All Forum Posts by: Jeremy Pace

@Chaz Sztroin

In that 1st list I've lived in many of those zip codes. I don't have any kids so the school district isn't as important to me but as far as rentals go the rent is good and the cost to buy is low.

@Anthony Vargas

If the property was in a trust and went through probate there's a good chance the court knows who the trustee is because they would have been the party contacted when probate began.

@Pete Storseth

I'm going to guess that the reason it's illegal in texas is something like people who offered leases with options kept calling it a down payment instead of NROC.  Then when the lease blows up, they didn't want to return the deposit, which they are required to do within reason, or with documentation.  NROC literally cannot go back, it's non-refundable, so there's no expectation.

Are you saying that in texas lease options are illegal, or are you saying lease optioning a lease option is illegal?

@Nancy Lucca

Contractors with good reviews have a lot of customers, and aren't super motivated to come out and give estimates, free or paid.  As a contractor, I can say confidently that there are LOADS of tire kickers out there who will just never pull the trigger, and it's infuriating for me to have crawled all through there mess and spent hours working up an estimate to hear things like: 'Oh so much, my cousin could do it for half' or 'Ok great, if I start saving now I can afford this in like, 2 years'

You're going to have to lean into your contacts pretty hard to coax out couple contractors at first, and once you get some projects out there and some work done, it'll get way easier.

@Pete Storseth you'll have second position with your mortgage, so if it goes sideways, you'll take a huge hit and get nothing. 

Assuming you could carry the payments in the case of a loss of a tenant, at least with the least option ... you can just keep collecting NROC while you pay down your seller financed mortgage.

@Pete Storseth I guess I may not understand the original question... but based on what I think you're asking, owner-finance and lease option seems like a more reasonable option that the wraparound, even though you're carrying a lot of risk for the term of the lease, for not much money in the meantime.

@Nathan Cain I'm not very familiar with the software side of what you're asking, but ACH transactions (direct deposit) are a service offered by banks and other financial institutions, they're not really software driven on your end.  So you could talk to you bank and see what services they offer, and if you qualify.

There's not a lot of assurances that you can offer, truthfully.

There are some ways that you could structure the deal so that there's more at stake for you if you don't pay, but if she doesn't want the property because it's upside down and also wants concrete assurances that you will pay the mortgage, I'm not sure if mutually assured destruction is going to change her mind ... but you could do a land contract, or your state's equivalent, and set it up so that the monthly payments go into an escrow account that is used to pay the existing mortgage.

My suggestion: just tell her you want to buy it and you'll pay the payments, and if she's not OK with that deal, just walk away, and tell her very specifically that you're walking away for that reason.  It'll either work or it won't, and either way (assuming you've done your homework) you'll be OK.

@Nick Lombardo

It's not really negotiable, but you'd be eligible for a lower downpayment if you were going to live there, for example, or possibly if you were getting a wraparound/blanket.

The size of the deposit is usually dictated by the type of loan you're getting, so unless you're getting a loan from a bank that doesn't sell to the secondary market, you're boxed in pretty tight on what's available.

@Pete Storseth is it considered a sandwich if you purchase the property with seller financing and then lease it w/ option?

Also, if you're the optionor in an option transaction, it's not a deposit, it's NROC (non-refundable option consideration) your lawyer will thank you.