All Forum Posts by: Priscilla Z.

Michael: I will have a purchase contract with the seller for 80K, of which 10K are going to her and 70K I will be taking over via agreement for sale.

Then I will find a buyer and sell it for 95K with 25K down of which 10K will go to the seller and 15K to me and 70K will be taken over via the agreement for sale.

The 70K will be wrapped in the sale, and I can do an assignment or double escrow.

This is how I plan to do it. I just heard from the seller yesterday, and she accepted my 80K offer taking over the 70K and giving her 10K. Now I have to sign all the docs and verify the mortgage info.

A little nervous if you ask me. It would be my first time doing this type of transaction.

Marie: At this time in my investing career I rather get 15K and be done than take the risk of making monthly payments, paying the seller and hoping to sell retail sooner than later.

This deal is perfect for a season investor that can put a tenant/buyer for 3 years at 130K-140K and take the risk and wait, or it would be great for a long term landlord investor that will fix it quickly, and just rent it for some cash flow and future appreciation.

Michael, no I'm not using a performance contract, just a regular purchase contract. What would be the advantage of using a performance contract if you don't mind?

I'm buying the house at 80K of which I take over the payments on the 70K mortgage and give 10K to the seller, but the contract is assignable, so I'm selling at 95K with 25K down of which 10 is for seller and 15 for me and 70 are taken over.

The buyer would be substituting me.

Thanks Mike for your quick reply.
I was planing on selling it to someone who can put a $25K down, and take over the mortgage on a contract for deed. I didn't know I could verify credit & background just to satisfy the seller. Good idea. I just think that 25K is enough security not to mess the deal up, but of course, the seller only knows that she is getting 10K and that might not be good enough.

I offered her 80K with 10K cash at closing and 70K take over the payments. She accepted but has too many concerns about the liability of being in the mortgage, she even asked for references, company ein, and I provided her everything. This is my concern, how do I address the fact that I will be assigning this to someone else, and that end buyer will be on the Contract for Deed, not me. I don’t want the seller to freak out at closing, asking who that person is?, and then walk away.

I'm with Kama on this one. I wouldn't have my first rehab be the one I'm going to live in....your "dream" house can quickly turn into a nightmare....TRUST ME.

On another note, is the wife into real estate and rehabbing? Because it can be a headache when you are working with that 100K and need to fix structure/foundation issues (just an example) that are going to eat up the budget and she has that money allocated elsewhere. Issues always come up in rehabs that you didn't expect...

Now, with all this said, I wouldn't have my first rehab be the one that I'm going to live in BUT....

I am living in my most recent rehab. It's actually pretty cool -- I know exactly what's behind each wall and that things are done correctly. Just temporary until I rehab my "dream" house....

I'm talking to myself now! Feel like I'm in school trying to get the right answer....so how about

PROBATE ORDER ADMITTING WILL

That's when the will is filed to go into probate, right? On my county's website there's a legal description on the right column, that should lead me to the records that have RE?!?!?

Hahahaha thanks Steve....

Oh I have missed this place, forgot how much fun Biggerpockets is!

BUMP!

I read through this post and I'm interested....but seem to need some guidance. I know how to work my county's website and I was wondering what "document type" I should be looking for as far as probates?

By the way, these are the choices I have:

(OAPR) PROBATE/GUARDIANSHIP ORDER APPOINTING PR/GDN

(OAW) PROBATE ORDER ADMITTING WILL

(ODPR) PROBATE/GUARDIANSHIP ORDER DISCH PR/GDN

(PBO) PROBATE/GUARDIANSHIP MISC ORDER

(PTPR) PROBATE/GUARDIANSHIP PETITION DISCH PR/GDN

These are some "trust" categories:

(TRNOT) NOTICE OF APPLICATION
(TR) TRUST

Dustin Johnston Thanks Dustin. I'll update you all and let you know how it goes!