All Forum Posts by: Ram Gonzales

Do a wrap. Include balloon payment after 5 years. Get a big downpayment so that the buyer doesn't end up in the same situation 5 years from now. I'm in San Antonio. I've done lots of subtos and wraps. I've also been in a similar situation in the past and solved it with a wrap. Either way, run your proposed solution through an attorney. Happy to chat more if it would help. 

What are the numbers? Value of land? Is there debt on the property or are you doing all cash?

Yes, always do a POA. Also, get all personal info (DOB, SSN) from the seller in case needed when talking to lenders, lienholders, etc. Finally, always get the credentials to access the mortgage account online and change the email notifications to your address. Bottom line, make it so that you never need the seller again after the transaction is closed.

Thank you Kevin. This is very helpful. I wasn't sure how much to expect from the title company in resolving this. I'll see what I can get out of the seller.

I'm working on purchasing a property. An original purchase loan was taken in 1998, which was refinanced in 2004, and then again in 2005. The title company cannot find a release for the loan from 1998 and says they need proof from the seller that it was paid. He says he doesn't have anything since it was so long ago. I'm trying to track down the title company from 2004 (which looks like it may have since closed). The 2005 loan shows it as a first lien so I assume they cleared the history somehow but they are unwilling to share the policy. The seller is not very tech savvy and is going through some life issues so he isn't being very helpful in this. He's content to just walk away and let the bank have it. My question is, shouldn't this be something that the title company should know how to navigate? They keep coming back to me and asking how I would like to proceed. I'm thinking of switching to another title company but I'm not sure if that would just waste more time. Auction is in January. My lender is otherwise ready to close. We just need this release.

Just to clarify, there is no limit to what you can raise as a nonprofit but, as Shonda mentioned, you can do a simplified filling if you intend to raise less than 50k a year. If you end up raising more, it's not really an issue. You just file more paperwork.

I led a redevelopment nonprofit for 5 years. First, don't limit your vision to your bank account as a nonprofit. Dream big, tell a good story, build relationships, and the money will follow. Most nonprofits start with nothing so you're already ahead of the game. Happy to talk through some options.

@Greg Kasmer Very helpful. Thank you. I'll do some additional digging in the comps with that lens in mind and report back. 

You wouldn't be in second. You'd be in first lien position. The "second" would be held by the investor (me in this case).

Hi Pat. Thanks for the reply. Yes, I'd love to chat more. I'll DM you.