Once we wrap a loan and the end buyer decides they want to pay the loan off or refinance. When the new lender request the pay off, do they call us or the underlying original mortgage to request that amount?
I met with a man about selling me his mother’s house. I was the first person he spoke to. He and I had good conversation about his mother and the house, but he insisted on getting other offers. I didn’t know how to object when he sent me on my way. How do you respond when the Seller tells you they are going to shop you around? I called the man this past week. Unfortunately, he decided to sell to someone else for the same price I offered. What kind of questions do you ask of a Seller who has gone with someone else? Or do you?
If a potential buyer for an OF Property HAS A SEVERE ISSUE with paying INTEREST, what can be done, if anything to offset it, calm them down, and still make $, WITHOUT RAISING THE PRINCIPAL by a lot. The people that want to buy my houses tend to think “I should be ashamed of myself” for trying to “rip them off” with so much interest. (9 to 10%) or should I just cut them loose, and chalk it up to “wrong buyer”?
Will I ever need to calculate a payoff, and if so: how do I calculate a payoff?, is it just “x% of unpaid principal”? How do banks calculate THEIR payoffs, and WHY DOES IT TAKE 8 WEEKS TO CALCULATE?
Can you wrap an Adjustable-Rate Mortgage? Does your wrap then, in turn, have to also be adjustable-rate or are you just going to experience ebbs and flows with your cashflow?
If your Owner Financed Buyer wants to pay off early, how do you calculate that? The same for PRINCIPAL ONLY PAYMENTS, if buyer wants to make payments to PRINCIPAL ONLY, how do we do that? How does it affect interest, and how to do we re-calculate after the payment? Or do we even do that in the first place?
How does Right of First Refusal work, PROCEDURALLY, if I’m going to buy a note that a SELLER created with me, at a discount and they know this, we can just schedule the closing of the note sale, correct? Does anything special need to be done, any kind of specific documents that I will need? Can it be as simple as buying a note?
Can you wrap a wrap?
Is the Seller/Owner Finance Market changing as well, re: the current discussions on Propelio, videos, etc, “the market is changing, prepare for market changes, etc” Have you noticed any changes either regionally, economically, trend-wise in the Financed Market? (DOM, sold price vs. Listing price, any kind of concessions being requested by buyers, rehab trends (this sells, that doesnt), “Group A” of buyers is strong vs. “Group B”, anything?
I keep hearing bits and pieces about a two LLC system for owner finance. Could you give a basic overview of how this concept works? How is it arranged and what is the benefit of using this method?
Do you have a standard third party authorization form you use for all your transactions? I want to subject to a private loan, are these more challenging to do once you start asking questions about the loan and asking about payoffs? Do you purchase each new properties with a new LLC each time? Do you form all your LLCs in Texas?
We noticed you recently talked about bringing on some additional team members. I’ve been a headhunter for over 16 years and I’m struggling with converting this group to our commission based environment as well as keeping them motivated. How do you attract, vet, and train them to be rockstars at acquisition/disposition while keeping them engaged and motivated? Also, what do you consider a good commission structure? Thank you!
What if while signing contracts with your seller, you both agree to add an extra addendum or contingency that was not previously talked about? How do you draft a new paper on the spot? Or do you just have them sign the existing ones at hand and then tell them that you’ll be back with the extra ones once they’re ready?
When you provide 3rd party private money in a JV deal, how do you secure payment? Do you take points upfront? Do you take a percentage of the monthly payment? If so, do you have the Investor pay you and you pay your 3rd party private money? Or, do you create 2 liens, one for the 3rd party private money and one for you to have Wrap Seller payboth of you? Or, how? What if you made yourself the Trustee on the 3rd party private money? Would that benefit you or your private money lender in anyway?
Where exactly are the advanced series on the academy dashboard?
When doing a sub2 do you send the bank a notification that you’ll be handling the property going forward. Or is that done verbally?
Not sure if this has been asked before, but can an owner financed offer work for a property that needs to be probated and has multiple hiers?
If a seller just wanted to give you a move-in ready house but 0% equity and $0 out pocket, would you buy it sub to or pass on it?
Isn’t there more risk in _not_ doing 2 LLCs? I.e., isn’t the main point to cut down the time to foreclose, should there be a need to?
What is your opinion on doing Sub2 Wraps in California? Have you ever done one outside of Texas? Are you willing to Jv there if it’s a good deal?
Can you explain MIP/PMI.
Is there a best way to close over the phone?
One more question. How much does it typically cost to have an attorney draft a sub 2 and wrap contract? And would you only need to get it one time and continue to reuse it for the most part?