All Forum Posts by: Steve Crawford

Stan,

thank you i will shoot you an email.

steve

I too live in a small town about 10 miles from a larger city (150,000) and my properties are scattered all over the state. But many of them are right here in my town. I have 5 children in school and over the course of 15 years, most people know that I "have houses". However, like J Scott, I definitely use a P.O. Box. (in fact we have it set up with the local p.o. where it is not even possible to deliver mail to our home).

We dont have partners, but that is not the impression we leave with tenants. We usually just refer to "the other shareholders".

I have only had a couple of problems with tenants showing up at my home and that was many years ago. However, one problem can be one too many.

My advise is do what you can to protect your privacy.

We have offer in on a property in CO where the Seller is "qualified" for BK, but has yet to file. The listing, as per his agent and counsel, required pre-approval by a trusee......even though he/they have not filed to avoid a "preferential kickback" when they do file.

Just an example.

In last few years I'm comfortable that we see most REO in our area.....and we are comfortable buying. Our sources are MLS, lenders, agents and even a couple of auctions.

Now I'm interested in Ft. Lauderdale and West Palm areas. I see thousands of listings on auction.com (which I am uncomfortable with) and various agent sites.

I seek direction for best source of finding REO in these areas.

Specifically, I am looking for a vacation home.

thanks.

One thing I have noticed when shopping Loopnet.

Pick your state and county and type in type of prop e.g. multifam then (non member) search............shows you half and then cuts you of and says "premium members only".

Now, go back and enter same state and county, but select multifam, shopping centers and hotels and see if you dont get some "different" multifams....

In my opinion, either way, you are at risk. If you invest a ton of money in a property that you dont have ownership of, you are at risk.

You will have an "equitable" interest in either an Installment Contract or a Lease Option (both of which can be recorded with your County).

If your Contract for Deed is a good one, you should be fine. As far as "case law on the books".............it can help, but it is never dispositive. Either way, you will end up in Court if a dispute arises.

If the Seller goes BK on you, there are a host of issues. One that will be predominant, will be that your "interest" is secondary to that of the note holder on the property..... and while they may be happy to let you pick up the Seller's arrerage and finance the property.........they equally, may not.

I have purchase off of Loopnet. Shopping centers. But have never sold anything. I like the site. I was a paid member for some time, but depending on how you search, I dont think it is a great advantage.

Have sold a lot on CraigsList (all SFH) was a lot better couple years ago before it became so popular. That sounds weird, but seems like the scams, re-posts, top-posts, took over.

Scott.

Nice strategy. I have my own, but I continue to learn. This angle (yours) .........i love it.. I can pull that off on every deal (well, my wife can pull that off).....and you know i would love to keep a piece of that pie for myself.

Thank you.

BTW, my wife read your web site today and I checked it out tonight....very impressed. Well done.

Both Steves have it.

If you buy on a Contract you name wont be on the deed. It's called a "contract for deed".....you get the deed when you fulfill the terms of the contract.

For what you want to do the lease option is a much better approach. In fact, you may get more principle credit with the l/o than then Installment contract.

If you go with a contract. Make sure you don't have a prepayment penalty. Make sure you contract is recorded with your County Recorder. Make sure you are comfortable with the default provisions (get a right to cure clause). Triple check the late fees. See if you can procure your own insurance and provide the Seller with a certificate (allows you to shop the price). Check the property taxes.

Good luck. You are on the right track to do a creative deal. Be smart.

I have done quite a few with HUD. This recent change Joel refers to is real and it is a mess. I think they are really starting to backlog inventory.

I have heard 85 -90% and that is usually where I go in, unless the DOM exceeds 60, then I drop down.

Always remember. First they want Owner Occupants (as well they should). Then they want (despite appearances), simplicity.

I usually tell them my price/offer, no contingencies, and close whenever they want.

If their price is too high and the DOM on too short, I wait. If someone buys it, it was either a good deal for an owner occupant or a bad deal for an investor. Either way, ok with me. I wait for that price drop, then i kick in at the 85-90 % mark.

Good luck.