All Forum Posts by: Jodi Gauthier

I've got several agent referrals I'd be happy to connect you with.  Feel free to send me a pm.

@Wayne Brooks, yes we used a rmlo, it’s owner occupied and we have a servicing company in place.  I find it very odd as well.

Yes I’m confident it would have appraised. I’ve flipped several homes in the neighborhood and this one was about $5 a sq.ft lower than others. We had multiple offers within the first day on market. 

@Cody Cox Thanks for the response. I should have titled my post "fair asking price" instead of offer to be more clear.  I actually hold the note and just wanted to explore alternative exit strategies to foreclosing and weigh my options.  I've never sold a note so I didn't have a clue as what to expect in terms of discounting the balance paid on non performing notes. 

@Barry Collier Yes, I hold the note and want to know what a fair asking price would be.

I am unfamiliar with nonperforming note acquisitions and would appreciate any advice or insight from seasoned note buyers on a current note I hold.  What would a fair offer be for a non performing note with the following criteria:

loan amount 195k

down payment: 25%

Interest rate: 10%

five year balloon

amortized over 30

originated 6/15/2018

no payments made by borrower (45 days late today)

licensed servicing company in place

I am using the BRRRR calculator for the first time and am having some difficulty inputting my numbers and getting accurate figures for a property I rolled repair costs into. I purchased the property for 182k. The bank loaned me 196k (80% of purchase price plus repairs). If I put the actual purchase price in and my down payment then that gives me an inaccurate 1st loan amount in my calculations. Do I put the total repair costs financed + ltv as my purchase price and deduct the repair amount from repairs section (I will still have a figure in the repair box as I went over budget and used some of my own funds). How do I account for the cash I put as down payment without it distorting the loan amount? I'm sure I'm making this way more complicated than it should be and could use some guidance from anyone that has analyzed a deal with rehab costs rolled into the loan.

I'm an agent in Houston/Katy area and I'm interested in expanding my portfolio to include multi family in the future. I'd be happy to assist in pulling comps for you if you don't have an agent you're working with. Maybe I could learn a thing or two along the way while assisting you more accurately evaluate ARV.

Great article and insight! Thanks for posting. 

I agree with builders risk instead of vacant policy. You don’t get prorated back but I’ve never paid more than 1200 for a risk policy, many times less than that. 

@Kelli Lyons Make sure you identify the type of foreclosure sale, be it a tax, bank or hoa foreclosure. In our county auctions tax and hoa foreclosures are lumped together so I could see how a newbie could get confused.  Lien priority and redemption periods vary with each type of foreclosure in Texas.