If we pay for the HOA or condo dues, we make sure that they are paid one month in advance, so again they are not late.Insurance and taxes are usually kept in reserve, or we reserve a little each month so that when it comes time to pay we have funds already in their account.

(the down payment is completely relevant to the seller)Interest- 7% is pretty standard...it's a premium paid for consideration in carrying the noteAmortization- 30-years is typicalPayment- I would look for the actual P&I based on the amortization schedule, but again, this is relative to the sellerBalloon- 48-60 months is common, and this is completely up to the seller as well (If sellers are leary of the time frame, I always agree to attempt a re-finance sooner...but no guarantees)Some extras:I always pay the listing agent's commision based on the transaction price...otherwise, you can structure a partial commission the first closing and a second commission when the balloon is due...waiting 48-months for the rest of your commission is crazy, thoughWe pay all the doc prep fees (note/mortgage/amortization/assignments/personal guaranty) Typically around $300, so not bad.- use the attorney at title and add it to the HUD-1We use a clause in the note that waives the right to defend a foreclosure in default, so the property returns to the seller without contest (varies from state to state I imagine)We also pay the sellers closing costsAll of this stuff is negotiable...you can always push things with these...like lower the down payment and have the buyer pay all your clients fees and your commission, etc.Give me a shout if you want to chat more about this topic.

They wanted me to pay off $14,000 of debt which i did but when I walked away from the closing table I paid a total of $12,746 in additional closing fees.14,000:Debt$12,746: Closing cost on new houseTotal cost: $26,977Netting me only $2,400 from both closes.I felt like putting my head through the wall as the information I was given from my loan officer was nothing close to what happened.

Paid cash and in the process of pulling Equity out How did you add value to the deal?

I have a tenant in the upper unit if my duplex that was served a 28 day notice to vacate back near the end of August.October 1st rolled around and the tenant was unable to fond a place to live, so we granted her another month as long as she paid, and she did.

For a $50k loan it may not be worth to spend money on legal fees especially if you think that loan will be paid off soon due to maturity date.Why don't you find a new money for your borrower so he can refinance and pay you off .

Currently it is proposed $45K loan paid back over 3 years at 20% interest.

Anyone who purchased in that neighborhood OVER PAID and didn't care. 

I recently switched to NREIG and paid about $2000 for a 3 family, dwelling coverage at $250,000.Never had to file a claim with them yet so I can't confirm if they scrutinize harder than others.

I am currently trying to contact a pre-foreclosure listing on Zillow but cannot get any information on the home.