All Forum Posts by: Account Closed
Account Closed has started 141 posts and replied 4068 times.
Post: The Future of Note Investing
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Chris Seveney:
@Mike Hern
Mortgage no investing is not correlated to the stock market. Performing notes typically go delinquent for two reasons, a change in income status by the borrower from either a death in the family, loss of job or divorce. The other is a significant drop in property values and the borrower must relocate and has no equity
I think you left out mortgage moratoriums but I get your drift. Thanks.
Post: The Future of Note Investing
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Chris Seveney:
@Jamie Bateman
The problem in the note space right now is the amount of illegal drugs that have entered the space.
So many note sellers are so high on crack or some other drug with the prices they are asking they need rehab
If the stock market corrects 20% does that affect the notes you currently hold?
Post: Need advice--Been defrauded by lender
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Chris Turner:
Without going into great detail, does anyone have any suggestions regarding pursuing legal action against someone who defrauded my son? Essentially, this guy posed as a legitimate lender (used his name, company name, company docs). My son wired money to a legitimate Chase bank account. Day before closing, unable to reach the "lender". Lesson learned the hard way, so please no negative comments. Just need to know if we can possibly go through the bank to try to find this guy and get the money back. Pretty sure I know the answer. TIA.
You have to call the Fraud Division at Chase and give them the details. You also contact the Attorney General of the state you are in and file a complaint. And if you are really ambitious or if the amount is large enough you contact the local US Attorney and file a complaint there too.
Depending on the facts each entity will either take up the case or tell you why they didn't.
Sorry to hear that happened. Post the company name so none others fall victim and leave a post at RipOffReport.com
Post: Need tips and suggestions
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Kenndy DeYoung:
Hello,
I am looking to buy a duplex or triplex and I would like to know what calculators I should use to analyze the deal and what should I be aware of as first timer.
Thank you so much!
Always scope the sewer in a multifamily purchase. Sewer lines fail more often than you might think and are very expensive to replace.
Post: Selling - Zillow, offerpad, opendoor
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Joe Vairo:
Hi Kiran!
I have done a deal with Opendoor. They stuck to their initial offer, however they did come back and take an additional $20K off as part of their “fee” for repairs. The hardest part is nobody is really there to contact. When you call the local representative or email them they take a long time to get back to you, and thats if they get back to you at all. I will say to use their title company though when doing the deal, it does make it a little bit easier. The title company was really our only point of contact with OpenDoor throughout the entire transaction.
Your comment: "They stuck to their initial offer, however they did come back and take an additional $20K off as part of their “fee” for repairs"
Sorry bub, that's not "sticking to their initial offer. They do that on every property they buy. They hook you in and then have high "repair fees". And often inflated "realtor fees".
Post: What to do when seller backs out?
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Alvaro Rodriguez:
@Mike Hern
I thought about it, but I was using other people money for this deal, and now I would have to cover the agents fee out of pocket. Which I still might do, because there is enough meat on the bone here. Just wanted that one to be a last option
What I actually said was to renegoiate the purchase price to a lower amount to cover the difference of the agent's fees. Instead of buying at $100,000 you renegotiate to $95,000. The seller rarely will walk away from a sure sale.
Post: Can I get a another VA loan?!
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Sam Slivinski:
I've been told conflicting answers to this question. We bought our current single family home with a no money down VA loan. It has been over a year and we are looking to house hack a multi and rent out current house. Can we use another VA loan for the next
You can have two VA loans as long as the total of the loans does not exeed your allotment amount. Check with a mortgage broker in your area.
Post: Sell my property and make 70k or rent and make 700 a month
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Mike Kedziora:
been on before asking this but my profit from my house has gone way up. My property can make me around 70k profit right now if I sell but also can make me about 700 a month from renting. I have a place to go live with my buddy for 300 dollars a month rent. What you guys/girls do if you were me. I wanted to take my profits and possibly buy one or two rentals
You have to figure out cost of sale. If you pay an agent to sell your place that's 5% - 6% of the total sales amount, then you have capital gains if any. You don't state which market you are in, but I would pay the $595 to have a service list the property, sell the property and take the money IF you have lived in the property 2 of the last 5 years. Then rent from your buddy for a year and invest in properties. That is only half of the equation but you have left out a lot of details so that''s the best that can be explained for now.
Post: What to do when seller backs out?
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Alvaro Rodriguez:
I have been working with an investor friendly agent. She found me an off-market property, everything checked the boxes and when I told my agent to get all paperwork to get the offer. The sellers doesn’t want to move forward because she doesn’t want to pay the agent commission, instead want to sell her on her own.
I offered to split the commission in half with me, and I would pay for her moving expenses.
If my above offer doesn’t work, is there any other strategies you guys have used to convince a seller to move forward?
Sure, have the agent step aside, renegotiate a new & lower contract and pay the agent from the money you saved.
Post: Subject To
- Investor
- Scottsdale Austin Tuktoyaktuk
- Posts 4,205
- Votes 4,163
Originally posted by @Orlando Perez:
Originally posted by @Brian Gibbons:
That's like I want to learn ice hockey, lol!
Hey @Chaz Reid
What's SME ?
Here is a mini lesson on subject to
Subject to means get the deed or subject to existing financing
You buy the house subject to the existing financing
It's on the HUD 1 what loans are being taken subject to the existing financing
The business model is cash or terms
Low equity deals like 95% loan to value deals are commonly use subject to or lease-option assignment or wraparound mortgage purchases
I generally talk to sellers are not agents
The closing question is,
Mr. Mrs. seller I know you could pay the cost to sell with an agent but you probably have to pay to get rid of the house, as the cost to sell about 10% to 12% of the value of the house
You could rent it out
But here's a question I want you consider
What if I can get you a payment that would pay your P ITI for 24 months, someone would move into your house take care of it, at the end of the 24 months your house price would be whatever you are we can some mortgage or the ending balance, I don't even know if I can get my business partner to agree to it but if I could get those 24 payments paid on time, and you kept the loan in your name for 24 months just assuming the payments, with that be something you'd even consider or maybe not?
Brian,
This was spot on to what I am looking for? How did you find these properties at the time? Direct Mail?
Direct mail is hit or miss depending on the market but you have tobe prepared for several mailings to the same addresses.