All Forum Posts by: Chace Dietrich

Can I pay the buyout (the $120k) and have the heir forward the deed to me? I think the house is worth at least $200k. 

I may not have been clear. The house I’m wanting to purchase has a reverse mortgage. I would like to buy it at a discount obviously, so is there a strategy that works best in this scenario?

Hello all,

I have a line on a property in San Antonio. It has a reverse mortgage on it (approximately $120,000). I have been speaking with one of the heirs and they are looking to get rid of it. 

My question is, what would be the best strategy? I don't know much about reverse mortgages and if there are specific strategies when buying real estate that has one on it.

My thoughts:

-If they can make payments on the reverse mortgage (they told me they only offer buyouts to the heirs), a seller financed option might work.

-I could just get the cash to the heir, then do a double close situation and get the property that way.

Any help is greatly appreciated.

I'm looking for a title company or two that I can work with in San Antonio. I have called a couple that looked promising, but I asked them a couple questions and it was obvious they didn't like working with investors.

At minimum I'm looking for companies that:

Do double closings

Don't have issues with assignments

Do sub-to closings

Thanks for any help!

Does anyone have a recommendation for a Skiptrace service? I've searched around and there are quite a few and their prices vary. I assume there is some degree of "you get what you pay for", but I don't want to over pay.

What service do you use? Do you like it? Have you had any problems with accuracy?

Or San Antonio. It’s the next big thing. I’m sure of it. 

Do San Antonio! haha. It looks great! A lot of good information mapped out. I think any suggestion I have has been suggested already.

@Aaron Bihl, do they find different things? Residential vs. commercial for example?

I went to a 3-day REIAs seminar this weekend, and this guy was all about the "Subject-To" deal. While I understand it in principle, he never went through a step by step process of how it worked. Only said, "Just put 'Purchase is subject to the mortgage' in the Special provisions section on the TREC (For Texas) form.

Anyone have any actual experience doing deals like this?

There are a lot of posts about list brokers, but they all seem to be at least 8 years old! Since I am trying to ramp up marketing, I am curious what/who everyone uses to compile their lists. I don't know if area is a factor, but I am in San Antonio, TX.