All Forum Posts by: Robert Lorenz

The vast majority of agents are part-time. Most brokers shouldn't have a problem with it, just don't expect to be closing 50+ transactions a year part-time unless you're putting serious effort into it.

I bought my home through the Neighborhood Stabilization Program with an FHA loan and a grant from Maricopa County. The price of the house was 139.9k, after all funding was applied along with the money I brought (not much), my loan was for ~126k. I'm down to ~123k as of this month, and comps are running 155-165k in my neighborhood. The NSP funds act as a junior lein on the property, and if it changes hands, I have to pay it off.... but if I stay in the property, the 15k "loan" is forgiven. Five thousand is forgiven after five years, with an additional one thousand forgiven per year afterwards.

My question is this: If I attempt to refinance out of the FHA loan, now that my PRINCIPAL has hit the 80/20 tipping point, does the lein from NSP count against the equity of the home, preventing me from closing on a conventional loan and cutting my payment nearly in half?

Come by AZREIA tonight if you can, tonight is the Buy and Hold Investors subgroup, I'm sure there will be plenty of locals with good recommendations.  24th St & McDowell @ 6pm, come early for open networking.  $20 at the door for non-members, or sign up for an annual membership for about $200... you won't regret it!

www.azreia.org for more info

I have met at least 3 rehabbers through AZREIA with multiple rehabs going at any time, up to 12+.  Deals can be had by those who have the network....  

www.azreia.org  one of the best in the nation

Take a look around Laveen and Tolleson, there's a strong rental market and the prices are a bit more palatable than the areas you mentioned. There are also portions of Maryvale and South Mountain villages with 1995+ construction that can be had for reasonable prices, though not sure how expansive the "B" areas are those communities.

Solid, thank you.  You didn't mention using a note servicing company... any reason why not?

Making some investments in NE Indiana, mainly Ft Wayne.  Post recommendations  here or PM me heads-up on bad experiences 

I was reading an article (maybe the Brandon Turner blog post on buying a 4-plex that turned out to be a 5-plex?) and it said something about the title company drafting the note... can I do that in a seller finance situation?  If the seller and I come to terms and both sign off on a write-up, will the title company draft the actual note for the seller?

So if I understand correctly, 1031 into a new property, then refi to pull it (mostly) back out tax-free and use it to pay down the existing note on the other property?

Could he do a cash out refi on other properties to the same end, without selling while still keeping the tax burden at bay?

I have a seller who wants to know if we could roll the equity from the sale of his rental into another rental that he owns without paying capital gains.  I'm not sure how or if a 1031 could apply in this situation, can anyone give me some insight?  Does he have to use it for a new purchase?