All Forum Posts by: Travis C.

@Priscilla Babbidge I have been looking at this market for a larger house/beach rental opportunity. Seems the market is way up so not sure I can bring myself to pull the trigger.

@Tia Wilson see what I mean with these people? LOL

@Tia Wilson United Mortgage will be doing the originations. New American Funding was doing Vendee originations up until around January of this year. VRMCO is the site that lists the propertues but they do not do the loan originations. This is transitioning from New American to United. United is not licensed in all states yet. The moratorium makes for near zero opportunities anyways right now. The inventory you see on VRMCO was in their pipeline "pre-COVID" I am told. Bank of America originated these years ago before New American Funding. Getting people on the phone that knkw what they are talking about with thjs program is like pulling teeth. I don't see this being unfrozen until (a) the moratorium is over and states move forward with foreclosures and (b) United gets better stood up on the originations side.

Up to 16 properties and $1MM in equity. Trying to pull cash out right now but hard to find anybody willing to do 75LTV cash out 30 yr notes with the secondary market COVID-19 frozen.

$200 a month when I self manage is $2400/year cash flow before unforeseen expenses plus I can buy 4 -5 of these properties with 5% down than I otherwise would have conventionally with a typically 15-25% equity stake up front based on market prices due to the fact these are foreclosures. These deals have been very lucrative for me over the years and I keep aquiring more and more assets through this process. The cash flow isn't super, but it is positive and I've done quite well through this program. 

@David Wandel gotcha. I haven't called around but was just going by what my conventional banker told me and what another TX based firm (Visio) had told me abiut themselves and generalized on behalf of others. I had been looking at LendingOne so may give them a ring ri chit chat this week. Really appreicate it!

I hear the secondary mortgage market is on pause right now for 30 year rental notes. Are there any players out there originating these still though?

@Jason Taliaferro so you know if that firm is now licensed in TX? They called me about 2 months ago and they were not yet, but were working on it.

@Julian R. They do lower them every 30 days it seems. I agree.

@Cameron Tope I have been doing $200/month after PITI with 95% LTV here in San Antonio (VA Vendee finance program on VA foreclosures). My 30 year notes bave been at 3.75% in last year. SFH 2200 4BR/BA typically. Would be around $300-400 if I did conventional or close to it.