All Forum Posts by: Luis Pereiro

Thank you for the info. I've spoken to a few folks and decided that selling the note is not a good option for me. Would be taking too much of a loss for it to make sense. But was very interesting what I learned. I've done many deals in real estate but Note transactions was not one. Has me curious now to look into it more for the future and maybe becoming a buyer myself. Thanks again

@Chris Seveney Rookie question but what do you mean by yield?

1st position. I'll update the post

Property value is $125k

Hello BP

I'm looking to connect with investors interested in purchasing a mortgage note (performing). This is for vacant land located in Tampa, Fl. If you are looking to buy or can connect me with others looking to purchase, please contact me. Here are some details on the note i'm looking to sell. 

• - $45k balance (40% of BPO value)
• - 7% rate
• - interest only
• - maturity date 2/1/2026
• - mortgagor (owner) pays 3rd party servicing fees

Thank you Matt  I appreciate it  I did a search for loan servicing  probably haven’t landed on the right post yet  many of the companies mentioned in the posts either didn’t sevice Florida or was a bit pricey just for 2-3 notes I’ll check these you mentioned this week  thank you

Hello. I'm currently selling homes with Seller Financing. I've been searching online for trying to find a loan servicing company that provides the services in Florida. Need basic service as in payment collection, escrow collection, monthly statements and 1098s at the end of the year. So far the ones I've found either do not provide these services in Florida or only service loans from large mortgage lenders. Any assistance is much appreciated.

@Carl Talley nice thanks for sharing that. I'm going to run some numbers on it now.

@Edgar Rodriguez I think that is the approach I will take. Starting at 100 and go up from there.

Thanks Edgar for your feedback. Property is located in Town & Country. 33615 zip code. Hot area for Rentals. Much better than Sulfur Springs but has a unique location sandwiched between 2 businesses. A church and a nursery. There is a dirt road between the 2 used to access the property. Gives it a nice bit of privacy. Large lot at .65 acres

Yes, plan is to reside in one of the units for atleast the 1 year min. Then rent that one out as well.

Hello BP. I'm seeking advice on purchasing a Triplex. This is my first multifamily and having trouble figuring out what is my MAO. Owner says it is worth $150k but she will not provide an appraisal. Honestly, I think she is going off property appraiser which values it at $154k. I'm thinking I need to get closer to $100k though considering the amount of repairs.

Breakdown:

All units are rented but much below market value (they are rented to family & friends). There are no existing lease in place. So part of the purchase is that all tenants would need to move out by the time we close. They will have 2 months since I am using a 203k FHA loan. This fair?

Units are all similar. 1 bed and 1 bath 720sf

Loan Terms: 3.5% down, 4.97%, 30 year fixed (estimate PMI at $85/mth)

Fair Market Rent - $750 per unit (includes Water and also considering including TV)

Repair - $35-45k  - triplex needs a whole makeover, they were not maintained. The big items is adding parking spots. Currently parking on grass & gravel. Maybe 2 per unit. New roof and re-frame to install A/C and ducts. Using window units. Install electric meter to each individual unit. Currently only 1 electric meter. Fully remodel interior of 1 unit. New flooring in other 2. 

Utilities - seller will not provide me their utilities bills so I am estimating. The property is on septic, so I assume the water bill won't be over $100/mth

Taxes - currently at $3555, $296/mth. But this will go down next year once I apply for homestead

Home Insurance - $1398/yr

Flood Insurance - home is in a flood zone but the building is elevated. Insurance agent can't provide a quote till I get an elevation certificate. I am estimating $650/yr just to be safe

5% vacancy - $112

5% repairs - $112

Hope this helps. If I'm missing anything, please let me know. Thanks so much for your time and feedback.

Met with them today and served them a 7 day notice to cure or quit. Also, informed them that they have the option to repair the fence themselves at no cost or I could repair the fence for a charge. Ofcourse, they said they were dogsitting for someone. So I told them that there should be no reason then that the dogs remain in the property after the 7 days. Additionally mentioned they need to notify me if any pets not on the lease will be within the property for any extended amount of time. I inspected the home and everything is nice and clean so no complaints there. The blinds were a little chewed up but they were in bad shape anyways so I'm not too worried. Let them know any damages not pre-existing will come out of the security deposit. All in all, I feel like I got my point across. Will see in 7 days if dogs are out. Thanks everyone for your advice. 

@Max T. @Account Closed Thank you for your input. I'm going to look into that notice to cure or quit. And will give them a chance to fix the issue. Does the charge to repair the fence go on the same paperwork or is that separate? I plan to meet them in person this evening when they are both home. Serve them the paperwork and review the contract with them.