All Forum Posts by: Brandan Orcutt

@, yes he could file again. That is honestly what scares me more than anything. He could file the day before the foreclosure sale or anytime later. I feel stuck either way I go.

@, yes I bought at a good price. I have a good amount of equity at a retail price but if he trashes it before move out plus relator costs I will possibly break even. Depends on the damage.

My first thought is to tell the buyer to kiss my rear but I want to make the best decision with no emotion involved.

@, the $12k would be a reimbursement to me from costs associated with his bankruptcy. I would hope the court would see that if it ever came up.

I have had a lawyer involved the entire time so he would be the one to draft up any paperwork that gets done.

Thanks for the ideas, keep em coming if there is another way to skin this.

Rocky V, that's a pretty good idea. I actually had someone local tell me to do something close to that yesterday.

Anyone have any other or better ideas?

I have an owner financed deal that has gone really bad. I am to the point of the foreclosure sale happening in two weeks on April 5th but the buyer has come up with a bunch of cash, $12k and he owes me about $13k more after that, $25k total. He says if I agree to a loan modification he will pay $500 extra on top of his monthly pyment each month to catch it up until its current.

This all started back when he was laid off from his job and now supposedly he found another job and starts at the end of the month but he has not given any proof of future employment, offer letter etc.

He has been extremely hard to deal with and I don't know if I trust him at all but I don't want to give up and pass up making money and get the money back that he owes me. The 12k will just about catch up my legal and other costs and set the note back to making money.

I have been in this deal for two years and have not made a dime because of my legal expenses and covering my mortgage, it's an owner financed wrap mortgage.

To sum it up this is how it all has transpired:

-rented it to him for 10 months, he was late paying 8 of them(red flag, I should have stopped there, gave every excuse in the book, I'm an idiot I know)

-owner financed it to him, no money down (big mistake, I'm an idiot again I know)

-he never made the first payment and after I sent the foreclosure notice he filed Ch13, 5 months into the ch13 his payments started coming through 

-9 months into the ch13 he was laid off of his job

-6 more months later we got the case dismissed and set up the foreclosure auction for next month, April 5th.

Please don't beat on me about this, I know I messed up on many parts of this. I have learned a lot from this, a lot. I'm almost to the point of giving up on real estate but I know I will get over this situation.

I just need help with going forward.

Can anyone help and give me some advice please?

Thanks,

Brandan

Thanks for the response Bienes. Anyone else?

Hello All,

I have a few questions about organizing and allocating rental payments.

Since I am new to this world, I wanted to see how others are keeping track of everything.

1. Is there a standard spreadsheet that everyone uses to keep track of a property, maintenance, and rent payments, etc?

2. How does a rent payment apply to a rental? For example, if I get a check for August 1st , do you put into the spreadsheet that it applies to July interest and taxes or is it for August? I guess I'm just trying to find out if the payment is for last month or the current month.

3. Where is everyone putting the money? Should there be a separate account for each house? Is there a checking and a savings for each house and I put the tax $$ coming in into the savings?

Thanks in advance for every ones advice/tips. I just want to learn what is the norm for keeping up with a rental on a spreadsheet and bank accounts.

Brandan

Anyone know a good CPA that I can sit down with in the Katy area? I need some advice with flips, rentals, LLC's, etc.

I would agree with the wood rot.

I was wondering the same questions. @Steven Hamilton II, can you provide any insight on this?

I don't have any recommendations but would like to follow and learn from your post. Good luck with your first flip!

Brandan