New Mexico deal Wrap REC or Lease with Purchase option?

Question

I am helping a friend put a deal together, and it's been a while. He is purchasing a house (SFR) for $270k with about $9-10k down, the seller is carrying a 2nd wrap/note (1st is standard mortgage #217k balance @ 5%, PITI $1690). 2nd will be about $300/month PI. My friend plans to refinance after his credit clears up in 6-12 months. I will probably purchase the Note after Escrow

What are the contracts (samples available) to use again? REC, Note, Note purchase?

Should all the details be done by a lawyer or can the Escrow Company do most of it?

What are the contracts (samples available) to use again? REC, Note, Note purchase?

Should all the details be done by a lawyer or can the Escrow Company do most of it?

Thomas May · Answer

Lee,

I am new to RE investing and am located in Santa Fe, let me know if you would be interested in working some wholesale deals in the near furure. I will be in ABQ this weekend going through a rehab property with a few other newbs.

Tom May

David Torres · Answer

Lee, you will probably need to go through an escrow company.  The escrow company can draw up most of the docs for you.  I have used Sunwest and Security Escrow.  Both have their positives and negatives.  Let me know if you have any questions.

David Torres · Answer

Security has Lawyers and have been very responsive on the deals I have done with them.  Good luck.

Lee Moseley · Answer

Thanks for the information. David, I always use an Escrow Company, I just wasn't sure if they (WestStar or Security) had lawyers to review and help write up the docs.

Thomas, I'd love to talk more and see what you have. Please let me know where/when and I'll see if I can make it.

New Mexico deal Wrap REC or Lease with Purchase option?

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