All Forum Posts by: Joel A.

I would buy them rich dad poor dad and make them read it. That will give them at least a new light on how to think properly for REI.

Then I would tell them to start saving for a down payment and house hack.  That is probably the most reasonable way for a young person to start.

@Scott Arpan 

Thank you for the response Scott.  I appreciate the info.  The house was built in 2000 and its in a quiet subdivision.   Mostly families.  Last I spoke to the buyers they had remodeled the house so I imagine the house is in great shape.

The main reason I was curious about how much I could get for it though was because I want to pay off the underlying mortgage.  Its tying up a mortgage I can use for a new rental property.

Or Im trying to find a solution to increase the cash flow on that note and the only options I can think of is to find other peoples money to pay off that underlying lien by using a heloc or something on my primary residence.  Problem with that is I dont have quite enough equity yet to get enough to pay that amount.

For now ill hold onto the note and maybe ill try and sell it in a few years when there is more appreciation on the house.   The Austin market is crazy hot right now but it hasnt really spilled over to this area yet.  

Thanks again!

No prob, thanks for throwing that out there.    The underlying note interest rate is at 7.5% and taxes and INS are escrowed with it.

First i'd like to say ive searched a ton about notes and feel i have at least a basic knowledge of them.  Im not looking to purchase any notes nor am i looking to sell one however I do want to know how much the note i currently own could be worth and if this is even a good note to have.  I get letters all the time from note buyers wanting to buy my note but i never wanted to call them because i always assume they just want to buy it super cheap which i dont blame them.

Anyhow ill try my best to explain the situation and give details on the note and hopefully I can get some advice or additional knowledge on if what I have is even any good.

In 2006 i purchased a foreclosed home via conventional financing. It was pre bubble so I actually bought it with 100% financing. At the time I thought it was a great idea to sell it via owner finance and do a wrap around mortgage. Today I wouldnt do that but it doesnt matter, i did it and i sill have it and nothing bad has ever happened. I dont make a ton of cash flow on it because of my mortgage on it but the little i do make is all infinite ROI since i never put a dime of my own money into it. All this was done through a laywer in Austin who specializes in setting up wrap arounds and owner financing so im confident the paper work i have on it is legit.

What im looking to find out really is if this is a decent note and if I did decide to call one of these note buyer letters, what kinds of offers do you think they would throw at me?

Here is info on the note i have, i believe it to be all the pertinent information needed but if i left something out let me know.

performing note (1 late payment in 2012 which he paid that month, just a few days later then the late date, he paid the late fee)

30 year fixed at 9.10%

original loan amount = $101,850.00

current unpaid balance = $94,026.20

payments made = 105

setup date 11/2006

Amount owed on my mortgage (the wrap) = $79k and some change.

current market value about 115k

house is in del valle tx which is a suburb of Austin, TX.  its 12 miles to downtown austin if that matters which it probably doesnt.

What do you think?  

What is the hype with Birmingham? Yeah the numbers look great but all I see when researching this city is super high crime and a declining population. Why would you want to buy and hold in a city that appears to be declining? This can only lead to a disastrous outcome in long term I would imagine. There are many mid cities with similar returns with increasing populations. Those would be more ideal.

I live in Austin, have 3 properties here and am no longer investing in Austin because the cash flow deals arent easy to come by. I now buy and hold in Indy. When I get tired of Indianapolis, I will find another city with great returns, an increasing population and healthy economy. Im not worried about the appreciation in these type of cities, I am going to retire off of passive income, not equity.  

@Carolyn L. 

I just hope we dont run out of water with this population increasing as it is.  Ive seen some scary articles out there on our water situation.

@James Kandasamy 

James, thanks for that info. I was not aware that is how it worked.  Very useful information. I would love to get more input no what you found with your lender research in Austin.  Ill PM you.

@Carolyn L.

yes please message me contact info. i would appreciate that

@Carolyn L. 

Hi Carolyn,

Did AMP tell if you how long the seasoning requirement is?  Are the loans 5-10 year balloons?   Decent rates?  Let me know what you find please if youre speaking with them.  Ive been working with another portfolio lender here in Austin but I dont like their rates.  I think they are too high and my income/credit should be getting the best rates.

Thanks

Looks like the TD in tdhomeloans stands for Trevor Dustin.  Theres a lot of garbage on the internet.  Definitely looks shady.

I found this site where there is a Brian Parks claiming Trevor Dustin is a scammer and took his money.

so wierd!

http://startups.co.uk/forum/topic/hard-money-lending-investment-and-projects-funding/