All Forum Posts by: Tyler J.

Tyler, dealers are probably conforming to the new requirements. You might be seeing an ad of a homeowner selling their own MH, they are exempt generally to some limitation. A Lonnie deal is pretty well out as you would be a non-owner occupied seller unless you use a mortgage originator.....not worth trying in my opinion unless it's a nice home and I'd want land as well....

Reading about them all night, i see that its not much worth it now.

Thanks
;)

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Originally posted by Will Browm:

In the past three months I have bought my first two homes (single story all brick ranches built in 1955 and 1954).

I know this is off topic, but buying your first 2 homes did you go through a bank? What kind of mortgage did you get on each of them? Just curious as I am about to buy my first.

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Originally posted by Bill Gulley:

If your property is non-owner occupied, you'll need to go to a mortgage broker to perform underwirting for the buyer and approve the note.

Seller financing has become very complicated, underwriting the the transaction is very important to stay away from preditory lending. This is really no longer a DIY matter with the new regulatory issues, you could lose your property if it is not done properly.

An attorney can provide the service required by law, but IMO MOST will miss the financing requirements to make the deal work.

IMO, there is no one on this site that can properly underwrte a seller financed transaction for a specific transaction, the best you can do is get with a local motgage broker and attorney to structure your deal in accordance with local customes and state law, one that is familiar with RE financing and that's hard to find!!!

Frankley, I am an expert in the matter of seller finanicing, but now due to loacal and state requirements, I can't give you advice pertaining to a specific transaction in your state, if I can't I doubt anyone can,so be very careful of the advice given on the internet or from old investors that claim to have an answer. I know that's not want you want to hear, but that is the current status of seller financing.

I just believe that if anyone says they have an answer, they are simply misinformed. If you have doubts, stay away from doing it is my advice.....

Thanks for the great info.

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Also- I assume you can rent the property to a tenant even though its through owner financing correct? How about selling it? If I wanted to sell the house that I was currently paying the lender through seller financing, how does that all work?

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I have been reading more and more about this and am trying to get a better grip on understanding it.

As a seller, how does it work when someone offers you seller financing proposal? Who writes up the paperwork? I read on numerous posts a lawyer can, but if you want to yourself you can? I also read that the title company will take care of it?

How do the mortgage terms work? I know they vary. Is something common a 30 year rate and a balloon payment after 3-5 years? Or sooner I guess it could be.

Thanks in advance.

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I see tons of Mobile Homes offering owner financing on CL and wondering how they can do it?

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Okkay... I was reading the SAFE HOME ACT off Illinois.... D'OH! I see that the SAFE Act really affected people doing Lonnie Deals.

What about work arounds? Does anyone currently still do these deals? How are you doing them?

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I have read through the Illionis SAFE Act and I really dont understand how it will affect doing Lonnie Deals? I plan on trying them out, but while reading back articles on them, I see that SAFE act being brought up.

What affect does it really have?

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Originally posted by Jon Holdman:

I know lots of RE investors like leverage. Me too. NOT for my residence, though. Having a place to live with no mortgage and no rent is a HUGE increment toward living off your investments. Buy a place you plan to die in. Make it the way you want. Pay it off. Don't use it for leverage. No rent. No mortgage. A large bill you just don't have each month. For me, that's better for my bottom line than a dozen rental properties.

What do you mean by using it as leverage?

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What do you mean by use your life insurance policy to fund repairs?

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All Forum Posts by: Tyler J.

Tyler J. has started 10 posts and replied 32 times.

Post: Doing Lonnie Deals and the SAFE Act?

Post: Buying Old Rental Properties for Cash Flow

Post: Owner Financing

Post: Owner Financing

Post: Owner Financing

Post: Doing Lonnie Deals and the SAFE Act?

Post: Doing Lonnie Deals and the SAFE Act?

Post: Doing Lonnie Deals and the SAFE Act?

Post: Who has become financially independent from Real Estate?

Post: 5 Common Sense Tips for Funding Your Investment Property Purchases