All Forum Posts by: T. Alan Ceshker

I have a lender that will allow the DTI credit with just having a lease in place -- ie no seasoning needed.  Having in LLC will not affect this.  But, you should always have your investment properties in an LLC for liability protection.

I am interested in hosting a meetup with focused topics each week.  I am interested in discussing RE investing including topics re: wraps/sub tos, assignment issues and the law, legal concerns re the TREC 1 to 4,  title and law regarding RE 101, etc. 

Good input by all.

I would add
- have the EM paid to you to reimburse for your EM paid -- or have yours released from title simultaneously
- make sure any option periods and close dates sync so you have time to terminate if end buyer terminates or defaults
- disclosing all to seller is great. Best to do this at beginning versus after assigned
- if you are making too much and cannot disclose, you can close via AB/BC -- ie double close

My $.02

We assist in closing dozens of sub tos and wraps every month. The DOS clause is a non-issue. Getting the correct home owner's insurance is more of an issue -- it must be put in place correctly to have the underlying lender accept it. Message me if you want information on these types of transactions.

I would be ready to acquire distressed properties via sub to or otherwise.

I would join in the meetups and can maybe present on topics such as: wraps, title in general, risk/liability avoidance, saving on closing costs, understanding the title commitment

Step one is the "do we really need to get attorneys involved" phone call to the GC.

Then - see if the subs have lien rights remaining -- per the required time lines.

Also - pull title early to see if any liens have been filed without your knowledge.  You will need this to sell anyways.

If you are to pay, never pay the full amount stated.

Last - use a title office owned by an attorney so polite but direct phone calls can be made if the liens are invalid or if there are other ways around the lien.

This is pretty easy/common.  The lender will need an affidavit of heirship and death certificate to allow the heir to have access.  Get the payoff and the refi can occur

Alan