All Forum Posts by: Wes Tuinstra

Yes it is legal.

Hypothetical case:

Suppose a guy has a mortgage for $100,000 and he's
behind in his payments.

The bank sells the mortgage for 60 cents on the dollar
to a private investor: $60,000

Now the investor can approach the home owner and say,
"Look. I'll forgive your late payments and fees, and forgive
the past due amount even. I'll restate the mortgage to
$90,000. You've had a rate of 6.5% but now because of
the risk it will be 7.8%. OK?"

Because of the lower principal amount, the monthly payments
might even be lower than before.

After 6 months of performance, the investor can sell the
note as a performing note for way more than 60 cents on
the dollar.

Barry,

The posts listed here by Ryan are a great way to start.

http://forums.biggerpockets.com/viewtopic.php?p=18568&highlight=#18568

Welcome to the forum from another Texan!

I think you'll be pleasantly surprised by housing prices
in Fort Worth, and will find this a good state to do
business in.

Property taxes are high.

Again, welcome to the site.

Hello Barry,

I'm glad to see you made it! We're glad you're here.

Here is a link to get you started:
http://forums.biggerpockets.com/viewtopic.php?p=18568&highlight=#18568

These are posts by Ryan Webber who I told you about and
who will be by to welcome you.

On another post he said:

I echo that. Go to the birddogz site and register for free and look around.

Come to this forum to ask questions and to get to know the guys especially from Texas because that's where you live.

Again, it was a pleasure to talk to you on the phone, and I sincerely wish you prosperity in the new year.

Thanks Jason! I'll keep you in mind.

Do you already have someone in mind to finance it?

How much money down are you going to pay

Commercial Loans tend to be a tad more costly than
regular mortgages because of the slightly greater
risk...it is, after all, more difficult to sell a business
that you've foreclosed on than a house. And houses
are hard enough to sell!

Hello Jason,

[And BTW, welcome to our forum!]

I take it from your question that you are a realtor and
looking for a place where you can get a website for
free to use in your business?

Is that right?

This is a good place for baby steps Atilano,

And so welcome to our forum...we're glad you're here!

Hey Joe,

Welcome to the forum! And congrats on being so near
to obtaining your license.

Hello Vince,

Let me echo what Ryan said, and welcome you
to the forum!