All Forum Posts by: Joe Davis

Thanks Mark! Literally just had Jerel recommended from another source too so will reach out. 

Hey BP,

Currently doing a few owner finance properties and was wondering if anyone can recommend an attorney who specializes in Wrap's? Thanks in advance!

Joe

@Brad Crawford How did your hunt go?? - i see this is an old post. At some point you really have to amortize your underlying lien or you eventually become upside down when your OF buyer makes enough payments. I am currently searching for community banks that will collateralize the underlying debt - although i believe you need a substantial $ amount before they will even consider it. 

Have not thought about that @Tracy Z. Rewey - How does that play out and why would that be a benefit over using the banks? 

@Chris Seveney    Buying/using  my promissory notes to draw down the interest rate i am currently paying on them. 

Can anyone recommend a community bank that they are collateralizing their portfolio of notes with in Texas? Currently am in Houston.

thanks so much. Great response @Jerel Ehlert

@Lauren Havens Thank you that's exactly what I was looking for. Someone who can direct me to the leasing and structures. I love automation, so would have someone on my team focused on these solely. This would hopefully cover checkouts/cleaning, cross-platform utilization, pricing algorithms etc. In your experience, what software do you guys you that encompasses most of these? I know their is ton's of them.

I will contact our RE Attorney to see if i can get a lease template (I am in Texas) or do a little more digging into finding a pre-made template. Thanks again :)

Thanks for the advice. I am getting NMLS because we have an in-house HML. I am just gathering info for this individual because he is a personal friend of mine and bought this particular property from me. Im assisting in his exit strategy and this seems like a viable fit.

I'm a firm believer in sticking to a model that is working for you - but I also have a number of people who can help automate and run various facets of my business. I'm even MORE of a believer in having multiple streams of income. Trust me im not "all over the place"

Lastly, i've learned in Real Estate when you are evaluating a deal their is multiple exit strategies. Wheter it be to wholesale it, rent it, owner finance it and in this case STR it. This strategy of finding the correct exit strategy has served me well and gives me the opportunity to out-bid other investors/wholesalers.

Hey BP Team,

I have stumbled on STR's by chance. I wholesale, rent, and primarily owner finance but one of my investors is stuck in a rehabbed Harvey flood home post rehab.

His intention is now to AirBnb (+ all the other platforms) after I mentioned the idea. As he is out of state, he is actually just considering letting me manage it. I would pay him market rate ($1,700 per month).

1) Does anyone have a template lease I could borrow or find that specifically says we can list it on the market places?

2) Do you typically (if it works and i try and find more) pay the first months rent + deposit or structure that differ?

I intend to read all of your posts on these forums but thanks to everyone in advance. Would also love to hear the positives and negatives! Happy to trade advice or services also for any mentoring. Im licensed in Houston and sell 15-20 off market properties each month! I will also soon be sitting the RMLO to be a licensed mortgage broker.

Thanks!!!