All Forum Posts by: Mike Hartzog

I use QuickBooks desktop version and it does everything I need it to.  I’ve heard negative reviews on the online version, but have not tried it myself.

I've got a rental in Pleasantville which I would like to sell to a worthy investor.  Have 2 1/2 years of consistent rental history (same tenant). It's under local property management.  New roof, windows and doors installed 2016.  New floor coverings installed 2017.  Would prefer a cash-out but willing to extend owner financing to a qualified investor.

@Josh Anderson  Thanks Josh, I will give him a call!

I have a rental property in Birmingham that I need to get sold.  The property is currently vacant and in a class C area.  It is relatively low value (50K), although it is in good condition after some recent repairs.  Looking for an agent who has some experience with this price level.  Willing to do a flat fee listing agreement.

First of all, kudos for doing the math!  It's an essential part of DD that gets overlooked frequently by new investors.  Could there be a escrow component of the  payment in there that is skewing things?  Another possibility is that the borrower is making bigger payments for a time to bring the loan current.  

In the pay history you should see how each payment is allocated to principal, interest, escrow, late, etc.  Use just the P&I portion to do your math and see what that changes things.

Once the ownership of the home changes, the IRS liens can be removed with relative ease, as long as the owner receives nothing from the transaction. 

if you foreclosed from 2nd position, THAT event wiped your lien, not the foreclosure of the 1st lien.  You either received a payoff or, if nobody bid successfully, you were awarded title to the property subject to the first lien.  Sounds like the latter was the case.  If so, you then failed to maintain the payments on the first lien and so they foreclosed on you.

You insure to reduce your specific risks. If you're simply originating and purchasing loans and doing your own doc prep, E&O insurance might be a good option. Liability insurance would come into play if you ever take possession of a property, but that would likely be limited to that specific property unless you are doing significant volume.

Andreas nailed it...

@Sandy Uhlmann  

It sounds like you purchased a loan from someone else, and did not originate the loan.  That being the case, you should have the following:

• Note - original copy - not recorded
• Allonge - transfers ownership of the note to you - not recorded.  (Endorsement on the face of the note is also acceptable.)
• Assignment - Assigns the Deed of Trust or Mortgage (depending on state) to you - this is recorded.  If you have an unrecorded assignment you can record it yourself, and indeed it is typically up to the buyer to do this. 

The above are the bare minimum elements.  Before you buy a note you need to get a title report so you can understand where things stand in terms of recorded ownership of the loan  and the property itself.  You will also be able to verify the lien position of the loan you are buying, as well as the tax situation.  It's super easy to get ripped off buying notes so be sure to do your homework.