All Forum Posts by: Mike Springer

I now own a house in Odessa via foreclosure this week. I’m looking for someone who can help me determine if the property is occupied and if so, help me get possession. Eventually I’ll need help with rehab and then selling the property. If anyone in the group has any contacts out there, it would be greatly appreciated.

Thanks very much Chris and Dave!

How do I pull a credit report on a borrower from a note that I own?

Congrats on a couple of great purchases!  In Texas, I've had success finding banks that will do lines of credit on properties owned by LLCs and LPs.  I would suggest you try smaller local/regional banks and don't be surprised if they ask you to personally guarantee the loans.  Good luck!

Chris and Bob are right on and I'll just add that servicing fees have a much bigger impact on yield on notes with smaller monthly payments.

@Aroldo Villarreal Nice job on this deal! FNB Bastrop has indicated they will set up a LOC using notes as collateral. PM me if you would like the contact info for the loan officer I work with at FNB.

I agree.  Great book!

I am looking to sell a house in Texas owner financing.  I owe about 475K at 4%, my P&I is about $2300.  I'm trying to sell for  200K down and do a wrap around owner financed 800K note at 6.9% for 30 years so the P&I buyers would pay about $5,200 which would give me about a 3K spread.  I usually charge 9.9% for owner financing for under 100K houses but I don't think anyone would go for those terms at this price range.  I've heard gurus speak about structuring deals with a 1st and a 2nd loan instead of just 1 loan which would make it more favorable to potentially sell off the first at some point and keep the 2nd.  Anyone have any ideas on how to structure that to maximize my returns and make it favorable to sell off my 1st while keeping the total monthly P&I payment in the 5,000-5,500 range for my borrowers?

I'll be there.  Looking forward to it.

Welcome Daniel!  I am an investor and live an hour from Kerrville.  I am interested in buying SFRs in Kerrville.