All Forum Posts by: Justin Robert

@Jonathan Dicks Welcome. "Houston" is a broad city. Have you looked at joining a local REI group?

@Eric Ferrer More details. What is your plan? How much in your 401K can you access? What type of "investing" are you looking at doing?

@Moises Rafael I have used CentraLand Title Company in Temple a few times; albeit not for wholesaling. They have been efficient and communicated well with me every time. Based on past experience I won't use anyone else if I don't have to. They basically have an in house attorney as one of the owners is a RE attorney, which I hear is pretty common anyways so that is probably not a "selling point". I have done some outside the normal transactions and they have been able to work with it.

@Maugno M. Great numbers! How did you acquire the property?

@Will Jimenez I think you need to factor in the costs the minimum amount you would pay to close. Title Insurance, Deed Recording, etc... Probably around $2500? That is just a rough guess. There are lots of advantages to the buyer in a seller finance transaction if structured right. You could close this thing fast and easy in theory. A few considerations which I am sure others would advise you:

1. I wouldn't do it without a good RE attorney to, at minimum, look over the contract for any glaring potential conflicts or issues.

2. I would want to determine if the current lienholder has a due on sale clause. People says its a rare occurrence for lienholders to call the note as long as they are getting paid, but they have a right to call the note due in full if they found out the owner sold it to you in a second lien position.

3. One big advantage of a seller financed note is that, in the future, you can try and negotiate a lower payoff amount If they owe what its worth, you don't get that extra bonus in the future.

I hope this helps you in some way.

Best of luck and keep us posted if it comes together!

Any recommendations? I don't care where the company is geographically, but prefer them in Texas or knowledge and experience of servicing notes in Texas.

@Jackson Pontsler Excellent advice! Thanks for sharing.

@Will Jimenez Will the current lienholder allow a WRAP Mortgage? Does that payment include Escrow? Who is paying closing costs / title insurance? Would you close through Title Company?

@Mindy Perry I think there are a lot of factors in that and its a possible yes. I think it is too general of a question without more data.

@Irina Shetty One thing that stands out to me is the Electrical. That is vague "what if". What electrical issues are present now that may require $2,000? Based on the interior rehab notes it doesn't sounds like any major interior issues.