All Forum Posts by: Drew Poniewaz

@Matt McCurry

Depending on where you are located, you can decide which is better, note and mortgage or deed of trust, or contract for deed or land contract. I know that sounds confusing but it depends on you state laws. I’m in Missouri. My lawyer prefers that I do note and deed of trust. I do own a few CFDs.

It is a wrap around mortgage. I always escrow taxes and insurance. I would always make the seller aware of what my intentions are with the future sale of the property.

@Douglas Curtiss

Not sure where the property is located but I would think most counties would allow for a payment plan based on the ownership of the property. Call the county and see what you can work out. Then you can structure it in the deal.

@David Lee Hall, III

I use Madison Management. $35 per month.

I have heard that Allied Servicing will do it for $18 per month but with less services.

I have used my SDIRA to invest in and create 1st position mortgage notes.

In St. Louis, the tenant cannot put the sewer bill in there name. They can call MSD to have it paid by the tenant but if the tenant does not, it falls on the homeowner. I have had this happen to me. 

Jon Holdman Yes thank you. I am pretty sure that we will be wrapping it. $90,000 with 6% interest, 30 year amortization, 5 year balloon.

Jon Holdman Steve Babiak I will be making his payments. As incentive, I will be creating a second note, of interest only payments directly to him for a period of five years. After that time, I will refinance out of his original mortgage. There will be pay down on his original mortgage.

Jon Holdman Grant Kemp Michael Quarles Bill Gulley So I have the same question and will state it like this. I am buying a property, subject to the existing loan. Approximately $80,000. I am offering interest only payments for 5 years. After 5 years the original balance is paid down, approximately $8000, to $72,000. Who gets the difference? The original buyer that sold the property to me “subject to” or me, the one who took over payments for the last 5 years. If I sell to someone after 5 years for $100,000, do I get $20,000 or $28,000?

Matt Guignon I rolled mine into Advanta IRA and it has worked out well for me. What kind of projects is your Dad looking to fund?

I bought a foreclosure and the owners left a vehicle. Has anyone ever dealt with this? What’s my next move? How do I get title? Is anyone looking for an 81 Buick?