All Forum Posts by: Bill P.

@Jeremy Tillotson

How much was RentManager?

@Kevin Nichols 

May I ask why you asked them? They are legally obligated to say "NO". And they can't call in the loan until an actual sale transpires. You have to be very careful with this one as they are probably on the lookout for a transfer. If they call the loan, it will be your credit report that is hurt and the buyer's equity that will be put at risk. You need to tell the buyer of this situation for full disclosure before anything is consummated.

@Kevin Nichols 

Probably not. They are within their rights under the Due on Sale Clause in your mortgage. How did they find out about your sale? Please tell me that you didn't tell them.

@Clay Manship 

It really doesn't matter if there is true equity there; it only matters that Fannie Mae thinks there is. Of course, they're wrong but since we don't set the rules, it is only important to play with what we are given. My firm also operates in the RTO space for ourselves and our investors and we find this news wire to be a confirmation that it's going to be 2006 all over again in the near future so get involved before the window shuts.

@Joshua McGinnis 

I have found that local numbers work better in each market. People feel more comfortable calling a number without calling an area code. We use 4 different numbers for each market we are in and it seems to work better. We do use a solitary toll free number for all markets for our fax

@Evan Kaufman 

Yes, I would as long as you are sure that you know what you are doing. If you think their funds could be at risk, then don't do the deal with anybody's money. Investors need to be protected as they can be the lifeblood for your growth.

@Alex M. 

Congrats on your first property as I can remember how much that meant to me many moons ago. However, with the experience that I have racked up, please be careful on assuming "smooth sailing from here". It is a fact of REI that unexpected things will rear the ugly head when you least expect it. But overall it has been a great ride.

@Idir Edward Saidi 

Your quit claim deed language is pretty standard. Here is an example:

I use the $/sf as a an indicator to flag the property for review. While it means absolutely nothing until you see the condition of the house anymore. It used to work pretty well but since the housing crisis, not so much. Too much crap out there skews the results.

@Penny Myers 

If I buy a house correctly with seller finance, I always try to just pay interest only for the 5 - 7 years before the balloon payment. It allows me to have better cash flow and since I am flipping it via RTO before the balloon is due, I'll pick up my equity at the end. Doesn't mean that I never do the P & I thing, it's more like whatever works best for be in the manner that I am acquiring. BTW, I never had a home that grew into negative equity although I did have one home that could have been bad for me as the balance came due in 2010. The owner had no problem with extending our relationship for another 5 years as I paid him on time for 84 months. I just sold the home last month and everybody is happy.