Dallas-Fort Worth Real Estate Investor Club

Seller financing

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  • 01 Aug 2017 1:36 PM
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    Message # 5006683
    Deleted user

    We are selling a home with some owner financing and considering servicing the loan for 15Y ourselves. We obviously will want to insure that taxes and insurance are paid and in effect. So, we are requiring an ESCRO account. 

    Any advice on this?

    What do third party note servicing companies charge?

    Are there special rules in Texas on ESCRO accounts?
  • 02 Aug 2017 5:35 AM
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    Reply # 5007791 on 5006683
    Tim Cook

    I have been using August REI for several years to manage my owner finance payments, escrow accounts.  They also generate the 1098 at tax time and they report to credit agencies and they also send the first Notice of Default if the buyer defaults, all for only $35 a month.  Call Amy at (972) 767-9219 and tell her I sent you.
  • 02 Aug 2017 11:13 AM
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    Reply # 5008651 on 5006683
    Neil Aggarwal

    August REI is a good company but I prefer to service my loans myself.  I don't believe there is a problem keeping escrow yourself as long as you track it correctly.

    Thank you,
      Neil Aggarwal
      NSA Partners, Ltd.
  • 03 Aug 2017 9:25 AM
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    Reply # 5010318 on 5006683
    Deleted user

    Yes, we are leaning towards servicing it ourselves as well. What accounting SW do you use?
  • 03 Aug 2017 11:55 PM
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    Reply # 5011598 on 5010318
    Neil Aggarwal
    rockne ardoyno wrote:

    What accounting SW do you use?

    I use Excel to keep track of who has paid and who has not and QuickBooks to track the principal, interest, and escrow accounts.

    Thanks,
      Neil Aggarwal
      NSA Partners, Ltd.
    Last modified: 03 Aug 2017 11:56 PM | Neil Aggarwal
  • 04 Aug 2017 12:52 AM
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    Reply # 5011638 on 5006683
    Deleted user

    Who do you use to set up the loan papers? Are you financing for home owners?
  • 04 Aug 2017 8:21 AM
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    Reply # 5012019 on 5006683
    Sheik Hassan

    I do the same thin as Neil. Milt Colegrove does my closings/loan docs. 
  • 06 Aug 2017 1:39 AM
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    Reply # 5014687 on 5006683
    Deleted user

    Thank you. 
  • 06 Aug 2017 10:33 PM
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    Reply # 5015818 on 5006683
    Neil Aggarwal

    I use Robert Miller for my attorney.  He has a Chicago Title office in Richardson.  I do loans for both investors and homeowners.

    Thanks,
      Neil Aggarwal
      NSA Partners, Ltd.
  • 07 Aug 2017 4:09 PM
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    Reply # 5017253 on 5006683
    Andrew Postell

    Just in case, make sure you are also listed in the mortgagee clause in the insurance policy.  That way, if there is a claim, you are paid first.
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