All Forum Posts by: Alex T.

I invested with my traditional IRA account as two different promissory notes for the same borrower on two different flips. One promissory note for one property and one for the other. Unfortunately about 1.5-2 years ago they have not been paid (way past the maturity date) and the borrower says "they will pay" and nothing has happened so far. The plan is to foreclose and regain them as assets into my IRA then up to me to do what I want with both properties (in a picture perfect world)

Title company sold the property too while the liens were not paid. How does that even work??? Aren't liens intact so the borrowers can't sell a house until the liens have been paid off?

Long story, short can I foreclose on both properties after 1.5-2 years after they were sold with a pre-existing unpaid lien (with a recorded deed of trust) when there's already new owners living in them???

Your help is GREATLY APPRECIATED!

@Amber Koontz Only if I did it alone without a partner, yes

@Joel Lopez Yes. A wholesale deal and bought same few hours of looking at the property

@Mike Burkett To be more precise, the actual purchase price of the property was 86K. However, the loan amount was for a 20K rehab (borrowed 105K of private money) and added another 15K on personal cash/small promissory note to a total of a 6 month, 45K rehab. 

The all-in cost was about 120K while the sale price was 161K. With closing costs, fees, etc, the net profit was around 35K @Account Closed which is about average, BUT the holding costs aka monthly interest, points, fees, time it took to complete the rehab would take the ultimate net after 6 months to almost 25K from the purchase date of the house. 

It is still a profit in the end. I think there should be an area on the post for "All In Costs".

@Jennifer Edwards Thank you. I'm wholesaling again. Will be holding off a fix and flip for a bit...

Investment Info:

Single-family residence note investment investment in Houston.

Purchase price: $82,000
Cash invested: $3,000
Sale price: $104,000

Purchased on a 20 year wrap. Received a downpayment and monthly cash flow for close to 1.5 years until I cashed out and sold the note. Best aquisition so far with least amount of money in and most out. Rare find and great area

Investment Info:

Single-family residence fix & flip investment in Houston.

Purchase price: $82,000
Cash invested: $30,000
Sale price: $156,000

The nightmare house!! Full of problems that kept coming up. Learned everything regarding inspections and learned too much as well. Was a 3b/2ba and converted into a 4b/2ba. Finally sold and moved on...

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $86,000
Cash invested: $15,000
Sale price: $161,500

First fix n flip in Houston with a hard money loan. Learned too much, but sold as the highest comp in the area for a remodel at close to 1700 sqft 4b/2ba

Investment Info:

Single-family residence buy & hold investment in Houston.

Purchase price: $85,000
Cash invested: $15,000

First owner finance property cash flowing with loyal tenants that also take care of the property's maintenance. Used a hard money loan for a minor rehab then rolled it over to a 20 year wrappable loan with no balloon. Will most likely hold on to this 20 year owner financed property.

@Ryenell Simon The thing with probates are that they can be a little complicated on the list, meaning that there are different stages for probates and some have properties associated with them or not. I haven't tried the list to give you a clear opinion on the list. I recommend doing some of the more higher converting lists like the high equity/absentee lists. Those typically yield the highest conversion rates.

@Ryenell Simon Where did you get the list and what type of list are you using? Are you switching between post cards and yellow letters? Are you consistently following up with the marketing campaign? Has anyone called? What have you said? Etc.