All Forum Posts by: Caleb Christopher

@Erik Caseres did you get an answer? I've done several subtos in Montana. It's not my favorite state to work in, but it can definitely be done. Depending on the loan type, you may have trouble getting title insurance, but we've successfully closed several.

I can't vouch for any particular title company, as we normally have to coach them through the whole process.

If you have one and need help, tag me.

@Alex Byder did you find what you were looking for? I JV or consult on deals and bring the paperwork with me as part of my value in the deal.

Good Googling and/or facebook group attendance can net you what you're looking for, but they tend to be janky, abandoned stuff. I do 50+ creative deals per month, so we're on point.

IN TEXAS THOUGH, you can use the TREC contract and addendums to write your terms in detail.

Some closing attorneys that do creative deals: Cheshker Law, Horne and Associates, Tipton Law, THE Title Company, My Title Company, and quite a few others. I've worked with each of these listed here.

Tell them Caleb Christopher from Creative TC sent you.

Yes, and there are several companies that do it already. Some are nationwide, some are local.

OnePointLending.com (I use this one and can help get the account set up if needed)

WestLoan.com

NoteCollection.com

I've done creative (subto and seller finance) deals with realtors required to use the CO state contract. So you can use that as a baseline.

The creative stuff all comes through custom addendums though. It's not boilerplate for the state.

If you want to work a deal together, I've done dozens in CO, and hundreds nationwide. Hit me up.

Slinging creative to realtors is tough. Real tough. I've wasted many hours. My lessons learned are that you need to connect with them BEFORE they have a deal you want. You want them turning to YOU when they have a deal that needs help.

Creative finance is a solution to a problem. If there's no problem to solve, you don't have a creative deal.

I'd recommend you search the web for 

• "Why you can't close creative deals - Cash Realtor and Keeping It"; and
• "Creative Finance for Realtors"

You may find some helpful resources to prepare you and/or your recipients for creative deals.

@Adrian Cardenas did you find one? We usually have to call around and still have to coach them through the deal. Occasionally, we can't find a title company willing to close the deal due to the loan type (FHA, VA, USDA), and we have to self-perform the transaction.

As the buyer? Can you get seller financing from the seller? Make a compelling seller finance offer.

Are you needing to build/construct as well, or just take it over? 

If this were straight seller finance, it wouldn't vary from the traditional deal with bank financing. You'd need to engage a local real estate attorney to draft the promissory note and corresponding mortgage (or equivalent document). 

Ideally, you'll also set up a loan servicer (look them up online) to handle payments and impound taxes and insurance so you have a "regular" monthly mortgage payment of PITI.

In this case, you're going to want to do a wraparound mortgage. There may be (is) a due on sale clause in the first mortgage, so you'll have to sign disclosures acknowledging they may call the loan due if they care to (they typically don't if payments are being made on time), and you'll still need a local RE Attorney to draft the wraparound Note and wraparound Mortgage.
I wrote a BP blog explaining wraps here.

Tag me if you have any further questions.

You might also have good luck searching for seller finance deals from wholesalers ready to assign them. I usually see cash-to-close on subto and seller finance ranging from $30K-60K, based on my team runing 50+ creative deals per month.

I'm happy to give answers if you have direct questions. I can't self-promote on here, but if you tag me with specific questions, I'd be happy to provide the most helpful answers I can, each time.