All Forum Posts by: Ryan MacDonald

I'm currently speaking to a property owner who is in foreclosure for the 2nd time in the same 2 properties as the first time. Long story short is that he is not willing to sell either property as he wants to keep both. He has one commercial property that has a 1st and a 2nd note totaling 73% loan to value and on his primary residence, he has one note totaling 50% LTV where his interest rates on all loans are 12% from a private money lender. He is only willing to refi out and will not consider selling.

Couple things to note: He went through a divorce where his credit was ruined and he had to refi his properties in order to pay for the messy divorce and custody battle which is why his interest rates are so high.

Basically, he is wanting to find a lender/investor who is willing to buy out his debt and become his new lender at a lower interest rate of about 6-8%.  My thoughts are that he has about $500K debt on $750K value properties and no one will touch those for that interest rate and/or without big fees that he will need to pay up front to bring the debt down so the lender is more secured.  Is there anyone who would touch this?  My thoughts are no.

He can pay to reinstate the loan again like he did last time but wants to get out from the 12% interest rate but can't because his credit is shot from the divorce.  Any thoughts or advise here?

I’m currently looking at doing some work on an investment property here in New Braunfels and wanted to know if anyone had any good handyman recommendations of people in the area? Since I’m fairly new I’m trying to build up my contact list. Any help would be greatly appreciated.

Address: 1044 Lone Star Dr.

Year Built: 1965

ARV: $165K

Repairs: $30K

2 bed/1 bath with 2 living areas

Home Sq ft: 1,504

Lot Size: .18 acres

Asking Price: $83K, buyer pays all closing costs.

School District: Comal ISD

Market Rents: 2 bed = $1,228 / 3 bed = $1,462

Nice property on a corner lot in a peaceful lake community. This house could make a great rental as well as a flip. It is not in a flood zone as the FEMA line ends across the street just below the other homes house line.

Property pics https://drive.google.com/open?id=0B27Wh4mUcj7ESUFwWDEtZEMxY0U

Comps

https://www.zillow.com/homes/for_sale/New-Braunfels-TX/49558915_zpid/39966_rid/29.681985,-98.073567,29.669568,-98.087772_rect/15_zm/1_rs/

https://www.realtor.com/realestateandhomes-detail/1253-Lone-Star-Dr_New-Braunfels_TX_78130_M86021-77667

Other homes for sale and sold in area:

https://www.zillow.com/homes/for_sale/New-Braunfels-TX/49558876_zpid/39966_rid/29.681985,-98.073567,29.669568,-98.087772_rect/15_zm/1_rs/

https://www.zillow.com/homes/for_sale/New-Braunfels-TX/49560874_zpid/39966_rid/29.689227,-98.065789,29.664394,-98.094199_rect/14_zm/1_rs/

https://www.zillow.com/homes/for_sale/New-Braunfels-TX/122229786_zpid/39966_rid/29.68301,-98.072902,29.670593,-98.087107_rect/15_zm/1_rs/

https://www.zillow.com/homes/for_sale/New-Braunfels-TX/49559564_zpid/39966_rid/29.68301,-98.072902,29.670593,-98.087107_rect/15_zm/1_rs/

I'm looking for cash buyers who look to buy Fix and Flip and Rental properties in New Braunfels, TX (Comal County) as I am looking to wholesale properties in this area.  I currently have one deal under contract that I am preparing to send out on Friday but am looking to grow my cash buyer list as a get more and more properties under contract.  Please reach out to me if you are interested in hearing about 

Matthew Teifke my goal is to get it as close to $200k as possible or not do the deal. After speaking with a short sale agent in the area, I'm not feeling confident in this working out. I might need to see if I can get it once the bank takes it back and sells in as an REO.

Dennis D. The family already wants nothing to do with the property as they moved the mother out of the house almost 2 years ago so getting them to do anything where they likely won't get much if anything out of it doesn't seem likely but I will look into that route. Thanks for the advice. Tom Gimer I just ran across this house on the foreclosure list Thursday and had to track down the children of the lady who owns the house to speak with me about the situation. And from there it took her until yesterday (now this it's Wednesday morning) to review the contract and sign. Overall they didn't think to go the short sale route and I'm still fairly new to investing to know how to tackle all of these types of situations. But I'll now know more next time around.

@Brent Coombs The property I was referring to that was 1 yr and 9 months behind had a principal balance of $27K on it but full payoff was $74K. So 2/3 of the full payoff balance was late accelerated interest, legal fees and everything else that comes with that.  I'm not sure how they got away with it but as far as I know it is happening.

@Jeshua Patrick If I can get them to go with that, I would consider it a win.  Ideally I want to go as low as possible but since I've never been involved in a short sale, I wasn't sure if there were any helpful tips, processes or ways to position it so that I can get it approved. 

When I tried this with another property a couple months ago, the bank wasn't willing to stop the foreclosure or take anything less than full payoff which resulted in the property going to foreclosure and the bank ended up taking it back. At that point they listed it as an REO for $25K less than the owed amount and accepted an offer below that. That was my only experience trying something along these lines so I was wondering if there was an easier/better way to approach this.

Wayne Brooks I believe it is so far behind because the homeowner went through a bankruptcy at one point which I think halted things for a bit. Also I think the loan was sold a couple times and the lenders changed and that might be why they are going on 2.5 yrs delinquent. I also recently tried to purchase a property that was 1 yr and 9 months behind on mortgage payments that was just recently getting foreclosed on.

Matthew Teifke you are correct. I don't want to pay it off right away. In order to make it work I need them to agree to a short sale but I will pursue as if I will buy it outright in order to get the foreclosure stopped. As soon as I can buy some time, I will then go back to try and get a short sale approved.