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All Forum Posts by: Pete Storseth

Pete Storseth has started 35 posts and replied 257 times.

Post: Buying nonperforming note

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

@Wayne Brooks

I've heard of deed in lieu... isnt that the same thing as foreclosure?

Post: New Texas rules about wraps?

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

@Neil Aggarwal

Wraps are still fine. Just the due on sale clause as usual, which of course is triggered in any transfer of title.

Post: Buying nonperforming note

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

If you buy a house from the 1st lien holder, do you inherit the person on the lien?

There's a house I may be able to buy from a lender with an interest only loan. The buyer is way behind on payments and cant catch up. The buyer has zero equity, but the lender has 100%.

If I buy this house, what happens to the lien and the buyer? Is it up me? Do i have to foreclose on them? Do I have the option to forgive the loan and sell to someone else?

Post: How does hard money work?

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

There @Odie Ayaga is!

The question is if the loan is for less than 80% of the ARV. What is due at closing?

Post: How does hard money work?

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

@Derek Dombeck

However 65% is better than the ones I've seen!

Post: How does hard money work?

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

@Derek Dombeck

Same with two HMLs I've spoken with. There must be reserves to cover 6 months of holding costs, all have different closing costs, etc.

Post: How does hard money work?

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

Ok. As a rookie I have a skewed vision of everything. However I have reado enough HML website claims to be utterly confused or enlightened. Which is it?

If a HML will cover up to 80% of the LTV for a property, and I get a deal that is less than 80%- does that mean i can pay closing costs only and get the loan?

If this is true, I'm going 100% into my negotiations and pursuance of off market leads. If it's TRUE, I could start a "bridge loan" and refinance to get that 5k or so back in a few months or so.

If it's not true, then 20% of the loan is still due at closing, plus closing costs. That does make sense. I could still refi and cash out but the deal has to be absolutely smoking and the numbers are much harder to find.

Hello BP

I'm looking for JVs or passive partners for a couple of deals I'm working on. As a newbie, I am looking all over BP for so called credibility packets but there's nothing like that I can find. Can anyone send me an old one or a sample so I can use it as reference?

Post: Calling Houston Investors! Seeking JV or silent partner

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

Contract pending. Easy rehab, under or about 10k. North Houston, Humble, Kingwood.
ARV 275-280k. Purchase 207k. Could be a flip, rental, or seller finance sale.
Big upside. Looking for opportunity? Bring down payment and closing costs, will JV or pay interest only to silent partner. Light rehab on master and kitchen- under 10k. I'll cover that. Reach out soon. Closing this month.

Post: Will rents drop due to unemployment?

Pete StorsethPosted
  • Investor
  • Houston, TX
  • Posts 274
  • Votes 61

@Jay Hinrichs this area is blowing up apparently. I wont think with my wallet for them. I talked for a couple of hours with realtors and property managers in the area today. They dont know exactly why- maybe transient workers for ExxonMobil- but people are paying more to rent in this area than the mortgage would be.