All Forum Posts by: Kelly Boulton

Hey Ronnie, 

 can't help you with Volusia County specifically, but I reliably use RTR Title in Orlando. They provide mobile notaries if proxiity is an issue.  The owner/operator is an attorney and she is a long time member of CFRI.  Hope this helps!

https://rtrtitle.com/

Hi Kyle,

I usually ask my buyers what their ROI needs to be. Every buyer is different in my experience, and so is every deal. Over the last 14+ months, I've seen bigger funds begin to look for deals at 60%, which isn't the easiest find. That being said, when I'm looking for deals to market I try to stay closer to 70%. Most buyers will at least be intrigued in that range.

 Gotcha.  That is the info I couldn't verify. So would there be any enforceable way to prevent a foreclosure ahead of time?  Would it make sense to instead sign a lease option contract?

 I definitely thought it would be possible to have the 2nd mortgage be dealt with proactively with the Deed in Lieu.  Although, like @Caroline Gerardo mentioned these documents must be enforceable, otherwise there is nothing proactive about it.

@Samira Beheshtian With the wrap, are you planning to receive payment from the buyer and make payments to the 1st mortgage yourself, to ensure the 1st doesn't default?

Also, with the original purchase you made, is it titled to a land trust?

 Thanks for the great info Caroline!  I was thinking of an agreed upon Deed in Lieu for the second mortgage on the wrap.  I understand that the original lender/servicer doesn't have to accept this, but I was reading it that Samira was paying the 1st mortgage herself and was worried about the wrap to her buyer.  

Is it not possible to agree upon a Deed in Lieu voluntarily as a part of the contract for the wrap?  My apologies, if I've shared inaccurate information.

Hi Samira,

I would look into a Deed in Lieu of Foreclosure.  It is a VOLUNTARY contract that both the borrower and "lender" sign agreeing that if the borrower cannot make payments they are willing to sign the deed back over without going through the foreclosure process.  From what I understand, it is a simple contract, but has complex outcomes if not done correctly. I would make sure you have an attorney review and draw up the contract even though there are templates for such a contract to be found online.  

I'm not sure how this would work in your situation exactly, since you have acquired it as a sub-to.  Although, I would advise that if you haven't already, you put the property in a land trust. 

Not sure if this is helpful at all, but definitely look into a deed in Lieu.  Good Luck!

Hi Steven!  Welcome to BP.  I wholesale with a partner in the Central Florida region.  I'm anchored in Orlando, but find most of our deals outside the city.  We aren't doing 20-30 deals per month...yet, but I'm sure I could provide some insight to the market here, as well as having access to local end buyers.

I'd love to connect with you, and we are always open to JV deals - both ways!

I would say that a good deal is what you and the seller feel good about.  Like others have mentioned, you may be willing to pay more for the sales price to get a lower rate and vice versa.

I work with a lot of owner finance deals and I don't believe these types of deals are as elusive as folks think.  The key to these deals is finding out what the seller wants out of it, and pairing your needs for a win-win.  

The seller is usually looking for either a large down payment, a balloon, or a specific end sales price.  Through the last 18 months, while interest rates for conventionals have been high, I find that sellers aren't concerned as much about what the interest rate is, but how much that interest rate yields at the end of loan.

There is so much more flexibility with Owner Finance, if you are willing to have these conversations with the seller.  

FHA MF loans are great...IF the appraisal, deferred maintenance, and rental self-sufficiency test work out according to guidelines. And I'm not saying this happens often, but the last MF FHA transaction I worked through, hinged completely on the appraiser's choice of rental comps in the immediate area. We got an appraiser that chose to use the lowest rentals on the same street as the subject property, and refused to look further in the same neighborhood, same type of building. There were tons of accurate comps to be presented, and believe me...I presented them, but he declined to include them. Once that FHA appraisal/self-sufficiency test was locked, it was stuck with the property for 6 months. The buyer had to scramble to use a non-conforming loan, put tons more money down, and almost lost out on the sale.

Owner Finance options would have avoided these complications. In fact, we asked the seller if they'd consider it, to no avail.   If you are interested in having a second pair of eyes to look at the possibilities of OWC and what may be a "good" deal, message me and I'd be happy to connect!

Otherwise, good luck!

As many others have said, both markets are great.  I am in Orlando, but focus on investments throughout Central Florida.  I would say that the specifically the Orlando and Tampa markets are becoming highly saturated, and that I wouldn't expect the growth to continue at this rate for much longer.  Personally, I am focusing on the corridor between Orlando and Tampa.  Polk, Lake, and Hernando Counties.  As both of these cities continue to grow, more and more focus is being put on developing the areas that surround these cities.  A perfect example would be Lakeland, Fl in Polk County.  Right in between both Orlando and Tampa.  Another good example would be Ocala, Fl in Marion County.  It is a little further north than Orlando and Tampa, but is becoming more and more populated with new jobs, growth, and homes. 

In these smaller, growing cities that are not necessarily as populated or popular yet, you have room for lots of appreciation, but you also get better cash flow opportunity, that you don't have to wait for.

Hi Edward!  I'm not sure how I'm just seeing this now, but I can definitely be of assistance.  I focus primarily on off-market, creative financing, and wholesale investment deals.  Let's connect if you are still looking.  And even if not, I'd love to have a good contractor in the area on my go-to list :)