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All Forum Posts by: Matt G.

Matt G. has started 2 posts and replied 94 times.

Post: Am trying to do a non cash out refi and I lost my job

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68

"I didn't tell them I was contracted but w-2 since it's much more complicated when you contract or so I hear"

yeah shouldn't have done that.

Post: Tenant wants to purchase home and asked me to carry note.

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68
Originally posted by @Adam Adams:

Go Google a mortgage calculator to decide if you want to. 375k at 7% for 30 years is $2495/month. And you can get a down payment too. Let's do 10%, which is $37,500. That leaves $337,500 to carry. That's $2245/month and you aren't the landlord. To me, it all sounds great. I would ask for referrals for an attorney who can draft up the note. Someone with an originator's license. 

You can board it with a servicer for a small monthly fee. They can also escrow the taxes and insurance and make sure they get paid. Or just handle it yourself. Just make sure you keep your books clean on how the P&I are applied. If you ever have to get legal, that will come up.

 Go one step further and write in to the note that the borrower pays the monthly servicing fee. That's what I did when I sold a house on a note and the title company attorneys wrote in a one line sentence that borrower pays the $15 month servicing fee. 

Post: Seller financing, how do you know if property is free and clear

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68

Get a title search done

Post: Buy from FCI Exchange? PPR?

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68
Originally posted by @Zachary Taylor:

Makes sense, Patrick Desjardins. Can you not ask those questions during diligence after an offer is accepted? Like why seller is selling, etc?

Bob Malecki ?

 Yes, you can ask questions in a chat box after you have an accepted offer. 

Post: (Current) Tenants say the dumbest things, too...

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68
Originally posted by @Rich Schmidt:
Originally posted by @Kimberly H.:

Discovered during tenant turn while testing devices, sole CO detector in house.

Forgive me if I'm missing the obvious, but I can't tell from this photo what the problem is...? Is one of the batteries in backwards or something?

 Probably supposed to be a 9v

Post: Recommendations for Property manager in Killeen, TX reqeusted

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68

I've used Real Star Property Management for a couple of mine in Temple. They're good. They also handle rentals in Killeen but don't manage Killeen fourplexes any longer.

http://realstarmanage.com/

Post: OWNER FINANCING Deal - Being the Bank

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68

The attorney you are using can add the language in. A simple sentence will be enough (see attachment)

I use both FCI and Note Servicing Center for notes I have. For ease of setup and a more personal experience, I would recommend Note Servicing Center http://sellerloans.com/lenders/seller-financing/

FCI has a really good platform to see all your info on your note as well as a nice marketplace if you want to list your note for sale in the future, but you do get passed around to various people. http://www.trustfci.com/

Post: OWNER FINANCING Deal - Being the Bank

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68

Get a servicer, add the $15 servicing fee into the promissory note and that way the buyer is paying for the servicing and you don't have to worry about extra payments and late payments, etc

Post: Austin Rental Market

Matt G.Posted
  • Rental Property Investor
  • Dallas
  • Posts 104
  • Votes 68

You might want to see this other recent post regarding the same thing: https://www.biggerpockets.com/forums/759/topics/336431-looking-within-3-hours-of-austin-round-rock