All Forum Posts by: William Avery

Update.

I negotiated a discounted price with the 1st to purchase his position after the foreclosure auction. I then drove to the auction only to find that the buyer had showed up at the 1st lienholder's office with a suitcase full of cash and brought the note current the night before.

....at least it was a nice drive. :)

Thank you to everyone for all the advice. My guess is that this will come around again and I will be better prepared when it does.

William

Great tip. Thanks.

@Kevin Yeats The typical solution for a second note holder (you) would be to buy out the first lien position.

Is buying out the first just throwing good money after bad?

Yes, I sold the first and I have the second.

If you read the article and listen to the radio interview you will see that Mr. Coons believes that this is one of the worst pieces of legislation ever. But, with that said, he also says this bad legislation has some very bad teeth and some people are going to get bitten. He has a fairly simple solution, cluster your seller financing deals into groups of three and put them in an LLC. Put the next three in a new LLC, etc. Each LLC is a different entity (person) and each is entitled to three a year. This does have some cost but I would think it would be cheaper than the fines.

I purchased a Living Family Trust from Mr. Coons about 10 years ago and was very pleased. He also updated it a few years ago when HIPAA regulations created a situation where my spouse would not have access to my medical records if I became incapacitated.

Mr. Coons is a real estate investor and an attorney that has spent his career researching real estate law.

William Avery

Original loan $47,900, 10%, 180 months, $514.74 payment.

1st position, 85 months, $514.74 payments. 28 paid, 3 in arrears $1,544 + $640 taxes ($2,184)

2nd position, 85 months, $514.74 payments.

FMV unknown, county tax appraisal is $26,238.

Can this deal be salvaged? A few years ago I purchased a house from HUD, did a complete rehab and then sold it with seller financing. After ~6 months I sold part of the note putting my remaining part in second position. Now, a year later, the first position on the note is going to foreclose due to none payment. I see this as a no win scenario for me that I will just have to add to my lessons learned file. Does anyone have any other suggestions for salvaging this deal? Cash-for-keys? Other?

Hello, I'm William Avery from Austin, TX. I am looking forward to retirement from the telecommunications industry where I have spent the last 35 years. I have bought and rehabbed a few single family houses over the last 15 years and now with retirement looming I hope to make investing my new career.

I am relatively new to investing and am looking for team members (brokers, accountants, attorneys, investors, etc.) to learn from and work with.

William Avery

House Investment Corp.