All Forum Posts by: Latasha Shipman

Problem:

The owner is deceased. Sister is the only heir and great repour has been established. She is scared to take ownership because there are over $13,000 in back taxes and city fines. Although she is motivated to sale, I can't advise her to do so without good faith. The numbers work. Any suggestions on how to go about this?  I absolutely ADORE and would like to give her a solution to her problem.

I agree @Shawn Tom. Tell me, when you got it inspected by the city. Did the electrician have to pull a permit? To update the electrical?

Yep! Yep! You are exactly correct! Will be BRRRRIng in 6 months!

You're  confirmation! Was totally lingering with that same scenario but I was trapped between doing that or taking the money and purchasing another owner finance deal as a pose to paying off this deal.

Thanks!

Scenario: 

Structured a seller finance deal, Terms: $10,000 down, purchase price 32,000, 3 year balloon payment, 6% interest.  

I spent $21,000 in rehab, home has been appraised for $114,000. Although, I have someone who wished to purchase the home through a VA loan, I have denied her because I am more concerned with creating passive income.

My Question:

Found a renter at $875 a month. I am wondering what method can I use to pull this equity out of the home to purchase more homes through owner financing techniques. Can I use the BRRR method? If not, then what method can I use with the consideration that this is an owner finance deal.

Greetings Family!

Currently own two rental properties. I have been going back and forth on whether to open a LLC. When is the best time to do so? It's important this year, to get all my possible tax benefits or anything else it has to offer.

Any recommendations or suggestions would be greatly appreciated.

Wow! Thank you so much! This knowledge is definitely very valuable. 

You have given me a solution to what could've been a huge problem.

Thank you AGAIN!

You're right, there are to many immediate red flags. Will need to limit some risk. OK so, FHA tenant housing is out the door until the term is over. Hmm will probably rent out to others not so risky?

There is equity in the house but conventional mortgage loan is not being offered. The price is below $25,000 PITI.

What can I say, I am a busy Lady!

Seeking experienced investors with wrap mortgages and or Subject to...

Problem

Would like to take over a family members mortgage (who stays in NC). I will pay their mortgage the first month but after that I intend on moving a section 8 tenant into the property. (She is my cousin and currently fell onto hard times). Anyhow there is paperwork that has to be done through FHA, probably even a verification process in order to receive rental payment for staying on the property. If this falls through I would be her landlord.

Questions for the EXPERIENCED

1. WHICH CATEGORY OF OWNER FINANCING DOES MY SITUATION FIT INTO? Wrap or Subject?

2. Is it possible to rent this property out ASAP and should I stay away from FHA tenants who require a strict verification process since I am using an unorthodox strategy of creative financing?

3. Lastly, jail nor breaking the law looks good on me. So, if what I am purporting is to sketchy PLEASE FEEL FREE TO STOP ME NOW

Sincerely,

A visionary! Who doesn't look cute in STRIPES!