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All Forum Posts by: Logan Turner

Logan Turner has started 42 posts and replied 271 times.

Post: 1 position performing note, typical discount?

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179

thanks @Christopher Winkler and @Bob Malecki for the great advice. 

I may be interested in selling this note, and get the money active into a few more off market deals again. I will let you both know. 

Again thanks for the knowledge. I'm a buy and hold BRRR guy who decided to owner finance a house. But I love the returns it provides, so I may have to dive deeper into gathering some knowledge on it.

Any books you can recommend? (On note buying)

Post: 1 position performing note, typical discount?

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179

Thanks @Bob Malecki

So by return are we talking about annual return?  Can you double check my numbers/scenarios here...  note principle is 92k, interest 10% payments remaining 111/120.  Monthly payment $1256

total note collection remaining $139,416. So in order to estimate annual return do you subtract note purchase price, say 75k.. and then divide by years remaining 9.3 then take average annual gain and divide by original price of 75k?

139,416 - 75,000 = 64,416. 64,416 / 9.3 = 6,926 6,926/75,000 = 9.2% annual ROI.

or is it simply gross annual collection / purchase price? 15,072 / 75,000 = 20.1% but that doesn't factor principle repayment and of course is this collection 3 year or 30 years.

Thanks for sharing your knowledge

Post: Seeking Lender to refinance

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179

Yes, credit score is 728. I've owned the property since 11/2016.


Its a good deal, since I should be able to BRRR it and not keep a lot of money in the deal. My rehab has been 55k, financing private lender (the 75k note) 9k in total, purchase price 51k. holding costs 1k. So I'm about 110k invested, 75k private lien, 35k out of pocket cash. But refinancing it at 75% LTV should give me 108k minus loan fees and I will cash flow 800/mo :)

@Greg Downey

Post: 1 position performing note, typical discount?

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179
Say I have a first position performing note, what is a typical discount I should expect to give when selling? This example, principle $ 92,xxx, 10 year term at 10 percent interest. I'd imagine the interest rate plays a large role in what discount is given, along with house value, down payment and credit score of mortgagor.

Post: Seeking Lender to refinance

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179
I have a SFH in my LLC wanting to cash out refinance. Willing to personally cosign loan. ARV 140k Current lien 75k Seeking 20-30 year amortization, fixed rate preferred, but negotiable. Seeking 75-80 LTV Location Texas Rented for 1900/month W-2 income 275k Please PM me! Thanks

Post: House #5 in CT a Success

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179
Great post and breakdown. I have a BRRR project I'm completing in the coming days and will likely do a breakdown similar to yours. Insightful and valuable info. And the remodel was top notch. Great choices. Real hardwood floors? New or refinished or is that laminate?

Post: The fastest way to eliminate PMI?

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179
Oh and the fasted way... invest in an emerging market, and find a place that needs work so you can force appreciation. If done right you should be able to get PMI off in 8-12 months

Post: The fastest way to eliminate PMI?

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179
Conventional loans you can place sometimes as low as 3.5 percent down. Depends on the lender. I did a 80/15/5 loan. 5 percent equity. 1st mortgage was 30 year fixed at 3.4 percent. 2nd was 15 year fixed (at 15 percent LTV) at 6 percent interest. This eliminated PMI which is not tax deductible and allowed me to gain some tax advantage while having a shorter payoff (15vs 30 for the second). Payments were basically identical to doing a 95/5 loan with PMI

Post: Should I transfer title to my name for better financing?

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179

So far what I've learned: 

Most companies will treat my SFH as a commercial loan if the property is in my LLC.

If I want better terms then I need to switch it to my personal name. 

Every place so far ive spoken with requires seasoning 6-12 months. 

I may pay off the 75k private mortgage and then wait a few months and finance it in my personal name. Which I could hopefully get a fixed 30 year mortgage and take out a loan for 75% LTV giving me a check for around 105k.

Any drawbacks to this?

Post: Should I transfer title to my name for better financing?

Logan TurnerPosted
  • Rental Property Investor
  • Dallas, TX
  • Posts 283
  • Votes 179

@David Dachtera

Great point. I am hesitant with 5 year balloons for that very reason. 

This is a low money deal though. SFH, loan would only be about 100-110k.