Updated over 10 years ago on . Most recent reply
Assignees.
I'm purchasing a property in Cleveland Ohio, and my plan is as follows:
The landlord needs to get out of his loan for
his current non-income producing rental property.
Current Value: 64K
FHA Loan Payoff: 49K
Cosmetic Repairs: 5K (elaborate upgrades to with this price)
After Repair Value: estimated 75K
Rents: $700-$900
Purchase w/ Hard Money Loan
6months -1year to Sell
Rent till Purchased
Taxes will need to be paid (unsure of the amount)
Now my question:
When creating your purchase agreement do you need "and assignees" added to the signature part of the contract? Or can you insert an agreement addendum that states what your doing?
Thanks for reading my post and any direct advice is cheerfully welcomed.
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James Wise
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James Wise#4 All Forums Contributor
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- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Based on what I am reading it looks like your plan is to use a hard money lender and buy the property. Hold it for 6/mo to a year then sell it, correct?
If this is the case there is no need for any assumptions.