All Forum Posts by: Reggie Smith

@Account Closed Mike thanks,that's why I'm here asking questions

@Chad U.  Thanks!  Much appreciated

@Chad U. Thanks....I had an attorney tell me yesterday that foreclosure would cost me $30k in NC???  Which has cooled me a bit...I was getting ready to pull the trigger on a property,I like to do as much due diligence upfront so that I'm not wasting a seller's time. But I might move forward with the purchase agreement with the seller and use the inspection period to iron things out.  Thanks again 

Hi I'm looking to use my experience in finding off market properties to purchase and sell with owner financing. I have a buddy who has been buying and selling with owner finance for 10+ years, so I have a pretty good understanding of things but he is a little loose on some things,I don't know if it's in part to the fact that he holds most of the CFD's that he creates, so he doesn't take the buyers thru MLO and usually the down payments are pretty small. If he sells,it's typically a partial and it's to someone in his network,which is just a small group of guys in silicon valley. So for me I'm looking to hold some notes,but there will be times to where I will be looking to sell some notes to buy more properties and create more notes. So my thought process is if I want to sell a note,I need to be buying properties in states that are note friendly. Any suggestions? Thanks!

@Chad U. Thanks Chad...I'm hearing that it's probably not worth to do these in NC unless I was able to get a large down payment. It's my understanding that it could be a bit of a hassle and that it would be best to create and actual mortgage note as opposed to a contract for deed due to laws in NC. I came across an off market property in NC and my plan was to purchase and sell via CFD,but at this point not so sure if I will move forward in that direction. Thanks again for the feedback.

Anyone have experience  taking back a property with seller financing,contract for deed in NC?  Curious to know the costs, attorney recommendations etc

@Chris Seveney sounds good,thanks!

 Chris how would define properly underwriting a borrower?  Is there a guide/checklist that you would recommend?  Thanks.

 City of Oakland...county of Alameda not landlord friendly,rent control...when you want to sale there is usually a hefty cash for keys price,$25k-$50k easy.  Also there is no real cash flow

 Of the 2 people there that I formed a good relationship,one developed a serious health condition and the other moved out of the area and started a new business.  With that happening and things picking up in Atlanta...I just focused more on Atlanta