All Forum Posts by: Kerry Baird

Just as you said above, but with the benefits to her:  the fastest I can work is like this.  You can move on immediately, start improving your credit and get on with your life.  

When you make up the back payments, you are curing the default, so explain to her what that means, and how that is a benefit to her.  

Call a traveling notary. Each of you sign a purchase agreement, a quitclaim deed on hand, notarize that and a POA so that you can deal with the lender directly. Ensure there is no second mortgage involved, or tax lien.

We just closed on a house with a VA loan. The VA was quite picky on the condition of properties...this type of financing, on houses that are heavy fixers, won't be approved. For example, a roof must have at least 5 years' worth of life in it. You might consider a joint venture with the buyer. Otherwise you might want the buyer to look into rehab loans, or perhaps create a wraparound for the buyer and keep your financing (cash?) underlying.

I have the same answer as above. We have used an S-Corp to manage LLCs and have property in the LLC.

Congratulations on your deals. I don't see that this strategy is much different from hard money loans, which also were a bit scary at first to me. These are simply other tools in your tool box. People used to tell me that I couldn't do subject to deals, when I was doing them. I'd recommend that strategy, btw, and other types of owner carry. As I read I was thinking about your debt to income, whether you'd be able to get a mortgage approved. You have seemingly solved that problem.

Both answers were helpful, imho. We have cashed out one IRA, and paid penalties, and used those funds for investing. AND, we'd like to be more informed about using the funds within a self-directed IRA for a future investment. We will be in the "Both, AND" category of investing with IRA funds.

Hats off to those who can conduct a civil discussion, even when disagreeing.  :D

There are other ways to buy with little cash:  make a trade for something else of value, ask the owner to carry the entire loan, ask the seller to carry back a second mortgage so that you only come in with 10% obtaining a bank loan for the balance (called an 80/10/10, buy with a lease option and sublease to your tenant, buy subject to the existing loan, partner with someone who has the funds and you do the work to find the deal or fix or manage or whatever, move into another owner-occupied property to obtain low down-payment financing and turn original house into a rental...repeat.  

What a transformation!  I'm sure the neighbors are thrilled to have that eyesore cleaned up, too.  You have a terrific finish all around, but the kitchen/bath areas are enviable.  Nice work.

On one occasion, my partner and I had been driving for dollars and saw a guy putting up a "FSBO" sign in the front yard. We stopped and talked to him. She asked him if he'd be willing to carry the note for us if we bought that house. He said NO. She immediately asked, "How much interest would you want if you DID carry the note?" He said, "7%" and we had an owner carry sale and a cute little house.

I have a number of 3/2 rental houses in a smaller W. Texas city.   Our first "late" payment just posted, due to oil field layoffs.  

Well, if the Saudis keeps prices low in order to "punish" Russia for its positioning in the Middle East, the cost of oil will remain so low that it won't be worthwhile to continue fracking.  There is easier/cheaper oil to get to without the need to frack.  I like Dent's position...have followed him for years.