All Forum Posts by: Jon Robinson

So @Travis Timmons, not everyone is in need or requires the cash at the sale of their property. From what I understand this guy is paying a $1200 mortgage on a property that only his dog lives at. Would you pay $1200 a month for a dog house?  He obviously doesn’t need the cash so buying on terms may be an option for him. My question however was about the type of loan that he has and if it would be a good idea to buy in terms with it. 

Hi everyone,  I just learned about a property that will be going up on the market soon.  The seller is looking to get somewhere in the high $300k for it with comps for the area in the high $400k. The property need quite a bit of work to get it to that number, however it is in a good tourist area and can probably serve well as a short term rental.  The property has a small mortgage on it about $125k, but it is an open end mortgage with a future advance clause.  If I can get the seller to agree to selling sub to, would it be a good idea to take over such a loan, what can be some of the pitfalls in doing so?  If I were able to take over the loan would I be able to use the future advance to rehab the property or would only the mortgagor be privy to the future funds.  Has anyone had any experience in taking over this type of loan?  any advice would be appreciated.  Thank you.

Hi @Chris Seveney, My goal is to buy the property sub to.  She does have the property listed with redfin and about 30 days before auction.  The realtor is a bit difficult to work with, I think she is under the impression that I am trying to cut her out of her commission, however that is not the case.  I originally asked the question because some of these online mortgage brokers can be a pain to deal with and I don't want to waste my time if they are going to send me through hoops to get the deal closed.  

Thank you for that Mike, I am aware of that, my question is if anyone has experience in working with them, how easy or difficult they are in working with the borrower to reinstate the loan or if they wish to just continue with the foreclosure.  I don't want to waste my time if they are just going to run me through loops and in the end they foreclose anyway.  

Has anyone ever worked with LoanDepot to get a loan reinstated on a pre-fore property? I am looking at a deal right now and it seems as though they have about $25k in arrears/fees, this is just an assumption according to the original loan amount and the current unpaid balance that was recorded with the notice of trustee sale. Any advice would be greatly appreciated. Thank you.

Has anyone ever worked with LoanDepot to get a loan reinstated on a pre-fore property?  I am looking at a deal right now and it seems as though they have about $25k in arrears/fees, this is just an assumption according to the original loan amount and the current unpaid balance that was recorded with the notice of trustee sale.  Any advice would be greatly appreciated.  Thank you.

@Doug Smith thank you, this was very helpful.

@Ned Carey Again thank you for commenting, I am aware that I cannot sell the note, it is a statement not a question selling a note that I am paying on, my question is from the standpoint of my investor and how to strengthen the value of the note.  This will be part of his estate and just wants it to have a fairly easy way to liquidate if need be.  Again I thank you for answering and but please if you have no positive input please refrain from commenting again.  Thank you.

OTA's have their place in the business of short term rentals, just as much sometimes as a realtor or other property manager may in your business. What is your goal for marketing without an OTA?   One property that I currently manage uses a property management platform that includes Airbnb as one of the marketing channels, which we do not use simply because it attracts a different type of guest than we are seeking, but may be useful to your business.  Using a platform similar allows you to build a database of clients to re-market to, but also allows you the time to create the best experience you can to your guest.  Learn their interest and make it easy for them to interact with your social media will help you develop a more targeted market to advertise to and help lower costs.  Airbnb is a tool that you can use to help make your business viable.  Once you develop a client base you can market directly to your targets, showcase the experience you are offering and even monetize add on services.  A profitable short term rental business is a long term investment, it can take years to get to the level of income you expect, why not use tools to shorten that period.