Posted by RobP on November 25, 2009 at 09:34:27:
What about the seasoning. How long will I need to hold the note before I can sell it? I was able to do it with 1 months seasoning. Also the property being recently renovated and the price i paid for it versus the price the new buyer is paying is substantially different. I have proof of rehab and the value is there, will that be a deal breaker? Thanks
Id there even a market for these anymore? - Posted by RobP
Posted by RobP on November 25, 2009 at 07:21:51:
I am a rehabber I was selling my properties owner financing and then selling the note. I sell 1-4 unit rental properties to non-owner occupants. Of course when I sell the buildings they are fully rented, remodeled and cash flowing. I have no problem getting 20% down and a 650+ credit score from the buyer. And of course back in the day I was able to sell the notes 3 days after closing, and the properties recently being rehabbed and sold for a profit was not a problem. I quit and assumed there is no market for these notes. I know the game has drastically changed and I know that without specific info such as property value, comps, buyers exact credit score, recent sales price etc I cannot get a specific answer. I am just looking for a general opinion from the note professionals out there. How long would I have to season such a note and with 20% down and a 650+ credit score can I be somewhere in the 80 cents on the dollar range? Is this do-able anymore?
Re: Id there even a market for these anymore? - Posted by Fred Bartholomai
Posted by Fred Bartholomai on January 14, 2010 at 23:39:52:
Hi RobP,
Yes, the game has changed regarding the rehabber notes.
But, even so, there is interest in these kinds of notes. You can still do what you are trying to do.
Please email me and I give you some more details.
Thank you.
Fred Bartholomai
Re: Id there even a market for these anymore? - Posted by Doug Rush
Posted by Doug Rush on November 25, 2009 at 08:50:24:
Rob,
These notes can be sold. The down pmt. of 20% is great, as long as the interest rate is at least 8% (preferably 9-10% if you want a good shot at getting your .80 cents on the dollar.