All Forum Posts by: Elena Jobson

Thanks ALL!!!

First off, I just want to say a huge THANK YOU to everyone who posts, replies and shares knowledge on BP!  This is an incredible resource and you guys are awesome.  In my experience, the real estate industry can be very cut throat, it's really nice to see people who genuinely want to help other investors in the their road to success and financial freedom.

Just a little bit about me:  I am a Colorado native, born and raised in Boulder.  I have lived and worked all over the Denver Metro area.  Real estate has been great to me, I have worked in the title and escrow side for over 4 years.  I am a licensed escrow officer working in the Denver Metro area. If anyone has questions related to title insurance, the escrow closing piece, title and conveyance documents, mortgage,liens, encumbrances, easements etc etc, I am your girl.  Keep in mind, there are certain things that vary state to state, and Colorado is where I am licensed and experienced.  

I am very interested in starting to build long term wealth through real estate investment.  I know many of you will say to invest close to where I reside, but my belief is that the Colorado market may not be lucrative enough.  The market is so hot, that the margins are small.  I am primarily interested in buy and hold. Does anyone have any thoughts on this market? 

I am primarily interested in the following locations: Any info on the below markets, turnkey companies, ROI, market trends, ETC ETC ETC is highly welcomed and appreciated.

Texas-  Austin and Houston

Tennessee-  Nashville and Memphis

Louisiana-  Baton Rouge and New Orleans

Florida-  Tampa, Jacksonville

Thanks ALL, I am very excited to be joining the BP Community and I looking forward to getting to meet new people through BP! 

All you really need as far as loan docs is a note- your promise to pay her back and a deed of trust- her security and in effect the "mortgage." Typically in private financing situations, an attorney would prepare these documents but I do believe you could prepare them yourself. Each state is different but here in Colorado, every deed of trust has the same verbiage. You could also prepare an amortization schedule (I think there are online tools to help you)- this could help you convince her to loan you the money because it will give her an idea of the return she will get on her investment. Most people don't know that lenders make most of their money in the first 10 years of a loan, the reason for that is the way the loan is amortized. PM me if you want to discuss further. Have a great evening.

You've got the jist of it and yes the seller gets the full amount upon closing as you stated. Keep in mind not only does cash mean a quick close and less chance of the buyer backing out, but the quicker the close, the less interest the seller has to pay on their loan that month which can make a huge difference. I would add that often times cash buyers waive inspection as well as appraisal. That's a big plus for a seller being that you do not have to worry about renegotiating a contract if the property does not appraise or if the buyer asks for inspection items to be fixed.