All Forum Posts by: Michael Thompson

@Luis Alvarez Grant Kemp at creativecashflow.com

I would need proof of the lump sum payment at 18 years old and proof that she has control of the funds.  However, you can still do sell on owner financing to an owner occupant with a new buyer that you have qualified.  I like that idea better but you know your tenant better than I do. 

@Morris Cohen If the tenant isn’t taking care of the home why keep them there? Sounds a little risky banking on the future payout if it’s real. Better to sell to a local investor who is hungry and has experience, on terms or subject to. I’m assuming your house is not in your area due to the amount.

@Matthew Askew I imagine he is using it as another veil to help with the due on sale clause. It doesn’t solve the due on sale but can help somewhat.

@Randy Ugarte Whoops! Might not be close enough for you! Hahaha

@Randy Ugarte Matthew Aycock in Destin, FL. With Pratt Aycock.

@Kevin Zhang Let me know when you find him! Also I’m looking for a leprechaun with a pot of gold at the end of a rainbow.

@Brian Hec - What did your lawyer say? I don’t think they have the ability to completely stop your title transfer but they can obviously delay it. Also, I don’t think they can add the tax lien to the bankruptcy. Definitely need a lawyers help on this one. 

@James Wise - Here was a situation I used it.

I approached a couple that was 20 days away from the sheriff sale. They were 28k in arrears to the mortgage company. They also needed around 28k in repairs on the home. The wife was fighting to get disability approved and needed more time before they moved out. I brought the mortgage current and bought the home subject to. I gave her an extra 90 days to stay which was honestly stupid on my part but hey she was disabled.

It benefited me because I didn’t have to use hard money for the balance of the principal and now I had a 3.75% interest rate to flip a home. It benefited the seller because they got to stay longer, avoided foreclosure, and it helped their credit because of on time payments.

@Raymond Stinson - It shouldn’t be a problem. They are technically leasing the property during the option period. Lenders typically want to see rent roll and sometimes a lease which you should have for a lease option.