All Forum Posts by: Tony F.

@Mark Franks

If reoccurring issue it’s very likely your door is incorrectly hung, knob bore is off, strike plate wrong... something along those lines.

They are all made in China, I’m sure Schlage is better quality but I have 40ish smartly key sets and haven’t had any issues. And with all these other people saying they haven’t had any issues..

Good luck

@Davefoster 

Thanks for all those ideas. That helps. The main issue is the note is 0%... so buying out my partners is a loose.. but maybe I can buy it out for less then face value and turn it into a win. The property is very unique, we carried the small amount at 0% to make it work for the buyer, wouldn’t be easy to find a new buyer quickly. 

This is a bit complicated.

Selling a property, large gain, I am 50% owner, planning to separate my proceeds and exchange into another investment property. We are having to carry a small note for the buyer, 1st position but buyer wants language for us to agree to subordinate to 2nd position if he decides to get a construction loan to build.

In an effort to exchange as much as possible I’d like to explore ways to buy out my 50% portion of the note we are carrying for the buyer. Basically I add my 50% of the value of the note in cash, so I can exchange my full half of the proceeds from the sale. If I don’t do this when the note is paid off it will be taxable.

The issue I see is my partner is taking his proceeds a different direction for his exchange, and doesn’t have the 50k cash to buy his portion of the note.

Question- how can I achieve this with out agreeing to be in second position now (and then third of buyer wants us to subordinate for a construction loan)?? Can there be two equal position equal value notes on a property? Ideas?

I know talk to an attorney, I will most likely, not sure if I’ll have time closing very soon. Thanks!

Western of the Rockies beat state/specific market for rentals or apartments? Thoughts?

Thanks will do 

@Wayne Brooks

Right wrong wording, he could sell it quickly by pricing way under market.

With Non judicial foreclosure the auction is required to be publicly announced and at the court house or online auction site kinda thing?

@Tony F.

To be more clear, is it possible as the lender to just take the property back and hold the asset instead of selling at auction?

Obviously more likely the borrower would try to short sell it quickly before handing it back over, but he’s an investor with lots of irons in the fire and distractions.. he has way more equity then balance due so he would be better off selling short.

Sold a property with a small house and a few other agricultural structures on it, on 10 acres, Northern California, deal closed early last year. I carried with a quick pay off structure. Buyer has been late on everything, but has paid most to date. Now they are in financial trouble, guessing not going to be able to make final balloon and interest payments. They will be paid up to about 80% of original debt. Final balloon due in a few weeks.

What happens if they don’t pay. Can I take the property back? (With legal process of course), or does it get sold at auction? I have a non judicial forclose company contact. But wanted to ask here first. Thanks!

Seems very risky. Any not obvious debt, liability, pending litigation... your gonna spend more researching to feel safe then starting fresh. No brainer.

Have had good luck. The tenants know that they will lose their benefits if they screw up. The local housing authority seems to want to help keep good tenants in our units so we are willing to keep making them available. If we evict, the tenants leave gracefully they can move to another section 8 funded property, if they cause problems they loose their voucher. The approval of the unit process with the housing authority doesn’t happen fast here, and can result in prolonged vacancy the first time you convert to sec 8. They are government employees, they don’t move quick like the rest of us.