All Forum Posts by: Brandon M.

@Ashley Brun - I am sending you a PM now. 

Maxwell Lee I would be glad to give you my opinions of the area. Send me a PM with the actual address so I can get a gauge for the exact property and we can talk further

Jai Koolwal - that zip code isn't all bad, but I would want to see the actual address to give you a better idea. I have done quite a few deals in that area recently for people looking for better returns than they can find closer to the bigger cities. If you want to PM me the address and info I can give you more specific opinions on the property and what this turnkey company is telling you about rents.

Yes please PM me

Matt N. I could point out a few spots to look for and to avoid, send me a PM and we can talk more. (I can't initiate a new PM from the app on my phone but I can respond to one)

Phillip Schaeffer I can send you someone's info, send me a PM

Dan Green - I got someone for you, I will send you a message

Eviction companies in hopes of finding tired landlords. Is that one too obvious?

A title company will assure the property is transferred without any liens, etc by doing a title search, so you get a clean title. To protect you against anything they didn't discover or anything that could come up in the future that wasn't recorded at the time of sale they issue you title insurance. (Technically you COULD avoid paying for this but 99.9% of the time you never want to forgo this). They will also handle payoffs with the bank, etc. Each situation will be different whether it is worth it to you and the seller for you to assume the mortgage, and whether the mortgage company will even allow that. Most times it is just easier to pay them off. Yes use a standard sale contract. Most states have a standard one all agents use, but some investors have their own versions they use as well. Check for your state on a standard one or with some other investors in your state that might use an abridged version. And yes this will be the same steps that will done as if you were using an agent. You will have to be aware of timelines in the contract, setting up any inspections, appraisals, etc. You will have to be the one educating the seller on the process. A quick 5-7 day close is still possible, it all depends on how quick the title search can come back. If it is a cash deal the only things that need to be done are the title search and how quickly the closing docs can be drawn up, anything else is at the discretion of the buyer and seller (time to find a place for the seller if they still live there, any inspections the buyer wants, etc). Hope that clarifies some of your questions.

To go a little deeper on what Tony said, your regular payment won't change with the 5 year balloon. The only difference is that your 60th payment (end of 5 years) will be whatever your balance is. The easiest way for you to know that is to click on the amortization schedule and find the balance for the 60th payment. Now the exact amount will depend on when the payment is made, with interest being charged daily, but that will give you an idea. I would also be sure to include a no pre-payment penalty in there in case you want to sell/refinance in the next 5 years.