All Forum Posts by: Sam Tright

Sure thing Jordan. Never heard of a state association, what is that?

Do mobile home park managers have a say in whether we can resell a home on terms?

I think the answer is no, they can only control whether we're allowed to hold and rent the unit (over and above their own lot rent) to a non owner occupant.

I have heard 55+ parks are an exception though

Any recommendations? Note School seems tops but I don't like that they are live only, I want a recorded video program. Scot Carson and Paper Source Online are the other 2 I know of.

Quote from @Eliott Elias:

No lender allows a wrap. You are at risk of the lender calling the note due. They are the last person you want to tell that you are executing a wrap. 

Makes sense, I guess I must do a 6 month rental to build seasoning, then get the DSCR loan in place and sell on a land contract right?

Hi, I have a house bought with hard money. I would like to resell it on a wrap and clear out the hard money debt with a DSCR loan

1. Ideally this happens without any seasoning/payment history period, since I am reselling the house and lose title upon sale. Is this possible? If not I can resell on a land contract so I retain the deed.

2. I sell for about 70% above my all in cost, eg purchase plus light reno totals 70k, I resell for 120k. If the appraisal supports the higher resale price am I likely to get my full cash out of the deal?

3. If anyone has some wrap friendly DSCR lenders in mind please let me know, thanks!

Quote from @Chris Seveney:

Quote from @Sam Tright:

I'm rehabbing a home that I plan to sell on owner finance. Of 5 note investors I've spoken to, 3 use drive by BPOs to determine As-Is value on the house (One has some internal process, and the final one wants an appraisal).

I don't believe my improvements will be captured by a drive by BPO. This is an issue because I invest in Saint Louis where a "rental property" may sell for 50k if imperfect in places, 85k rent ready, or $100-115k as a full rehab with updates all around.

1. Is my concern above valid if I'm trying to maximize value on the note sale?

2. Would supplying before and after pics help support a higher As Is value than the driveby BPO alone or is this a longshot?

 If you concern is value then why not provide them with a 3rd party appraisal or give them the ability to do an interior inspection? As a note investor we use exterior BPO's because we do not have access to the property, if you provide access that should solve the problem

Thanks Chris, I'll do that then

Hi, in your experience are multiple contractors not under a GC okay to work on the house at the same time?

On my latest rehab I had to work on: roof, trash, carpet, lawn, pests. I could have hired 4 of the 5 at the same day or time but instead scheduled them at different times which slowed things down.

Quote from @Seth Teel:

@Sam Tright

Most of the note buyers I've encountered really don't care much about the property or it's condition.  They care about the note and its terms

Thanks Seth. Isn't it a big deal what the collateral value is for lending purposes? If I get a low BPO, the note buyer's investment to value requires lending less I think. I may not recover my costs in that case.

I'm rehabbing a home that I plan to sell on owner finance. Of 5 note investors I've spoken to, 3 use drive by BPOs to determine As-Is value on the house (One has some internal process, and the final one wants an appraisal).

I don't believe my improvements will be captured by a drive by BPO. This is an issue because I invest in Saint Louis where a "rental property" may sell for 50k if imperfect in places, 85k rent ready, or $100-115k as a full rehab with updates all around.

1. Is my concern above valid if I'm trying to maximize value on the note sale?

2. Would supplying before and after pics help support a higher As Is value than the driveby BPO alone or is this a longshot?

Eddie Speed teaches using low yield investors to buy the front of a note for 6 to 10% interest, and keep the tail end of it.

Finding high yield seeking investors is easy. For anyone who does this sort of arbitrage, how do you find low yield ones?

One idea I had was to go to SD-IRA investor meetups and cultivate them myself. I'm not sure how much volume that would support though.