All Forum Posts by: Greg Neuman

@Wendy Schultz My wife and I have a little interest in short term rentals, but haven't researched enough information to really get started (currently doing long term rentals).  Do you have any information with more detail?  I'd be interested in specifics of Door county and the Green Bay / valley area.  What types of properties in these areas are best, do you see year round success, location, etc etc?  

@Kyle Seidel Have you found the property management company you are going with?  I've just started using Day Property Management, and they cover most of the valley area.  Still very early with them so I don't have any good feedback yet, but I'd be curious to your experience with the one you chose.

@Spencer Cornelia Thanks for sharing.  Seems like I'm on the right track, just need to find a lawyer myself.

Looking for advice / leads for a knowledgeable real estate lawyer in North Central WI (Antigo, Wausau, and surrounding areas) that can assist with seller financed deals.  Hoping to find someone that does more than land contracts, and has a deep understanding of seller financing options.  Thanks in advance.

@Spencer Cornelia Can you share what type of seller financing contract you are going with?  I've got a potential to do my first seller financed deal, but running into road blocks to find what type of contract to use.  I've talked to one real estate lawyer, but going to try another since they didn't seem to fully understand what I was trying to accomplish.  Based on my reading on BP it sounds like many people go with deed of trusts to get title and refinance later.

@Adam Stacey  Would you be willing to share information on your contract?

@Jeff Filali  Appreciate the advice.  I have a call in to a real estate attorney to hopefully set up a meeting soon.

I’m looking to try to put together my first seller financed deal and looking for some guidance / advice.  I know there isn’t a cookie cutter way of putting together these deals, but looking to cover some of the steps and how they should be approached.  I have a good feel for the numbers, and presenting them, but would like to know the following:

Seller’s mortgage amount / title work.  Prior to signing any paper work, do you run title work like you would on any other conventional deal?  I would assume this to be the case to make sure everything is legit and without issue, but this is my first transaction and wanted to get information on how others handle the “closing” and verifying of information.

Refinance. My initial proposal I'm planning is a short term deal (5 – 10 years) with payments of P&I to the seller. After "X" amount of years I would like to refinance to pay the balance to the seller (once I'm at the LTV % for refinance). The issue I'm running into is the lenders I've spoken to say I have to have title in my name in order to refinance. Makes sense, but not sure what type of contract to propose to the seller since a land contract doesn't seem like it will allow me to accomplish what I want to with my refinance. Not sure if some lenders will refinance if the deal is a land contract, if I need to research alternate contract types, or if there is a clause I can use at a certain point in time title is transferred, etc.

Please feel free to share any additional steps you take in doing seller financed deals, as well as input to my questions.  Thank you for any advice provided.

@Bill Ham   I just discovered this post and was wondering if you would be able to discuss option 4 in more detail.  I've talked to a few lenders and doing seller financing with a land contract would not allow me to refinance (since I only have equitable title).  I'm trying to find the best option to take title with seller financing, so I can refinance..unless I'm just talking to the wrong lenders.  Any advice?

Another question I have would be the best way to verify the seller's existing loan balance, and how that balance affects my refinance.  I'm assuming it would be recommended to do title search to confirm existing loans, liens, etc, at the time of the deal with the seller, but how does it affect my refinance if there is still a balance when I'm ready to pay the seller in full.  Do I need to take into account their loan balance in any way if it is less than what I'll be paying them in full?

Thanks in advance for any advice and feedback.  I'm just getting into the realm of seller financing and looking to get as much information as possible.

@Neal Collins

I appreciate the reply and pointing me to a source I can read.  Can you tell me if it is only available as an E Book, or are there hard copies available?  I'm planning on checking it out soon!

I’m interested in finding advice, topics, articles, videos, etc on the topic of private money. I understand the basic concept, and how to raise it, but want to get detailed information on some of the options of structuring the agreement. How to determine the length of the agreement, the interest rate, payment amount & frequency, how to “insure” the private loan (with a promissory note or other options). I'm interested in the different approaches of buy & hold, and fix & flip, but mainly the buy & hold route.  I thought I had found an article on BP at one time, but cannot locate it now. I appreciate any advice and help directing me!