All Forum Posts by: Yolanda Columbus

Congratulations! Is mid-term rentals an option to increase Cash Flow?

Hi Lindsey. Is she open to subject-to?

DFW REI Club meets every Saturday morning. dfwreiclub.com

Thanks for your input.  One way for the sell to be a win for me is the 2nd lien position with the buyer assuming the loan.  According to the contract with my Note holder, selling it does not require his approval.  It does require that the buyer assumes the loan if it is not paid in full.

The interest rate is 8%.  What is considered a significant discount? 80% of current balance?  

I am selling my owner-financed condo.  It is currently under contract. Buyer wants to assume the owner-financed note.  My owner wants a lump sum payment.  I agreed to owner-finance in second lien position if my buyer assumed the note.  Where will I find someone to purchase the note?

Hi Ramon,

I've met some great people at DFW REI Club, dfwreiclub.com. They meet on Saturdays in Hurst

Yolanda

Hi Jonathan

This search was for motivation. I searched county appraisal district, found address of owner. Then I searched the same website by name. If there were other properties, I tried to determine when was the last time they were sold. For some I did have to use my subscription to MyREIPro. If the seller's address was in another county, I performed a similar search on that county appraisal district.

I followed that up by searching Google, FB, Instagram, and other websites, depending on my guestimated age of the sellers, for more information about the seller.

Hi Johnathan

I'm interested in seller-financing multi-family properties as well. So far, I've found two and one possibly through a real estate broker. In one instance, the seller had very specific terms. In the other two, it's new to seller but they are open to the idea.

As far as the sellers, one is an experienced investor who wants out but isn't ready for capital gain tax. Another has moves out of state. He has already sold another Texas property. I'm not sure about the third. By the way, their motivation was revealed by searching public information. I haven't spoken personally to either seller. My assessment was confirmed by my broker on the first though.

I'm in Texas as well. Happy Hunting :)

Yolanda

Howdy ladies and gents,

I'm considering making an offer on my first multi-family property.  It is a package deal in TX with 2 duplexes and a single family home; so, it contains a total of 5 units.  The seller is willing to finance but only as a commercial loan.  Financing will include a balloon payment.  This has created a couple of questions

- What are the cons of commercial loans in seller-financed deals?

- When the balloon payment is due, will I be able to refinance it as a commercial loan? Since each property is considered a separate lot or plat, do I have to finance it as a residential loan?

Yolanda Columbus