All Forum Posts by: Priscilla Z.

Yes, mortgage is staying in place, we will make payments to the mortgage....in a contract for deed. But if seller dies....what happens to the mortgage?

What happens with the mortgage that is in place in a contract for deed when the seller dies?

How do you protect yourself, or the end buyer (when wholesaling)?

Any input would be greatly appreciated :)

Example:

House is worth 100K
Seller owes 70K

Seller has 30K equity.

For traditional wholesaling, yes, there must be equity.

After you master your market, you can begin structuring deals that have little equity, no equity, or are even upside down -- but that's for later.

For now, concentrate on learning about equity and your market.

You can buy lists of properties with equity in your market.

Oscar Martinez, WELCOME!

Sounds like you are on the right path.
Rich Dad also got me into real estate.... but it was up to me to keep going. So stay focused!

To your success!

Raden Mantuano

IMO means - In My Opinion

You don't have enough information to determine equity.

Josh Randall

Thanks for the offer Josh! But I found on that worked out for me....and get this, even after I went through the trouble of getting one then they ask me for a letter on my company letterhead with member names and percentage of ownership.

These banks are amazing sometimes.....I'd much rather deal with private sellers :)

I've double closed on two HUD homes with no problems. Who told you that you can't double close on it? The title company? Or a Realtor?

Be mindful of who you get your information from. Talk to the title company and tell them that you want to sell it right after you buy it, they should have no problem setting up a second closing for your sale.

Unless the laws are different in your state, but I have been successful in Florida.

Thanks Wayne. I found a single person LLC sample online which is less wordy than all the others. This better turn out to be a good deal! LOL :)

Exactly what I thought too, but nope, I have been forwarded the emails and they are specifically asking for an operating agreement.

I have been buying short sales and REO's for a while now and have never been asked for an operating agreement. I now have a BOA short sale asking me for one like NOW. I've googled them....to find 15+ page documents.

Does anyone have one that they can share with me? I am a single member LLC in Florida.

Thanks.....