All Forum Posts by: Julian Buick

@Chris Seveney

I've been doing a lot of private lending the past few years for fix and flips or for landlords doing BRRRRs. I originate my own loans and I always roll the interest into the loans so there isn't any monthly payments. This works out in most instances although I do have a few loans that were written for 12 months and are now almost two years old. These are landlord BRRRRs and I'm in constant contact with the borrowers. The houses are rehabbed so at this point my LTV is pretty low. I could initiate foreclosure since the notes are in default but I don't feel real concerned about them yet. For these loans it would have been nice to get a monthly payment since I know the borrowers are getting a rent check every month. I might consider that for landlord BRRRs in the future but then I would have to figure out how to service them myself or outsource the servicing. Also I never do owner occupant loans.

@Lawrence Snipe I don’t think Redfin is active in Savannah. Do you mean Zillow?

@Jeremy Lee unless there is a prepayment penalty then all your father in law is owed is the interest amount at 5.4% per annum up until the time when the loan is paid off. For example, assuming this is not an amortized loan, if the borrower paid off the loan after 1 year instead of 2 years then the total interest owed would be 5.4% of the principal. Since monthly payments have been made then the amount paid up until the payoff date would be deducted from the total interest owed. If it is an amortized loan then it would be more complicated but the same principle applies. Your father in law is only owed 5.4% interest on the unpaid principal balance for the length of time that he lent the money. Just because the note said 2 years and it was paid off in 1 is irrelevant. All he is entitled to is the interest for the duration of the loan.

@Jason Merchey I'm curious about this too. I live in South Carolina but have not done any lending there. I have made quite a few loans in Georgia and Florida but none in South Carolina yet. I'm assuming I might get the opportunity to at some point. I wonder if @Jay Hinrichs knows anything about lending in SC. I know he does a lot of new construction there and has a NMLS license in California.

@Chris Seveney I have considered note investing in Georgia. I'm curious what you mean by licensing requirements?

@Nik Moushon What river runs through Kirkland? Are you talking about Lake Washington? I wouldn't call that a river. There are gazillions of houses in Kirkland that are worth way way more than 800k. Perhaps you are thinking of somewhere else. I just sold my primary residence on the very outskirts of Kirkland (north of Juanita) for 1.2M back in September of this year. I heard the prices have dropped a bit since then though. I think I sold at the right time. @James Dainard you still did pretty good all things considered. How long did you end up holding the property for, start to finish?

@Aron N. D. House who, what and where is the Thursday meetup group?

@Chris Licavoli @Chad Yonkin @Belinda Hunt @Justin Wren @Marc Phelps @Patrick Jameson Cunningham @Katie Deskins

Guys, tag anyone else in your colleagues list that is in the area and you think might be interested.

@Felipe Munoz the answer to your first question is "Notes" are not recorded. The note is just a promise to pay and spells out the rate and terms of the loan. The security instrument (mortgage or trust deed, depending on what is used in your state) is what is recorded and that is what secures the loan to the property. The attorney or title company will record the security instrument with the county.

@Jeffrey Stasz I’m interested in meeting up with you guys. I’ll be driving up from Savannah so need to know a definite time and place.