All Forum Posts by: Barry Ratliff

Hey @Chelsea Lewis

You mentioned starting investing in Central Austin. Though Central Austin is can be a very lucrative location to invest, purchasing properties there come with a premium and lots of competition, maybe researching and investing in areas that are more affordable could lessen the anxiety of starting out.

The links to building your foundation is good idea as mention by @PaulTimmins above. Looking to hear from you in the future when do that first deal. Jump in!

Great program but was not aware it was available to investors. I believe it state specific and only participating lenders. Also your State may have a similar program as this program has a 1% fee, not to exceed $1000. And you do not have to be a first time buyer. I am a Tx real estate broker and have recommended to many buyers. Research participating lenders.

http://www.fha-home-loans.com/neighborhood_gold_down_payment_assistance_program.htm

@billgulley

Somewhat true but mostly Im helping a friend who did not want her home, no equity to resell nor wanted to rent it so I offered to manage her property and thought the wrap was best way to handle it. I cash flow $190 a month, no repairs since I ownerfinance wrap to a buyer, and received $5000 up front as down payment from buyer who lives in home and pays on time for last 2 years. Soon it will be time to refinance and have buyer in the house to pay off note as the market is turning for the better and equity builds. This only property I have like this. I mostly coach want to be investors and buy to flip my own. By trade though, I'm a real estate broker.

Mike and others following this post, come to find from BOA, they sold the note to M&T Bank. Still Not sure if BOA ever sent notice plus I never receieved notice from M&T that they were servicer. I will say though after reviewing my BOA records online, the contact information was changed to last physical address and phone number of seller who's name is on note I bought subject to. So it is possible notices were sent to that address. Thank gosh I had username and password to followup and change back to my contact info.

Lastly, M&T has been good to work with and offered for 2 months, no late fees for new BOA transferred loans. I will say though that i took advantage of no late fees on 2nd month and paid after 15th, I got calls from M&T wanting payment. Come to find out online when I did make that payment that the contact info was changed to last known mailing address of the existing loan borrower and phone # changed to all zeros. Thank gosh again that I setup acct online with M&B to see those changes and change back to my info.

Lesson learned in this potential problem is always setup online accts with the subject to lein holder, pay your payments ontime and regularly check records online to make sure your mail address and phone number is in there.

Property located in 76513 Belton Tx.

$740 piti (seller is current)

$74000 payoff

$84000 mkt value

$8000 value of vacant lot that is surveyed in mortgage

Subject to existing mortgage with Wells

Seller wants me to just take over pmts, no down. Considering the facts above, what would u suggest?

Wholesale for fee? Hold and create Trust to owner finance or lease? Separate lot out to hold house and resake lot? Sell house outright with or without lot?

Hi Noah, I am from Central Tx. between Waco and Austin Tx in Temple. As you know Tx is a large state so to select a location is a matter of preference based several factors. Location, job growth, supply vs demand, schools, medical, quality of life, cost of living, etc. I am a real estate broker and I work mostly investment properties and coach local investors to gain more market knowledge, fix n hold or flip properties and of course market the properties to maximize their profits. Example I have been recommending is a location in southern part of Temple Tx that is exactly what you're seeking. I have sold $80-90k priced homes where investor put 20% down, total payments $650 per month and getting $1100 per month in rent. That's a 31% ROI. 3br 2ba 1 car garage approx 1100-1200 square feet. There are not a lot of locations like this so you have to have local knowledge of those kind of pocket neighborhoods. The reason why this location works is the homes not to old, small yards, local hospital doctor residents or young professionals as tenants close to their employers, trees and located in middle of more expensive homes. Let me know if interested to know or other locations in my 9 county area or other parts of Texas. www.barryratliff.com. By the way, you are looking in a good price range.

I am in the Central Texas area between Waco and Austin. What is your target market and price range? I could direct you to areas of interest. See my background profile for credentials.

Thanks for the info. Modifying mature date is all thats needed. By the way I am the Mortgagee and sorry for not clarifying. Topic complete.

I am lender for owner finance buyer and her term is about to expire. Need to do an extension, modification, and who gets the document, me or the borrower?

Thanks Dion, I figured some sort of letter alert would have been sent. But that has not taken place. I will update you and others of my findings.