Posted by VaTom on May 02, 2014 at 04:11:11 from (70.32.219.33):
In Reply to: Investment Options posted by fergienewbee on May 01, 2014 at 18:02:23:
Larry, I'm holding 3 mortgages with considerably above normal rates. All have low loan-to-value ratios, assuring minimal risk to me.
I'm about to sell my mother's house. The Realtors were surprised when I suggested seller-financing be offered. Unusual, but can work wonders for some buyers. Without a substantial down and higher than standard rate I wouldn't do it, but for some buyers it is the best deal they can get.
2012 I put a substantial first mortgage on a house in Ga for a guy I knew. He didn't think much of my 6% rate and I told him to go look for folks with CDs (getting almost nothing) and dangle 4% in front of them. He chose to do business with me, loan-to-value is only 40%. I get letters every week offering to buy my paper, so it's somewhat liquid. Balloons in 4 1/2 years, when I'll look for another opportunity.
Another mortgage, older, is returning 8%. Have to check individual state laws about foreclosure procedures, but I haven't run into any problems.
Several years ago I ran into a shark here who paid off my mortgage the day before the foreclosure auction on the courthouse steps. I asked how that could work for him. Turns out he got a "deed in lieu of foreclosure" signed before the loan was given. One payment missed and he owned the house. Apparently legal here, but nothing I would do. The (previous) owners lost their 55% equity. I tried to work with them for 6 months (several options available) before giving up and starting foreclosure.
If I get cashed out of Mom's house I'll look for a land investment. I've done well with forcing appreciation, if I can find the right parcel. Last time returned 120% in a few months.
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