All Forum Posts by: Stan Plebanek

I think I saw this topic discussed a while back, but I can't find it. I would like to have my new tenants agree to an auto draft from their checking to pay their rent in a timly manner. My bank said I could not do this directly since their names don't appear on my account. Has someone done this and how?

This is only my opinion, but the exact situation you described is were I think many first timers should start. If you feel safe there or have someone who will manage in that area. It gets your feet wet. Find out what this rental business is like.

We have bought 6 similar homes in Omaha at just slightly lower price and rent points in Omaha in the last two months.

I listen to a few Guru's podcasts. Not to buy their pitch, but to pick a few good tid bits along the way that I might use. I am stuck either at a desk or in a car all day. Looking for something new to listen to. Got anything local that you like? The Android apps really make local nationwide.

Also, does anyone know how to get the interviews on this site into my iPod?

Thanks,

Stan

Just looking for a real walk-through of the process once you and the seller agree to do the deal until that "subject to" mortgage is paid off.

I know that some of you have done these. I don't believe they are urban legend.

What is your real goal here?

Busy night on the forums, Can believe the experst let this one slip on to the 3rd page without sharing their knowledge.

I have read many of the posts here about subject to deals. I understand the concept but would love to hear the nuts and bolts of the deals. I assume the contract says subject to the existing mortgage dated XXXX with a balance of approximately $X. Then when you get the title policy it has one exception for the existing mortgage. You get a limited poa from the seller to deal with the bank. You send the seller a 1099I to claim your interest paid and flatten their situation?

Is this pretty close or am I getting some of the details wrong?

I am partial to Omaha Nebraska. I have been investing in the marginal neighborhoods here. The locals seem to think it is the hood, but crime is nothing like the real metros. I can be all in between $25k-$30k with rents in the $750-$850 range. Omaha is very conservative so we didn't have the huge bubble and the unemployment rates are some of the lowest in the country.

Sounds like a special assessment.

Just Joined from Omaha