All Forum Posts by: Max Mac Phail

@Phillip Dwyer Can I be added to that list as well please?

Thanks.

@John Jackson  Thanks for the advice, I already spoke to a lender about qualifying any offer.  Do you mean a concession as in, money at closing or off the list price?  Also, what is the wording that needs to go into the contract to avoid predatory lending?  I looked up about the whole contracts over 180 days and to set every contract for 179.  What does all this mean?  

I want to get out terms to people tonight or tomorrow, but want to have it worded properly and have a sample contract ready next week.

Thanks!

@John Jackson Not buying a new house, that is a few years off.  You are correct on NW ISD.  The whiteboard is cleared, I have a lot of interest in setting up a rent to own with people ready to pull the trigger once I can come up with terms.  

I appreciate the input!

Bill I would rather sell it outright, but need to explore my options.  The area is hot, I have spoken to realtors, lenders and title.  My ducks are in a row to sell outright, have title waiting for a contract.  I have an open house next week.

@brian Gibbons I have traded a few emails with John. This is a huge can of worms, that is interesting, especially since I don't mind holding the loan.  I will be renting when I go out of state, but this is my second time buying a house and selling on my own.  I am interested in learning how to do it as I would love to get investing as the demand for such transactions is more than I thought.  

Thanks for the input @Bill G.  I have a lender I am working with and will only take someone that can qualify within 6-12 months or get into a loan now.  I would prefer to sell more than anything, but exploring this option as that is what I have people asking about.  I have a buyers agent coming tonight, hopefully with a offer!

On this note, is there anyone that has successfully done a lease purchase or lease option in Texas that can offer a resource or a sample of the contracts to get this in gear as I have a lot of interest from people that want to LO.  The last thing I want is to end up in court for this.

Thanks

Thanks everyone!  An LO seems best, but they require a bit of cunning to be legal in TexasI don't mind holding the loan for 12-18 months or putting someone in then selling on the spread.

We bought the house with the intention of turning into a rental when we could refi out into a conventional.  The area I am in has a high demand for seller finance or LO's.  The downside I do not understand all of Dodd Frank.

@brian Gibbons Thanks for the advice, sub2 only seems good as an option to buy.  

Thanks @jeff bridges!  However, I'm not looking to buy a new house, moving out of state and need to walk away with a little cash.  

I am selling my house FSBO in Texas and have a had a few potential buyers ask if I am willing to seller finance. I am in a low equity situation and still need to be able to pull money out of it. Would this be a sub2 type deal or how do I structure it? Depending on the valuation, which is all over the place I have have as much as 15% equity to as little as 4.5% on an FHA loan. Listings recently seem to be pushing the higher end of the valuation.

Second part, Do I ask for the equity as a down payment or is there another time to ask. I also have a lender that is willing to work with me to pre-qual potential buyers.

Thanks