All Forum Posts by: Eleasha Counts

I have a client who is in a Subject to Deal that has gone off the rails a little. I need some help in trying to help him. The client purchased a home in Gulfport, MS on a sub to with a wrap around mortgage in 2016. The wrap mortgage paid the seller an additional $75.00 a month directly. The purchase was to be completed by April 2021. In October 2020 Hurricane Zeta came through there and a tree fell on the house. It caused extensive damage over $40k worth of damage. The seller got the insurance money from the insurance company and claimed that he put it in the bank that was holding the mortgage. My client paid the deductible and paid for the tree removal, a tarp to be placed over the home and for 2 general contractors to come out to review and give estimates for the repairs. He submitted all of the documentation to the Seller. The seller responded and wanted my client to pay for all repairs out of pocket and submit the receipts to him so that he could in turn submit them to the mortgage company to pay. My client did not have the funds to do that and stated several times that the seller would need to release the funds so that he could hire a general contractor to get the work done. The seller then came back and wanted my client to agree to use the insurance money as a credit towards the wrap around mortgage. Then stated that my client could just pay the rest of the house off. My client refused to do that because it would be insurance fraud. So the home did not get repaired. Because the seller never gave the money from the insurance company to get it repaired. Now the seller is suing my client for the cost of the wrap mortgage, his attorney costs and wants to take the house deed back. I wanted to know if anyone has had a situation like this and what did you do to get out of it? I also wanted to know if anyone had any recommendations for an attorney in Mississippi that deals with creative financing deals.  

I am interested in learning more about this as well. 

LOL yes that's what I meant purchase not refinance. Do you have a recommendation on an investor friendly bank that would do this?

Hi I have a subject to deal that I need to refinance and get the mortgage out of the seller's name. I have had the property and been making payments for about 3 years. I would like to refinance it and get the mortgage in my name so that I can take some of the equity out and purchase another property. Are there any recommendations for an investor friendly bank that I could use? It is currently financed by Bank of America. 

I have a subject to deal that has a home owners association. I wanted to know should I update the HOA and let them know that I am the new owner of the property. I am paying the fees, along with the mortgage, insurance and taxes. I wanted to know if I had to let them know so that they can register me as the new owner of the property. Will that activate the due on sale clause with the lender?

I have been a land lord for a very long time. I can tell you without a doubt if you don't act now you will be paying for it later. I would enforce your lease terms do not play with that at all. I too like being the good guy but you have to be firm in your dealing with tenants. If not they will continue to walk that line and cross it each time. You have two choices to evict him and get over the fact that you will be short on funds until you can get the place renovated and rented. Or continue to put up with his foolishness and risk loosing even more money by loosing tenants and having to evict him anyway down the line. Cut your losses now and save yourself some headaches. Take it from me you can't always be nice to people like that. It won't get better with him and the number of breaks that you are allowing him

Hi Gautam,

I find it works out well for me so far. I haven't had any issues with the content and the online format works well with my hectic schedule. They were very prompt in shipping out the books. I paid extra to get a copy of the study books as well as the online content. I would recommend that you do that as well. Good luck!

thanks @Gautam and the same to you!

I just signed up with allied school of real estate online course and they will let you make monthly payments for the course over a few months.

@ P Tucker I have been to a couple of his training programs. I will tell you that I did gain some valuable insights. I signed up for the event in Dallas next weekend as well. Not sure if I am going because I am considering the REI Expo the following weekend. But I will say that it's not a hard sell on his program but he does bring in the "hype men" etc. Who will chat with you one on one to see where you are and what you want to do. If the training was not so expensive I would probably do it but the cost of it is just too great for me. Even with the guarantee of doing your first 2 deals with him paying for everything up front. I made some good contacts so that might be worth the trip.