All Forum Posts by: Account Closed

My partner has a team of lawyers advising him on Dodd Frank and all regs. I'll ask him on your questions, it always helps me learn more.

I have never seen such a thing happen here jay and I am talking many hundreds of deals. Every foreclosure we ever did was done is 60-90 days. These foreclosures cost 500-1000 dollars. 

The investor services the loan. I service my own loans, my partner has said he does use a loan servicer as he owns several dozen of these free and clear. He also recommends that to his bigger investors. 

I would like to get my partner on BP; he would fit in well here, but he's not a RE forum guy. I did mention it to him.

We get $5000 down from the owner finance homestead buyer. Our investors buy cash or with the cheapest money they can get, preferably 8% or less. 

We seldom do rentals; our holdings are almost all owner finance. But when we do get an investor who insists upon rentals, we recommend section 8. It works quite well in our city. Other towns may differ....

welcome, Joe!

Our owner finance deals we base on job, documented income and down payment of 5k usually, yes we use a loan orig. Our buyers have no credit, so we have to be very careful to qualify them properly on job and income which we do. This is the 30-65k house on south and west sides, probably a different animal than yours. 

We have gone door to door in our city to ask old ladies if they want to sell their home. It works sometimes. Don't know how it would work in Austin, very different market from the cheap and steady market here. 

We are doing 11-13% cap rates with cash purchases in my city, down a bit from a year ago but still good. I only buy cash, owner finance all houses. It works for me. 

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But carefully vet whoever you work with. I would check into them on BP, see if you can get recommendations in whatever market you consider. Best of luck. 

Mike, yes you are the bank so you foreclose if they do not pay after 30 days. 60-90 day process, resell the deal for 5k down again. We don't worry about foreclosures; they work out well as an investor (in TX). Other states, no, as you noted.