Got the Deed Sub2, Now what?

[Curtis H.]

Hello all, 

I already have another post about this deal, so I won't get into the specifics. Basically I have the deed and it's closed. Sellers will be out in 3 days and I just want to make sure I get my checklist right of things I need to do now. I am going to be living in the home on this one :-)

I had them sign a POA so we should be square there. I know I need to change the insurance, but I need some advice there. I read somewhere that some people leave the previous owner's names on there as well as adding their own, and get insurance as if it were a landlord policy?

I know the previous owners can still call the bank, but what can they do? I have arrangements worked out with the bank that I don't want them screwing with, not that they would because they can't pay anything, but things change and they may want their house back if they come into a bunch of money somehow. I know that if I feel things are getting weird I can just Refi and not have the loan in their name at all, but we are not there yet. But I'm watching them closely. 

Right now I'm so focused on the 3 weeks I have to get the electrical, plumbing, etc done that I don't want to miss any housekeeping/logistical items on the checklist. 

[Rocky V.]

@Curtis H. 

I always ask the homeowner for a declaration page.  It will not be on mortgage statement.  In my experience and with several sub2 deals under my belt the mortgage company does not care where the check comes from as long as they receive it.  Make sure to reference loan number on check.