash flow to minimize risk. I am just curious to know what happens in case of a default. Thanks.

Hi Dave, thanks for the advice. I will try calling and asking some questions. 

The address is 1533 N. 39TH Street

Although I'm sure it's probably not the best neighborhood, from looking at the street view pictures, it doesn't look that bad either.

So what is my next step in checking it out? Do I hire a professional inspector to take a look at it? I could look at it, however unless I see something that is a really obvious problem with the building, I would probably say, "yeah it looks fine."

The ad for the place in Milwaukee was posted by a forum user from Texas, with no details in his signature, so I'm not sure who he is.

The ad for the Baltimore place was placed by a guy with magicnumberhomes.com in his signature, which look like a real estate investment company that buys and sells properties.

I just can't believe these places can be this cheap. Is this normal?

So I was looking through the classifieds section here.

I found two properties for sale that are currently being rented. That is what I wanted, because then I don't have to place ads to try and find new tenants.

One is a duplex in Milwaukee for  $40k, with a combined rent of $1250 a month. The other is a place in Baltimore for $25k with a rent of $800 a month.

So what do I do next? Do I just call the number in the ad and buy it? 

I can post links to the ads if it helps. I just didn't know if that was against the rules, so I didn't do it.

I realize that these places must have problems, otherwise they probably wouldn't be up for sale this cheap. So what is the next step? Do I hire an inspector/appraiser to look at each property first, then make an offer?

Hi Rusty,

Thanks for the reply! :)

Hi Rusty,

Did the bank say they would approve a mortgage for your LLC or for you personally?

I also have recently set up an LLC for real estate investing, except I don't know if the LLC will get approved for the mortgage. I can get approved for a personal mortgage without any problem. I just don't know if it's possible to transfer the property to the LLC for ownership.