All Forum Posts by: Benjamin Cowles

probably a silly question but I haven't really shopped for them. I'm assuming the post office but I know the private post offices and grocery stores sell them too. I guess I'm wondering if they'll tack on extra charges, if they can, to them. Also it'd be good to know if any ways to get discounts on them if at all available. Any tricks, tips? Or do you just go grab a "book o' stamps" wherever they're sold? 

Also while I'm on the subject, I've learned that post card postage is cheaper. So... do you buy a different stamp for that? Again, and I hope you can't see me blushing, but I don't wanna fall prey to some street corner stamp peddler lol. I typically fall for con artist's tricks.

So I'm picking out prospects from the local CAD based on my trips through the neighborhood looking for run-down, possibly vacant homes and just doing manual searches for properties with absentee owners with potentially higher equity based on last purchase date and comps. I'm in lee county btw. 

Often I find:

"Sales disqualified as a result of examination of the deed"

followed by either: 

"Disqualified (Doc Stamp .70 / SP less th $100 / Other Disq)"

or additional info indicating a transfer of deed where "no doc stamps were paid" usually with like a hundred dollars in place of the price, otherwise often I'll see a small price back around 20 years ago for under 20k, which I'll usually use for my records as the last sales price. 

So what is confusing is the often low price(not the often standard "$100.00", I figure is put in there as just a number required) despite it bearing the "sales disqualified" message. What does this indicate the situation probably is? Thanks

 John, you make things too simple. How do you sleep at night? Thanks a bunch!

 Thanks again John. Why do I read so much about "RMLO"s in here if your standard title company can handle it? Are they just emphasizing the legal requirements to investors that are trying to save costs and originate loans on their own or am I reading about an entirely different subject lol? Sorry if I'm missing something and I'm sure I've asked other variations of this question times before. 

And as far as amortization and payments, I was taking about keeping track of payments, like with a note servicer, particularly for ex. to know at any given time what the balance would be. I'm assuming a 3rd party servicer would facilitate that, but otherwise how do a seller and buyer manage those records? Separately? And when if ever there's a dispute they have to gather up their records and come together and hope they line up? How is this usually managed? Does it just depend on the individuals and their experience/preferences/risk tolerances? What do you do? How much does loan servicing cost? Does it depend on the area? I've read about prices between $15-30/ month. That's pretty wide and not cheap! I've read about nationwide companies. If there are local would that be better? Do I ask too many questions? :D. A lot of experienced people giving advice say just go forward and figure it out along the way tho my experience has taught me that, for me at least, that method is very costly. Anyway, so thanks for the advice you've given and can further provide. 

 Where in FL are you? Have you done any seller financed deals thus far?

 Thanks John. What about for a seller finance deal where I'm the buyer? How would I set this up with the seller? How would I create a mortgage for the seller and if I'd be doing it myself then how would I also create the note? Never done any of this and deciding to do it on my own I'd just assume scribble it on a napkin but that doesn't seem like a safe idea, for myself nor the seller. How would i know my payments would be correctly accounted for and how would the seller know my napkin mortgage would be good? If you could explain how someone properly DIY's these things that would be helpful otherwise I'm thinking there must be some type of professional that takes care of these things. How would one document and record these things for ex.? Same issues for lending. Say I lend to a friend, how do I advise them to create a napkin mortgage for me? If we don't hire a servicer who keeps track of amortization and all that good stuff? Thanks

hello SWFL, Lee county, Fort Myers, and Cape Coral. I'm sure there are some members out there who are doing seller financed deals. Are worthy RMLO's hard to find or is it just a matter of finding a standard mortgage broker in the yellow pages(Google)? Or I've also read you can get this done through a title company. What's the general route around here or are there any specific recommendations? Thanks

 Good work Sherlock. In time with luck we'll arrive to a conclusion to this mystery.

Thanks John. Yeah, one HML I found doesn't deal with the rehab portion at all even. So I see your point.

 Do you absolutely need an agent for a short sale?