All Forum Posts by: Barry Ratliff

Jerry there is an existing mortgage of which it is under a land trust and I am trustee. All docs needed are recorded and property owner who has the mortgage. I took over payments, then owner financed to someone and both sides have proper paperwork signed and recorded along with giving 10% beneficiary rights to person who has the mortgage with the bank. I am basically managing the account, collecting and disbursing mortgage payments to her bank and never late. The bank does not know I have taken over the payments and has me on record as power of attorney. I am just confused when I tried to make the mortgage payment that account number no longer is exists under person I took over payments from.

I went to make my house payment on subject to house that I have owner financed and the bank (BOA) would not take my payment. Due to being the weekend I could not talk to customer service but I checked with automated service and gave the account number and it does not exist. I have power of attorney and listed as authorize person to speak on behalf of owner. Also I get all correspondence sent to my PO Box and noticed I did not get last months statement.

Does anyone possibly know what is going on? I have read that NationStar is taking over some BOA mortgages but I should have at least gotten something in the mail of a transfer or even if they are calling note due.

The loan is CURRENT as I make the payment on time every month. Owner has not gotten any phone calls nor have they called me. I will be calling BOA or should I have owner to call first?

Any insight would be appreciative.

Thanks, ya'll. Hadn't thought of couple of your tips.

I'm wanting to send out direct mail and struggling on deciding where to mail in my area. I have access to mls, know the market but never did wholesaling mailing.

I could not find exact thread I needed.

Samson, way to think outside the box. First thing that hit me was the risk of $50k for repairs and the amount of work/time probably needed for that kind of money. I would think the profit margin would need to be a lot larger for that amount of risk even though your 70% guideline works. Personally I would have hard time selling the wholesale idea with that much in repairs needed. Thats just my opinion. As far as doing the offer, I think just writing offer like you would any other, deciding if you want to disclose to agent and seller what you're doing, and have an out thats comfortable with them like a contingency. Doesn't hurt them you or seller, cause they can still market it and if they get another offer they contact you to see if you want to waive contingency and close or just cancel your offer. Good luck.

You can add footage in attic space but floor joists ie 1st floor ceiling joists would need engineered and city inspection approval. Depending on the marketability of ceiling heigth, I'd recommend min 8' at center slope to 5 ft max on side walls. Then with all that, is removing existing bracing (re engineering) and bracing back to new walls your adding. Planning for hvac ducting, air return, stairs, possible plumbing for bath, vent stacks, etc etc etc. All in all is a about 25-50% more than starting from scratch with new build. If new build costs $80 sqft, its gonna run $120-$160 per ft. Hope that helps.

Well done. Going back and renegotiating with seller was impressive. A lot of experience in one deal will go a long way.

Regarding choosing floor plans, builders should choose regional similar designs that the other local builders are using. I have seen many out of town builders come and go because not conforming to the market. I was a builder for 10 years and piggy backed off of many builders but added my own touch.

Go to local designers (not architects) and purchase their stock plans that they design for the local builders. Costs are much less and ready to build instead of redesigning a northern plan to fit a southern market or vice versa.

I live near Austin and have seen great demand and low supply as well. I am a past builder/developer and would entertain idea of GC for an investor who would like to get into the Texas market. Message me to know more.

I'm a real estate broker looking to develop relationships to obtain listings to sell in Texas.