All Forum Posts by: Account Closed

Does anyone know of any investor friendly banks that do mortgages in Mississippi?

Does anyone know any good property management companies in West Helena, Arkansas?

You could sign up for Air BnB if your home is really nice. You may make just as much or more without having someone there everyday.

My friend's mother has had a HUD voucher for over 15 years. She has stayed in the same apartment the entire time. My friend just purchased the building in which his mother resides. He is a newbie and titled the building in his personal name. He wants to know if HUD will pay him since she lived there before he purchased the building?

I am aware and I am not looking to use any proceeds personaly. I am trying to structure a way to includes the current owner. 

Sent a letter to an overgrown townhouse about two months ago. I thought the owner was not going to call but she did a couple of days ago. I know she does not owe anything on the property (except property taxes). I am leaning towards doing some type of deal that would allow my IRA to provide the funds to do a maximum of $10k in repairs (high estimate). She and my IRA would own a certain percentage of the property and share in profits or losses. Have any of you done such a deal? Should I just get it under contract to buy even though I really don't want to provide the funds to both buy and rehab? ARV $64,500 would rent for $650-$700/mo.

Please let me know what can be done to protect the buyer if he pays probate costs and something unexpected pops up that would prevent completion of the deal.

An associate approached me with a lead that I would like to purchase within my IRA. He has never done a wholesale deal and wanted me to walk him through it. He has a personal friend whose mother passed and the only thing that the estate owns is the mother's former home. There are two heirs (one is a commercial Realtor) and they both claim that they don't have or want to pay the cost to probate the estate. I told my associate to find out if a will was in place and its whereabouts. He said that the heir that handled all of the mother's financial affairs, claims that her mother had no debt when she died. I told him to inquire again. I have successfully done two deals involving estates but never one where the buyer would be expected to pay the probate costs. Any suggestions?

A few days ago, I received a call from a person who is both the sole heir and administrator of an estate. His mom's ex-attorney is also helping him navigate his way. He wants to sell three properties that belonged to his now deceased mother. One home was his mother's primary residence and the other two were rentals (a duplex and a single home). He and one of the estate's tenants called me today. The tenant has a property that he used to live in that he wants to sale. The proceeds from the sale of the tenant's property would go towards the purchase of the home that he is now renting from the estate. The tenant says that he is tired of paying the mortgage on his home and the rent on the home owned by the estate. Both of these homes have a mortgage and the estate has creditors. I have someone that might want to buy the tenant's property. I am tempted to structure the deal using subject to financing. Does anyone else have any ideas?

I have a house under wholesale contract in which the owner has agreed to sale the house to for $63,500 with $15k down on a 10 year note at 6%. The homes has an ARV of about $100,000 and needs about $4k-10k worth of work, I have agreed to pay closing costs in the contract and we both will split prorated taxes. I have marketed the house for $72,500 and have an interested end buyer with $20k to put down. I know he is going to want me to go down a little on price and have already decided that $68 is as low as I am going. I would like for the held note to be serviced by one of the mortgage servicing companies that requires forced placed insurance.

I know that the owner is planning on selling the Note at a discount after the deal closes because he wants a lump sum instead of waiting on a payment. How should I structure the deal with my buyer, who is an end user? Also, what are the names of a few of some of these companies that service mortgages that are owner financed. I have been told that there is a very good company that forces insurance and charges an $18/mo. service fee.

I think the owner would be more receptive to a straight cash deal or a straight owner finance instead of some type of option.