All Forum Posts by: Mike Flatow

Im interested to know this as well. It's been 20 years since I went to a tax lien sale and it worked a lot differently.  Properties went up for bit at 18% and hagglers bid each other down. Some even as low as 0%.  My thought that if everyone behaved and let each property go to the next person we would all get 18% on our money. Never worked that way lol.  So I'm interested in what you're talking about above. 

Is it and LOC on another property you own or some type of personal line?

My thought is a break in the chain of title when you go to sell. It's held me up before but not in the same situation as you find yourself in.

I would go ahead and record the assignments before you record your docs. If you are mailing them in for recording it is as simple as stacking the docs in the order you want them recorded. As long  as the assignments are recorded before your docs title will be easy to search.  I'm not sure about the doc stamp situation you face but a title rep should be able to figure out the recording charges if any.

Welcome Michael,

It's nice to see someone so young taking an interest in Real Estate. My advice is use this as one of many tools. Absorb everything you can from conversations, ask for help with specific issues and run your ideas past those who've been exactly where you are.  Find pro members and experts to follow and engage with and look for people with lots of experience in your local market.  A great contact I've met on here happens to be from Allentown. Not sure if it is close to Tamaqua but follow @Account Closed . 

I have no real information to point to but my own experience. As a closing agent I always reminded VA borrowers that they could not have someone assume their loan. But honestly I can't tell you why I did that other than being trained that way lol. I'm gonna follow the thread because I'm really interested in what others have to say on this. I vaguely remember that there is a process to have another VA qualified borrower assume a loan but it never came up during my 19 years as a closer.

Might be a live and learn situation.  I would certainly deduct late fees and see how it goes. If they were not in the lease then they probably aren't owed.  But, I would just deduct and see if they resist. If they do credit it them back. Just my 2 cents

very true. I tend to read entire contracts and even the entire mortgage document lol. It's probably from my training as a Title Agent. 

Can you elaborate is bit on your question?

In most cases the owner will not be reporting payments to the credit agencies so my thought would be no.  There are other ways to build credit. I'm always wary of owner financing because the contracts are often misleading.

I've never really heard it put that way.  I too, don't see it as recouping an initial investment. I only seeing as borrowing. And, unless you're using to the cash out to grown your money it's pointless. There must be a little more to it then.