All Forum Posts by: Adriana Rego

@Roger Paschal thank you very much for valuable info!

I have a potential sub to deal - 5.5% amortized 30 years 5 year ballon. The seller will let me pay their current lender directly and then send them the monthly difference. The current mortgage / escrow includes taxes and insurance. I have 2 questions

1- What is best way to handle the insurance without triggering the due on sale clause ? I assume we can’t be the primary as that would trigger DOSC?

2- come tax season current lender will send 1098 to seller but since I’m paying I should be the one to reap any tax benefits so I should use that 1098 in my filings I just worry that they also use it for theirs. Will that trigger DOSC? Or even worse the IRS! Is there anything I can do to avoid this or at the very least add verbiage to contract about this?

Any advice / info is appreciated. Thank you.

@Nathan Harden I had 1 in Detroit 3 in Flint and 1 in River Rouge - have sold Detroit and River Rouge still own 3 in Flint 2 of which have actually done well. I’ve moved on to Kansas City and FL.

@Nathan Harden great advice. I made the mistake of investing in Detroit and Flint because the houses were turnkey and cheap. Didn’t go as well as planned. Tenant pool is the main issue

@Chris Seveney thank you very much. I appreciate the input.

@Mike Hern thank you for the advice !

@Mike Hern thanks Mike for the advice. I agree that title attorney should be involved. I feel better if I pay escrow and they pay the original mortgage and give the remaining balance to seller. That’s probably my best option right ?

Don’t know much on seller financing or how it’s reflected in the closing so any info even basic would be appreciated.

I have a deal where it would be seller finance I’d put 25% down - on $275K with balance 30 year amortization 5 year ballon.

Here’s what worries me they have a mortgage already on the property and plan a wrap around where they pay their debt and keep the difference.

My worry is - what if I pay them and they don’t pay the original mortgage? It’ll of course affect their credit but more importantly there is a lien on the house right?

Any and all info appreciated

@Tyler Smith I’m so glad you saw my post. Definite scam I fell for. I hope I can prevent others from falling for this 🙏🏽

Public Service Announcement

I was scammed by a company called Xplicit Home Loan they offered me a loan of $280K for an investment property I was looking into. They claimed to be a private money lender. After sending them all they requested (paystubs, W2, etc) they approved me for the loan at 6% with 1 point origination fee for the first deal and 2 points for any after. Once we were ready to proceed and I was under contract they requested I wire the origination fee $2800. He said after I do that the funds would be disbursed to my account. They did not and proceeded to tell me I needed to wire an additional $3600 for PPI premium insurance cost for the loan. I refused to do so as this amount should have been included from the beginning so I can send 1 wire with full funds. I told them to disburse the $280k and I would immediately wire the $3600. They said no. I then told them to refund the $2800 origination fee I wired them. They then told me to send them $480 - cancellation fee and then they would refund me. Of course I wasn’t sending these people anymore money. They have $2800 from me why wouldn’t they just deduct $480 and send me the balance. My own fault for not doing due diligence and not seeing all the red flags 🚩. I am going to go after them. Any advice would be appreciated but I will consult a lawyer I am posting this on ally the real estate groups I know I will go to the BBB also.