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All Forum Posts by: Roman M.

Roman M. has started 8 posts and replied 465 times.

Post: Seller carry back loan docs in CA?

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

mortgage and a note is not one sided. 

Loan terms are negotiable but the legal language is pretty standard.

I am sure that an attorney will use the right form that is in compliance with the state law and to make sure that you have no issues if your borrower stops paying and you need to foreclose. Usually everything is smooth until you need to foreclose. I won't gamble it and always use an attorney.

Post: Seller carry back loan docs in CA?

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

normally buyer pays for loan doc preparation so why would you want to save a few dollars on loan docs. 

Post: Maricopa Tax Liens for sale (AZ)

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

sent

Post: Maricopa Tax Liens for sale (AZ)

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

We have a small pool of tax liens ($40,000 total redemption value) for sale in Maricopa County, AZ.

All are 16% with face value between $200 to $2,100.  

We bought them in 2010 and they are for 2008 tax year. 

We are looking to liquidate the remainder of the portfolio.

Ideally would like to get full redemption value.

PM with any specific questions.

Post: Current Tax Lien Investors - What would make you sell?

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

Full redemption value is the biggest motivator to me.

We have some certificates in Maricopa County (AZ) at 16% if you looking to buy.

Post: Best options to carry?

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

5 yr loan is dodd frank compliant. You also should be able to sell the loan if you Want to cash out before. Just make sure that the rate is not too low (above 6,5), you keep good records of payment history and there is a hazard insurancE coverage in place.

Post: Foreclosure Auction- Senior lien holder out of business

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

If You don't mind holding on to the property then you can be in the clear if you wait long enough and have additional funds. 

You can wipe out the first mortgage by not paying the real estate taxes. Buy a tax lien certificate from the county (or third party that already owned it long enough) and after statutory wait period go to tax deed. If lender is nowhere to be found then they will not pay taxes when notified. When property goes to auction you can purchase it for the highest bid (but that means you have to lay out the funds again & basically pay yourself later) or the property will go to the highest bidder. 

So if you have the funds and patience then you can wipe out the first if they don't magically appear and step up to secure their position.

Post: Foreclosure Auction- Senior lien holder out of business

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

You should know that unless the first mortgage files a release of lien, you will always be subject to the first lien. Just because the loan originator is out of business it doesn't mean that the loan was wiped out. The first mortgage was probably sold in bulk to another company and eventually they will want to get paid.

So when you try to sell the property the title co won't insure unless they get a payoff from the first mortgage and whatever the payoff amount is will have to get paid at closing. It will probably take them some time to track down new mortgage owner if no assignment was recorded. 

So yeh, expect to pay the first and a possibly delay in getting payoff.

Post: Private Money Lender Setup Options

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

You best answer is to shop a deal thru other private money lenders. You will get all the answers by shopping around.

Post: Private Money Lender Setup Options

Roman M.Posted
  • Investor
  • Miami Beach, FL
  • Posts 486
  • Votes 215

you post is a little confusing. 

Are you setting up a money lending fund without having any experience in money lending or are you lining up private lenders for you flips?

Assuming it's the 2nd option & referring to your Q 5 (b): lender should not be loosing any money on your deals unless they are foreclosing on your flip and obviously they will never lend to you again. 

Q5(a) - this should never happen. You can't borrow more than the house's cost (unless you are doing the fund).