All Forum Posts by: Jonathan Newsome

@Jason D. My apologies for speeding through the initial post. This is actually the 1st mortgage/original. 

There are $150 in Hoa fees, the taxes are $650 annually, and the insurance is approx. $75/mo.

The Town Home was built in the '70's, and it could use a 'deep clean'/ replace floors (carpet). The HVAC was recently serviced, as well.

@Wayne Brooks I totally butchered that. I was in a rush to ask for help that I labeled it as a "2nd mortgage", its not. It's simply the unpaid loan balance (original mortgage) against the property. So the total amount for the loan was $52k. The remaining balance is $47k with $5k unpaid. The monthly mortgage payment for that loan is $420/mo. 

Looking forward to hearing some input from the rest of BP!

Alright BP, any and all thoughts on this particular deal would be appreciated! I'm trying to solve a problem that a client is facing, but I'm currently having just a slight 'brain fart'. 

Owner has a property (Town Home), that they took 2nd mortgage out on; Balance: $47k (total was $50k'ish)

Owner has unpaid balance of $5k (reason for pre-foreclosure)

Mortgage payment of $420/mo

Auction is very soon = owner wanting to rid the property.

ARV is $75-$80k.

Repairs to get rent ready = $5k-$10k 

Rent for the area is approx. $1,100. 

I was looking to structure this as a subject-to deal and pay the arrears, to keep the property from going to auction and reinstating the mortgage. The owner is fine with sub-to, as I explained a few different methods in which we could assist. 

My question is, with the numbers stated above, how would YOU structure this? Does this make sense to sub-to with the figures I've listed? If not, I would like to hear how you would assist this individual. What methods, if any would you use to solve this person's problem. Thanks for any guidance!

Also, if I didn't post enough info, let me know and I'll provide what I can. 

Hi BP! Looking for great property management referrals in the Huntsville, AL area? Looking to purchase SFR and would like to interview a few PM's in hopes of creating a lasting working relationship.

@Marisa R. Yea I agree. I should have read a bit further before asking for help. After sifting through all 18 pages, I've found your recommendations and that of others as well. Thanks for the tips!

@Marisa R. Hi, I’m going to pm you regarding Detroit areas of opportunity.

@Joe Villeneuve would you mind if I PM you to gain the bit of knowledge that you shared with @Terry Dunlap ? I too am curious about refi'ing SFR's held by an LLC.

@Julie Phan following.

Did you manage to find one?

As the title states, looking for any great recommendations for stellar Property Management companies that service the Columbus, GA area?

Looking to invest in SF and multi-family rentals very soon. If you have a PM that you can recommend based on experience or referral, I’d like to get in touch with them soon. Thanks!