All Forum Posts by: Tyler Caruso

Cox Premier Properties is good.  I have 4 units with them and they do a great job.

The property is located in Texas.  We have already negotiated the terms and he didn't request a servicer.  If I suggested it at this point I would be paying for it.  I would think the servicer would be more of a benefit to the seller?

Did you agree to any balloon payment? 

NO  The loan is 30 year fixed and there are no terms discussed other than me paying on his loan.

How long are you holding the property? 

No plans on selling.  

Do you plan on refinancing? 

Eventually, when the LTV becomes conducive to do this.

Bill, thank you for your response.  It's much appreciated.

The seller has a small amount of equity which I am paying in cash at closing so we will only be left with the remaining mortgage with Citi.  I have looked up loan servicing and am still trying to grasp why it's best to go this route.  I understand avoiding the due on sale clause, but I will only be out of pocket just over 3k in this deal and I am still wondering if that's worth paying for a loan servicer over the life of the loan?

I have what I need to get the deal closed.... The title company isn't helpful in telling me what I need for after the sale.

Don't I need a limited limited power of attorney so I can talk to the lender if I need it after the sale to make changes to the account? These are the types of things I am looking for so I don't have to chase down the seller after the fact. 

Would somebody be willing to send me their subject to packet they use when doing deals?  I have the purchase contract and addendum to take over financing taken care of already but need templates for power of attorney and other documents. 

Please help. 

Thanks

good so far...better than the other company I was using.   I tend to micro manage so there are a few things I would do differently, but they are minor and overall they do a good job and I would recommend them. 

Michael,

Wouldn't be buying in KC for appreciation.  As with most of the mid-west if you buy right you can get "built in appreciation"."  The areas I buy in are generally built in the 70's so they are typically not development areas although I know there are some re-development areas really close.   I get most of my deals through a wholesaler and haven't done any through an agent up to this point.

Hi Michael,

I own 10+ units in KC.  It's a great market if you can avoid the allure of the high risk/high return properties.  I do own a few of those properties and they have done well, but the best performers for me have been the units that you can buy between 50k and 65k and rent out for 800-900.  I put a loan on them and have been realizing 20%+ cash on cash returns.  I have been able to buy properties below market value in cash and am able to cash out most of my money with a local portfolio lender.

Best of luck to you and I don't think you can go wrong if you do your research first in KC.

Tyler

I have been happy with Thorne insurance agency.   They have great rates.   On all my properties I only insure for actual cash value vs replacement cost value.   It keeps the premiums down and transfers some of the risk to myself.   I can get repairs down cheap so carrying this risk doesn't bother me. Good luck... 

I just signed up for Arrow Equity Trust.  Their fee structures are fair and I have had 3 recommendations from other investors.