All Forum Posts by: Aroldo Villarreal

@Seth Teel - Yes, I've worked with CJ before. The seller called MitchCo (assuming that the 20 yr warranty was still good) and they told him that since he failed to pay $100/year to keep the warranty, they wouldn't cover it. I was hoping they would, that's why I didn't send anyone else out there. But they are basically at $500 per pressed piling! I've gotten bids at half that or less. 

@Seth Teel - Great rule of thumb, you do this for both pier and beam and slabs foudnations? I'm buying a 1,685 sq ft house in NE SA and Mitchco (who did previous work about a decade ago) quoted 41 pressed pilings on slab foundation for a whopping $23k, and that's giving a discount for previous work. I think I can get it done at half that, but dang, some of these guys I think just want to take advantage of homeowners. 

@Jeff V. - That seems like a pretty good setup. 

@Bob E. - I will do that now. Thanks!

@Jack B. - That's the question I should have asked myself BEFORE I sold it! Haha. But you may be in a different situation. You can probably refinance and get as much cash out of your house before selling wit O.F. 

@Bob E. - Sorry, the term is 15 yrs. P&I is $533.62. 

1) The note IS compliant with Dodd Frank 2)The property is worth now about $70,000 (since they did repairs). 

In order to do your example, where can I get more info on that?

@Rahul Bhatt - Yes, that was another choice I was thinking as well. 

@Eric Hyde - The UPB is $52,000 and they've been paying for going on 3 months.

@Jay Arthur prejean - No balloon. It is straight. 

If it is between keeping the note and selling it at a discount, at this point I'll keep it. Just wanted to see if there's a way to get my cash out.  

@Linda Hastings - Thank you for the info!

@Chris Seveney - Terms: 12 yrs, $760 payment (PITIS - Principal, Interest, Taxes, Insurance, Servicing fee), 9.2% Interest rate. 

@Jay Hinrichs - You are right, I don't have a relationship AT ALL with a commercial banker. Fortunately I don't need the cash, but it would be nice to get it out. I have created several notes so far, all with none of my cash in them, except this one which, as a complete novice in the "Notes" part of REI, I thought it was simpler. As you said, I'm probably stuck.

I'm not looking to sell the note since it's creating very good return, plus, the buyers have just fixed foundation, roof, new siding, and rehabbed the inside. Meaning, if they stop paying and I have to foreclose, they've already added tons of value.  I think that will also make it easier for them to refinance soon. Thanks for the info, I'm going to look into that very closely. 

@Wayne Brooks - Yes, I sold it, transferred title, and I hold a mortgage. 

Can I use the note as collateral then? Or what are other options?

But I want to keep it for the cashflow. 

Hello!

I bought a house for $22,500 with cash of my own (since I didn't find a private lender on time) and sold it for $55,000 as-is with owner financing. My plan, BEFORE I sold it was to get a private lender to lend me $25,000 on it, create a deed of trust & note to them, and then wrap that note when selling to my end buyer. 

That didn't happen and now I would like to get my cash out of it. Is that possible here in Texas? In other words, can I get a private lender to lend me the $25k to get my cash out, create an interest-only note  & shorter term than what I sold it with?

Let me know if my question doesn't make sense.