All Forum Posts by: Alex Shin

@Idris Haroon

Hi Idris,

I have a airbnb cleaning company in San Antonio and clean 80 turnovers per mo. We’re looking to scale up and be in Dallas this year. Are you still looking for a cleaner?

@Corey Han @Corey Han @Charles Mazzini

I signed up for the land academy course and experiencing a tremendously negative experience as well. Do you mind if I reach out to you privately to discuss? 

@John Farady

Hi John... I appreciate you participating but let me clear the confusion for you. The property will be used for land redevelopment into a 58 unit apartment complex. I’m representing the seller as his agent in this transaction and we’ve decided there’s value in providing seller carry of certain amount. That seller carry amount was negotiated to 2.85M over a course of weeks with the Buyer and Buyers agent. 24 months is plenty of time to get the construction financing in place as RTI permits get approved by City, probably Q2 2021.

Instead of touting your own “ego” on deploying a completely different investment strategy OOS, I’d appreciate if you can weigh in on the question at hand. How would you structure it? Late fees, prepayment penalties, note to balloon at 24 months or when RTI permits get approved? Any insight on dealing with banks for a wraparound loan... I think would be a more productive conversation.

If you’re well versed in seller financing please chime in.

How would you structure the deal given this info? If more info is needed please let me know.

Wraparound mortgage or all-inclusive trust deed (AITD)

Property is located in Los Angeles

Sales price 3,800,000

Down payment 950K

Seller will give Buyer AITD for 2,850,000

Current loan 2M

Seller carry 850K

Interest only 5%

No prepayment penalty

Balloon in 24 months

@Jonathan Taylor

If you’re well versed in seller financing please chime in.

How would you structure the deal given this info? If more info is needed please let me know.

Wraparound mortgage or all-inclusive trust deed (AITD)

Property is located in Los Angeles

Sales price 3,800,000

Down payment 950K

Seller will give Buyer AITD for 2,850,000

Current loan 2M

Seller carry 850K

Interest only 5%

No prepayment penalty

Balloon in 24 months

@Rob Ferdinand Sounds like you're setting your systems in place. How are you planning on contacting these sellers? Also, where do you plan to take notes/store data about prospective leads you'll be getting?

@Mitch Messer following up on this

@Brett Goldsmith Hey Brett. We're going to submit the loan mod with the LOI for that amount. If that doesn't work, we're going to start preparing the short sale. Thanks buddy

@Mike Cumbie Hey Mike. I've felt the frustration of trying to collect all the McDonalds VCRs back when I was younger lol. I'm not trying to treat my business as such. I approach all prospects to try and preserve as much equity in the property in the least amount of time and am willing to exhaust all options before moving onto the next most feasible option. Sounds like you're suggesting to get this property on the market right away through a short sale. In that scenario, would the property title holder have the legal right to sign the listing agreement without the mortgage holder? The mortgage holder would rather have the property go through foreclosure and is not too concerned with his credit score. Hes leaving to Mexico in the near future

@Joe Homs Joe, thanks for your knowledge and expertise. I mainly deal with multifamily and ground up developments in LA. I've had 3 of my 4 escrows cancel in the last 2 months. Luckily, my sellers are liquid enough to weather the storm, however, they did want to reinvest that money into the market, which they cant/wont for the time being. That and I'm coming across a lot more distressed owners who cant afford their payments, let alone will probably be in a worse position in 3-6 months once the dust settles with COVID. With that being said and a lot more factors, I do think short sales will be more prevalent.

On the negotiation with the bank... a partner of mine got his loan reduced to 100K from 400K. He put 10K into fixing it up and sold for 700K. This was back in 09. Like you said, it's rare but doable. My main concern is if we should submit the mortgage assistance form with a LOI for that amount and open up the conversation for negotiation. OR... submit the mortgage assistance form alone and wait for a response. Then go from there. Sounds like you may have experience with this and can appreciate your feedback