All Forum Posts by: Mike Springer

Jay,

I've been using SecureNet out of San Antonio to service notes.  I use them because they report to one of the credit bureaus (Equifax).  Also, pledging the note as collateral is an option as mention a by @John Thedford .  I know of a bank in Texas that does that.  Good luck!

SecureNet in San Antonio, TX reports borrower's credit and it is pretty reasonably priced.  I've tried them out on a couple notes for about 8 months.  They seem to be pretty good so far.  I've used prime loan services in Houston for years and they are good, they report credit and more expensive.

Hi Hector,

I've been a RE investor for a while. I've sold a few houses using owner financing and I just hold the notes until they pay off.  Now I am looking to buy performing notes in Texas for myself. No brokering.  If you happen to still  be looking for a buyer, please shoot me a message.

I got mine through a bank.

 Michael,

I have a had a hard time finding a good source here in Texas.  However after a lot of looking, I think I have finally found one.  What you are doing is smart and I would recommend you check with the small banks and credit unions in your state.  Getting recommendations from RE investors who have found small banks willing to do LOCs on RE would be a good place to start.  Good luck!

I think using a line of credit is a great idea for your situation! I've done the exact same thing and the rates are pretty good, 5% for free and clear houses owned by a LP. I did personally guarantee the loans. If you guys are unwilling to do that, you may have to pay a higher rate and / or be approved for a lower LTV. Good luck!

 Dennis, I have heard of cases where SD-IRAs were used for the purposes you desire.  Since I am not a CPA or Attorney, I would recommend you talk to @Dan Cordoba.  http://www.myrealestateira.com/  If what you want is possible, he will know how to legally structure it.  Good luck sir!

You might be surprised that you can legally obtain IRA funds for living expenses. @Dan Cordoba would know the answer http://www.myrealestateira.com/ The 72t distribution is another area to look into. Good luck!

Good luck with the self directed IRA! There are so many things you can do with your IRA that most people have no idea about. I would recommend you talk to @Dan Cordoba http://www.myrealestateira.com/. Most people have different ideas about what they want to accomplish with their IRAs. Dan can find out your goals and advise you on some pretty amazing strategies. He helped me structure my IRA to buy real estate about 10 years ago and it was the best financial advice I've ever received.