All Forum Posts by: Steve Hodgdon

@Andrew Weitzel 180 months 6% 92500= 780.57

@Andrew Weitzel start with an app fot an HP10bii calculator for your phone. In a day development sells it and has online training on their site. Talk to the owner. What are his goals? Our goals don't matter until we know theirs.

Counter with principal only, 1 year optional extension. Just in case credit market tightens and you can't refi. 

Want to get some cash out of a performing mortgage or land contract? Let's talk! Send specifics of loan. # of payments, interest rate, original and current balance, monthly payment. If it makes sense for us, we then need due diligence file including property address, 1003 or similar owner application, the HUD-1 on the sale, and a copy of the note. Only interested in performing loans right now. Experienced buyer, not a broker.

@Nate J.  Several other options.  FCI Exchange, LoanMLS. If you're a pro member you can  post there. Also there are note brokers. PaperSource has a directory. I'm one of the investors you're looking for. I buy partials on 1st position seller finance loans as do many others. 

I went through this in South Euclid OH, a Cleveland suburb. City is fighting blight. The worklist the gave was beyond the pale. This was a house I took back through foreclosure. The inspection was required to sell the property. Forced me to drop the price. Probably cost me $10k

Make the offer contingent on mold inspection. 

I've done a couple of deals where the cash partner got a preferred return and then a revenue share. Also a deal where the GC got equity in exchange for advance all the T&M. From the cash investor side, giving up half often feels too high. I'm invested in real estate partnerships where it's 70/30 and 80/20. These are rental holds. Also have done small deals where GC gets a fixed amount. Point is, there's lots of ways to do this. Depends on the people and their relationship and trust. 

@Jay Hinrichs I know. I have 2 rentals in the S neighborhood near SSU. I'll look at it if you want. Got a couple young bucks looking for a project to do together. 

@Jay Hinrichs  Yeah, almost took down a commercial acre in Santa Rosa. I can't get a handle on the City. They want new housing construction, but I think one of the big guys has to kick off the party. If you know the old Journey's end MHP on Mendocino, that's being turned into multifamily. Things are starting to move. Getting builders is tough too. 

The SR deal was $3 mil. Couldn't make it work. Send me coordinates. I'll try to stand on the dirt in the next week. Expect you've shopped it. Why no sale?