All Forum Posts by: Anthony Bell

Hello everyone!

I am looking to purchase a property from an out of state seller by Land contract.

I have a couple questions:

-What document do I need for the transaction?

(As far as I know I need a P&S Agreement, Land Contract, and Memorandum)

-Does the seller need to be present at closing?

-Can I transfer the insurance into my companies name? Even better, am I able to get my own insurance or am I obligated to use the sellers insurance?

-As far as making payment, because there's a mortgage on the property, should I be making the payments to the seller or directly to the mortgage company? ( I plan on paying by check to show pay history as well)

All input is welcome!

Thank you,

Anthony Bell

Hello everyone!

I am looking to purchase a property from an out of state seller by Land contract.

I have a couple questions:

-What document do I need for the transaction?

(As far as I know I need a P&S Agreement, Land Contract, and Memorandum)

-Does the seller need to be present at closing?

-Can I transfer the insurance into my companies name? Even better, am I able to get my own insurance or am I obligated to use the sellers insurance?

-As far as making payment, because there's a mortgage on the property, should I be making the payments to the seller or directly to the mortgage company? ( I plan on paying by check to show pay history as well)

All input is welcome!

Thank you,

Anthony Bell

Thank you everyone for your input.

I'm going to take your advice Brian.

I spoke with the seller and I'm going to do a land contract with him with the same terms. His only concern was the transfer of the insurance and the possiblity of putting it into my companies name. Would you happen to have knowledge on that Brian?

(Market rent compared to PITI is roughy an $150 spread.)

Thanks again!

Charlie I really appreciate your input. It helped out a lot. Thank you!

Hello everyone!

I have a subject to deal that I am able to get $0 down and just taking over payments. The property is worth about $45,000 and has a mortgage of $43,000. So there's no equity in this property. That's of course why I suggested Subject to because the seller just wants to get rid of the property. He lives about 1000 mile from the home.

The seller agreed to the terms of $0 down and for me to take over the payments of $360/mo. Property doesn't need much work, mostly cosmetic. I can probably put 3 grand into it to get it rental ready.

My question is, I know subject to deals can be tricky. Is there somewhere I can get a subject to contract? Also how do I find out if the due on sale clause would take effect one the deal goes through? Obviously I don't want to pay the entire balance once the sale closes.

Hello everyone!

I have a subject to deal that I am able to get $0 down and just taking over payments. The property is worth about $45,000 and has a mortgage of $43,000. So there's no equity in this property. That's of course why I suggested Subject to because the seller just wants to get rid of the property. He lives about 1000 mile from the home.

The seller agreed to the terms of $0 down and for me to take over the payments of $360/mo. Property doesn't need much work, mostly cosmetic. I can probably put 3 grand into it to get it rental ready.

My question is, I know subject to deals can be tricky. Is there somewhere I can get a subject to contract? Also how do I find out if the due on sale clause would take effect one the deal goes through? Obviously I don't want to pay the entire balance once the sale closes.

Hey Luke let's link up. I live in Lansing. I would like to view some of the rehab and familiarize myself with the repairs on a fix and flip. What do ya say? :D

I would!

She's trying to desperately sell the property. I spoke with her on my lunch break and she said she's willing to take 15,000 (13k cheaper) but said she's open to offers. I don't think it'd be a good flip but definitely good for a rental. I have pics of the property but I need to get in with my contractor to estimate repairs. 

How would I go about asking her that without sounding shady? Lol