All Forum Posts by: Jennifer Turner

Thank you @Chris Seveney! I’d love a brief chat if you have time.

Has anyone ever sold a property with seller financing then later extended the repayment period or modified the terms of the loan with the buyers? Or even refinanced it to them?

I’ve been searching for a form or contract I could use to recast or modify the terms of a loan that I seller financed a few years ago, with the intention of lowering the monthly payment for the borrowers and extending the repayment timeline. We also need to add in escrowed taxes and insurance to the new terms, as previously the buyers were responsible for paying them, but we’ve recently had to take that over.

Context:

Subject property is a mobile home on land in the state of FL that is owner occupied by the family who purchased it from our LLC. They have had a difficult year and are struggling to make their payments on time each month. We know they're hard working and would like to continue working with them rather than move toward foreclosure, but we know they're in over their heads if we continue under the current terms of the mortgage and don't want to set them up for failure. Our current mortgage terms include a late fee after 5 days, so they're already paying extra each month and have to split the total monthly payment up between 2-3 payments when they get their pay check. The monthly payment is only ~$720 and the interest rate is fixed at 8% fully amortized with no balloon. I know they would be worse off refinancing at today's rates even if they could find an alternative lender able to lend on older mobile homes. And given their recent late payment history, I don't know that they'd qualify with another lender.

We have an upcoming meeting with them to see how we can extend the loan a few more years to make the total monthly payment including installments for the annual property tax bill, which we’ve had to pay for them this year since they were late the last couple years and had to pay interest to the county. 

This is the only property we’ve ever seller financed, in case that clears up any questions you have about Dodd-Frank compliance implications. They hold title, and the mortgage and promissory note were attorney drafted and filed at our local county. 

I do plan to consult my real estate attorney who handled the closing but this is his busiest week of the year, so I definitely don’t want to bug him with something that isn’t extremely urgent until after the New Year. In the meantime I would love to have some helpful information or ideas to share with the buyers when we meet and ideally an agreement/contract we could fill out together once new terms are agreed to and then share that with the attorney so he could draft up the formal instrument for recording.

If you have experience with this type of scenario, I’d love to hear any recommendations you have or any helpful resources you could point me to for the appropriate paperwork.

Tenants that rent in those areas would not be looking on Zillow. List it on Facebook Marketplace and affordablehousing.com or maybe .org? It’s ~$99/year but you’ll get many more leads. Also Facebook marketplace. I own rentals in Gainesville and know there is a huge waitlist for section 8 currently. I have people calling me all the time looking for units to rent. Or call ACHA and let the case managers know you have vacant units if any of their clients are still looking. 

Bigger Pockets GNV Monthly Investor Meetup

Our regular monthly happy hour meetup of Bigger Pockets members and real estate investors local to the the Alachua County area.We will be meeting at the same time as usual (6:00pm) at Swamp Head Brewery in their outdoor pavilion (down the hill from their main building and tap room).

Location:
3650 SW 42nd Ave,
Gainesville, FL 32608

Time:
6:00-9:00pm

Details:
Swamp Head is a craft brewery serving their own microbrews, as well as a few non-alcoholic drink options, wine, cider, and kombucha. They do not sell food, but there is frequently a food truck on site, and they allow you to bring in outside food, so you can pick up take-out on your way there, order delivery to Swamphead, or just bring your own picnic dinner from home! (Outside alcohol is prohibited.)This is a very casual event and a welcoming environment for all Bigger Pockets community members and investors of any experience level, so come enjoy a drink with us and start building friendships with other investors, realtors, lenders and other professionals in the real estate industry!

If you'd like to attend, please join our Gainesville, FL Bigger Pockets Meetup facebook group and RSVP to the event link so we can give the brewery staff an accurate headcount and make sure we have enough room for everyone! 

https://www.facebook.com/groups/gnvbpmeetup/

(Please be sure to answer all the required security questions when requesting to join the facebook group, so we know you're legit and not a bot or scammer.)

30 Day Stay

The Bigger Pockets Bookstore has a book on mid-term rentals that walks you through every step. I'd suggest reading that to start with!

If you live in Alachua County or surrounding areas and haven't joined our local Bigger Pockets GNV group yet, search for us on Facebook: Gainesville, FL Bigger Pockets Investor Meet-Up, answer the security questions, and request to join. You'll see all of our upcoming events on that page and be able to RSVP to them there. They are all free events for casual networking with lots of great people!

MAY 16, 2024 MONTHLY HAPPY HOUR MEETUP

Our regular monthly happy hour meetup of Bigger Pockets members and real estate investors local to the the Alachua County area.We will be meeting at the same time as usual (6:00pm) at Swamp Head Brewery in their outdoor pavilion (down the hill from their main building and tap room).

Location:

Swamp Head Brewery

3650 SW 42nd Ave,
Gainesville, FL 32608

Time:
6:00-9:00pm

Details:
Swamp Head is a craft brewery serving their own microbrews, as well as a few non-alcoholic drink options, wine, cider, and kombucha. They do not sell food, but there is frequently a food truck on site, and they allow you to bring in outside food, so you can pick up take-out on your way there, order delivery to Swamphead, or just bring your own picnic dinner from home! (Outside alcohol is prohibited though.)This is a very casual event and a welcoming environment for all Bigger Pockets community members and investors of any experience level, so come enjoy a drink with us and start building friendships with other investors, realtors, lenders and other professionals in the real estate industry!

Please RSVP on the event page in our facebook group if you can make it!

If you can't make this one, our monthly happy hour event will happen again at the same place and time on June 13th, July 18th, and August 22nd!

Quote from @Noah Bacon:

Dear BiggerPockets Community,

We're thrilled to announce that registration for BPCON 2024 is officially open! 🎉🏡 Join us for an unforgettable experience as we gather virtually to learn, connect, and grow together.

📅 Save the Date: BPCON will take place from October 6th - 8th in Cancun, Mexico!

🎟️ Registration Details: Secure your spot early and take advantage of our early bird pricing. Reserve your spot today

💸Pricing Guide:  This year, it's more than just learning—it's an all-inclusive, immersive getaway. Relax by the beach, soak up the sun, and dive deep into real estate knowledge, all in one extraordinary event. Secure your spot now with one of our exclusive event packages, as individual passes won't be available. Here's a pricing guide at the bottom that you can download!

🌟 Why Attend BPCON? 🌟

• Make Valuable Connections: With fun-filled activities and networking opportunities, BPCON is designed to make it easy for you to connect with and lean on like-minded investors who share your goals and aspirations so you never feel alone on your investing journey.
• Boost Your Potential: Buzzing with energy, inspiring speeches, and the best teachers, you’re guaranteed to leave full of momentum and confidence to get started and go farther on your financial freedom journey.
• Close More: The most approachable environment where you can meet your mentor, partner, or teammates and grow your portfolio to unimaginable new heights.
• 🙌 Don't miss out on this incredible opportunity to learn, grow, and connect with the BiggerPockets community. Register now and secure your spot at BPCON 2024!
  

🔗 Register Here

🏝️See you at BPCON! 

 The registration link hasn't been working at all for me. Since I'm a BP member and have used the "getregistered" site before to register for last year's conference, it recognizes me as having an existing log-in, but will not let me move past entering an email address to actually register. Any suggestions Noah?

Gotcha. Thanks for the update and the quick reply! Any idea on timing that date?

@Alexandra Hughes Pailet What time today do conference tickets go on sale? There's minimal info on the website and BP socials for it being opening day for registration.