Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jim Wineinger

Jim Wineinger has started 22 posts and replied 1256 times.

Post: doughboy pools

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

Mike, this is really a legal question. It would be best to take their rental contract to an RE lawyer and ask him this question as the amount of your exposure is probably contained in the rental contract itself combined with landlord/tennant laws in your area.

Post: NEW in Michigan

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

Also I should have welcomed you here.
You are currently in my beginning neck of the woods.

There used to be an elementary school on Beach daily rd between Ecorse and I-94. It was Whitmore Boles, if I remember my young days at school there. Now I understand it is a golf course!!!!!!!!!!!

Post: NEW in Michigan

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

Dont get me wrong Ryan, I do not like any quit claim deed and am not advocating them here, but sometimes it is necessary to accept one to get a great deal. Just be sure you know who you are dealing with and that they have a good reputation.

My purpose was to help you understand the difference between a quit claim deed and the normal warrenty deed.

Post: NEW in Michigan

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

Sometimes there are several homes being auctioned off at the same time and it is not always cost effective to do a title search on everyone of them and the acution house will not do that research for you also due to the cost.

Since these properties are sold at a significant discount from retail, it is often worth taking the risk. But if I were interested in a certain property I would most certainly have that title search done.

At one of those auctions I bought a property (3/1) for $1,376.00 valued then at 85K. It cost 50K to fix up but will sell (suposedly) for 125K due to the fixups.

The more risk involved, sometimes, the greater the profit possible.

Those who sell at such acutions often have had to foreclose and really do not know what rights the owner may have given to whom so even though they feel they have full rights to sell via the foreclosure they can not know absolutely and therefore they utilize a quit claim deed to protect themselves by only selling the rights they have to you.

It is not always a bad thing (quit claim deed) but is something to always be leary of.

Post: NEW in Michigan

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

If the case of the car were a house, the buyer would buy the interest from the husband using a quit claim deed. Then buy the interest of the wife using a quit claim deed. He then verifies that there is no other liens (interest) in the property by paying for a title search. Now that he knows that he owns all interest in the property he can sell the property using a warranty deed because he can guarantee the new buyer that he owns the property free and clear and has ALL FULL rights to sell it.

Those who sell the property using a quit claim deed have probably not done their due diligence in verifying that there is no other interest in the property. A lot of title insurance companies will not insure their findings if the home was recently sold using any type of quit claim deed.

The reason for this is that I can sell you my interest in any property that I choose to for any amount I can get you to agree upon using a quit claim deed even though I do not have any interest in that property. In such a case I have convinced you to pay me money esentually for nothing!!!!!!

Post: NEW in Michigan

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

Lets take your example of car sales.

If a couple buys a car, then gets a divorce and only one wishes to sell the car can not be sold without both signatures because they both own it.

In RE more than one person can own a piece of land (or house) and they can sell their share of that property but can not warranty (or guarante) that the have full rights to sell the property "free and clear" of any other rights since another person also owns rights to the property.

This is done by a quit claim deed in RE but in cars the buyer would also have to convince the other person to sell and then verify that there is no other person who also has been given an "interest" in the car (such as the lender) so they can get the title to the car.

Post: NEW in Michigan

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374
Originally posted by Ryan Mertz:
4.What are the downfalls of a quite claim deed


RYAN

A quit claim deed simply means that the person is selling
you his rights to the property with no guarantee that someone else might also have rights to the property.

In other words he is quitting his claim against the property and you are buying his claim to the property (if he had one).

Despite what it looks like most properties are sold by warranty deeds. It only looks like most are sold by quit claim deeds because of the large amount of foreclosures which are done by "special" deeds. Almost all of which are a type of quit claim deed.

Post: How to get started in Real Estate in Michigan with its property values in the tank?

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

I would have to disagree that MI prices are stagnant.

There are several areas of MI that do not rely upon the automotive industry for jobs. In these areas the jobs are stable and prices of homes have actually increased.

The Detroit, Ann Arbor, Lansing areas are only a small portion of MI.

There are opportunities out there for those who would look for them (even in the motor city area).

Post: What is it involve in an owner financing, this is my first one

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

One of the purposes of doing seller financing is not having to have to pay buyers agents or sellers agents so I do not understand this part of your statement

It is a very good idea to protect yourself in the areas suggested (as most banks do) but this can be accomplished simply by an RE lawyer.

Lets try to remember the purpose of seller financing despite all the calls from those who would like to limit it in todays society.

Post: What is it involve in an owner financing, this is my first one

Jim WineingerPosted
  • Real Estate Investor
  • ten mile, TN
  • Posts 1,491
  • Votes 374

That will depend upon the way a mortgage is handled in your state.

Some states are deed states and some are mortgage states.

In a deed state the actual deed will change hands from seller to buyer, then a trust deed will be given by the new owner to the seller which states that the new owner pledges to give the actual deed back to the seller IF they miss too many payments (seller forcloses).

But in a mortgage state, the mortgage is recorded which gives the buyer rights to do things on the property as if it is his, but the actual deed will not change hands until the mortgage is paid off in full.

It is similar to a car title, where the buyers name goes on the title, but he does not get the title until all payments are made.

Check with a local RE lawyer to see which way your state is.