All Forum Posts by: Luke Calhoun

I do it north of Austin. My houses are usually in the $200K-$250K range

Hello,

I have recently had inquiries about the Section 8 home buyer program. I typically rehab and offer owner finance, but I am open to working with the Section 8 Rent to Own program. I just cant find what is required of me as the landlord / seller. There isnt much info out there on the process. Does anyone have any info about the details of this process?

Howdy,

I do owner finance and am dipping my toe in selling off partials, simply to grow the business. My question is, how are investors floating their wrap payment after selling off a partial note? I assumed that most note buyers would have an option to split monthly payments and my half would cover my wrap, however I have yet to find note buyers familiar with a strategy like that. They all want to simply buy a certain number of full payments and then revert them back to me once their duration is fulfilled. Any advice on how others are succeeding at this would be greatly appreciated.

Very good points Alex, I appreciate the info. Thankfully all of my owner finance deals go through official underwriting with a licensed RMLO and I do use a noted servicing company to collect payments as well.

I was wanting to simply originate the loan with a private money lender funding the mortgage for them. However, it is possible I might just do owner financing and sell the note. Not my preferred route, but one I am open to. 

Im not in the rental business. Typically an owner finance guy. This one was only rented because of the unique nature of the deal. Typically Id owner finance to them but they wanted a 30 year amortization and I don't offer that.

They wont have quite that much in reserves... Id agreed to rebate a portion of their rent to utilize toward the down payment. At a $200K purchase price they could reasonably to 10% down. This would be a combo of their money and the rebate Id provide.

Howdy, I have some renters who are wanting to purchase the house from me. They will not be able to go conventional financing as they just now enrolled on credit repair and the wife has only been at her job for 6 months. Are there any private lenders out there for deals like this? Hoping for 5%-10% down and a 10% interest rate.

I work with a residential home builder and have found it strange that I hardly ever get investors coming through the door.  Whats the general consensus on buying new-builds as investment properties?  

The way I see it, the purchase price is not much more than most of the older homes in the area. Basically EVERYTHING is under warranty, so you don't even pay for repairs for around 3 years (and still have some things covered past that such as structure and foundation). You have all new appliances, so they are less likely to break down in the near future. Most builders offer to cover a significant amount of your closing costs (or at least all of them around here). For the first few years you can advertise it as a relatively new home, which renters love. Plus with a relatively small HOA fee the neighborhood is kept up and looking nice.

What are some of the cons to purchasing new builds as investments?  Seeing as I am strongly considering purchasing one as a buy and hold here in the future, I want to understand why I don't see more investors showing interest. 

Nice work Hugh!

Hello BP community. I do a bit of wholesaling here in central Texas, primarily Austin and the surrounding areas. I have found BP to be a wealth of information in the past, so maybe I can get some advice. Here is what I am trying to do: I want to be able to look up LLC's or individuals who have flipped or are currently flipping in a certain area. I know the traditional methods, but I need something faster.

ex: a couple weeks ago my associates and I had a house that we were having trouble moving.  Reason being,  it was out of our normal territory and we didn't have any investors familiar with that area.  I needed to find someone interested, but literally didn't have time to go drive the area before my option was up the next day. (We did get it sold, but it was still cutting it close)

Most experienced house flippers purchase under LLC's. That being said, are there any loopholes or strategies on the MLS where one can search for LLC's who have sold or purchased in a certain zip code? Under "sellers name" there is no last name option, otherwise you could literally type LLC in there and we wouldn't have this problem. Any advice is much appreciated.