All Forum Posts by: Justin Polston

@Bill Gulley meant to say... your thoughts?

I also still defend my opinion on title versus lien. State laws will regulate financial institutions in that aspect. However, I was suggesting to not hand title over and place a lien, but to (as the seller) hold the title and hand it over upon completion of promissory note.

I just turned 25 but have been doing my own fix and flips with my own hands, but it sounds like you're way more into the very specifics of legal paperwork, and admittedly, I'm not at all. I'm only speaking upon my own exoeriences and the tips I've been given with some locals in my network.

With the rest of the responses like with @Duncan Taylor , it seems we might benefit from an entirely separate thread around DF and ways to beat over regulations.

@Bill Gulley Obviously folks will work around the DF situation. What are your

@Dan Griffin

I agree with @Jason Eyerly on this. However, use lien theory practices instead of title theory and you'll save yourself legal effort down the road if you need to foreclose, because evicting is easier. Western states (anybody from California knows this really well) practice this a lot.

Find a local attorney (not just any attorney but a real estate attorney) who has experience with this, probably back in your town where the home is located.

I think taking up seller financing is a great move and there a billion ways to pull it off. Banks won't lend, and as long as your buyer/tenant has a well paying job with a good history of not "quitting" or "losing" jobs, you're probably going to be alright. Lots of folks have reestablished their careers & incomes, but credit scores and bank regulations are making it difficult. You could probably get a bit more on the interest than 4-5 percent; no reason to let it go for now-market rate.

I've been involved in lots of these so I'd be glad to help if you ever want to bounce ideas back and forth. If you're looking to simply liquidate and prefer short term, give him a two year note, coach him on increasing credit worthiness, and force him to refi at the end of two years, with a possible one year extension with an associated fee.

Good luck!

@Landon Dolezal

Congratulations on getting into real estate! It's something exciting with so many different options at so many different levels and every deal is different!

Really great decision to start out at the leasing stage. For one, you'll get that Hard Knox education that can't be read or taught. You just have to experience. Good choice to start out with working with tenants, because as you start your own business managing and interacting with tenants, you'll fall back on a lot of your experiences with this leasing position you've got.

Read the books, that's fine, but don't overload! You'll forget what you read if you don't apply it. Get out there and talk with small mom and pop landlords. They have all of the knowledge you'll want to use to jump off of your starting platform so to speak. Filter what they say though, because they'll probably be discouraging. If you don't make mistakes where others do, you'll obviously hit the ground running.

Good luck! Happy to help!

There's a great guy who I just spoke with, SUPER helpful and courteous. He is the mortgage guy who keeps our textbooks up to date for the classes and is licensed in many states. Not sure if he's on BP though...

His name is Graham (works for ReCasa out of Ohio) and his office number is [REMOVED], just let him know I sent you! I used to be worried with the amount of paperwork with 203k loans, but he's a wealth of knowledge and willing to help however he can!

@Taylor Jennings

@Shawn Holsapple

Thanks guys! Look forward to it!

@Yang Xiao

Thanks!! I also do my own rehabs, so I specialize in efficient walkthroughs and generating ARV and itemized rehab lists. Need any help, let me know! Hope to see you around!

There isn't a true "best way", but you should explain your situation a little more (are you going to finance or buy with cash, do you plan on staying in the town long, etc) and you should probably get some pretty good answers from the folks around here!

Good luck @Justin Przybylski

@Adam Gerig

Yea, it's a little too close for comfort for me - being that close to a one arm transaction to the folks losing their home so recently. At least with a repo, the house has time to breathe, so to speak. Just me though probably.

Also, I should let you know my broker is a huge buyer for an out of state investor and looking to buy all over Indiana right now. I'll shoot you a PM on specifics. Pretty straightforward and they actually do pull the trigger instead of wasting everyone's time.