All Forum Posts by: Ron Collins

@Roy Oliphant

Yes. I will post all substantial information I find out in this process. Hopefully this can be beneficial to someone down the line.

@Sundai S.

I will look into the MERS #. I conducted a title search and have the names and "current" mailing address of the previous owners. I would like to gather as much info as possible before I make the phone call to Freddie Mac

@Craig Brouillette

I am expecting a lot of resistance from Freddie Mac. But I am going to stay on top of them. And as soon as I get a case manager's name, I am setting up a meeting and camping out at his/her office. 

I will hold the house long-term. From the outside, it is strictly a cosmetic rehab with anticipated plumbing and electrical dollars in the budget. The rehab will be funded with cash on hand and re-finance to pull out the equity. I am planning to use this property to fund an 8-plex or small apartment complex. Fidelity Homestead is loaning 90% on equity and I see similar comps coming in at 155K for this property

Congrats Scott, having that real estate license and access to an MLS has tremendous value.

@Sue-Ann Bobb

Start within a five block radius of the house you currently live in. Search the tax assessor/collector Web site and send a yellow letter to every mailing address that's different from the property address. State in the letter that you are looking to buy and/or sell real estate in the area. Every week, expand your research by one block. 

Your observations are correct. The real estate market is booming in NOLA right now. With the newly constructed VA/University Hospital coming online soon in Mid-City, rents has seen a big increase of late. I wouldn't call it a true seller's market yet, but the price on two bedroom cottages in that area are going for 200k+.

Hopefully, the boom does not stay cconcentrated to Downtown NOLA and eventually spill throughout the entire metro area.

Good Morning Fellow BP'ERS

I have an interesting situation on my hands. I aquired a piece of property in a NOLA Tax Sale over three years ago. This particular piece of property was foreclosed on by Freddie Mac in 2008. It slipped thru the cracks and ended up on the NO Tax Sale roll in 2011. The redemption period has expired and now I am free to pay my lawyer an enormous amount of money.

But before accepting a check, the lawyer stated that I should seek out the Freddie Mac property manager and see if they would agree to signing a Quit Claim Deed. He doesn't know if it's been done before but suggested I try (for too many reasons to state while typing on my smart phone) before starting the court process.

Hence my question: Has anyone on BP been successful at obtaining a Quit Claim Deed from Freddie Mac and/or Fannie Mae? All I have is a phone number and an address in Texas. I will post my actions as I seek to acquire this document. Any and all help is appreciated.

GM @Damiern White Sr

I am a Real Estate Broker/Investor in the New Orleans area. The real estate landscape has changed in NOLA drastically over the past six months. I would suggest driving through your target neighborhood and taking down the address of the worse house on the block, contact the owner and negotiate a price with enough room for you to secure your expected wholesale fee.

In regards to wholesaling and agents, La House Bill 611 made net listings illegal for agents. Please contact me if you have any questions and/or comments.

@Jonathan Casillas

Thanks. I will keep you in mind going forward.

Former Photography Studio in Gretna, La for sale!! Total Living/Building Area: 4,639 sq/ft. Total Warehouse Area: 2,560 sq/ft. Combination Class C (concrete block) and Class S (metal) Office/Warehouse Zoned C-1.

There is no sign on the building. Call Ron Collins @ (504) 615-7449 for details and appointment. Business not for sale

Hi BP'ers 

Sent out 100 Yellow Letters to Tax Delinquent Owners in Gretna, La. on Friday, Feb 27th. Have received four calls as of this morning. (4% call back rate??).

- a commercial property on Franklin. Seller is motivated and is willing to accept 65% of value.

- one rental property with a long term tenant

- one SFR with an owner who will accept nothing less than full value. After a lengthy conversation, he decided to meet with me Saturday morning.

- a unique 1bdrm with lots of potential

I will keep everyone posted on the response rate and any interesting developments. I will also post all wholesale opportunities in the BP Marketplace. 

@Jerry Padilla 

Thanks for the advice on D-Class neighborhoods. I am not targeting any properties in those type of neighborhoods. My original intentions were to find SFR's and rent it out as student housing near the University of Dayton. The agent that I am working with e-mailed me a list of addresses and most were in this specific zip code. I am not set on Dayton but I do have (non-investor )family/friends there. I am trying to diversify my investing dollars in the Ohio market as a whole.

@Ben Leybovich 

I look forward to reading your article. Having read a good number of your blog posts, I know you would back that guarantee 100%. A question for you, @Dawn Anastasi 

and @Darrin Carey 

What about buying $10,000 foreclosures long distance? :)  I reached out to the BP community about the zip code 45417 because I thought these properties were too good to be true. I assumed an investor in Ohio would have these picked them apart before they made it to the market. After learning that this particular neighborhood was not investment garde, it is starting to make sense why the properties are still on the market.