All Forum Posts by: Tim Jones

GTS, then try a private eye!

Hello all,

I'm just starting out and would like to get some feedback from the pros...

I have a buyer lined up and I would like to take the following measures to sell a property. I realize this isn't the way I want to proceed in the future but I have a slim margin & would like to exit on the + side if I can. This is my first deal.... I welcome any and all input.

Seller financing on a $40K dirt lot (R-1)

50% down payment via wire transfer

2 year promissory note secured by deed of trust, notarized

A few different County forms to establish taxable value, change of ownership, a legal description of the property, etc.

Must I/Should I use a sales contract in this transaction???

On the promissory note what do I do with the Trustee language since I prefer not to utilize a title company. What do most seller-financed deals look like?

I used TransUnion SmartMove to do a background/criminal/eviction check. I also asked for the typical loan qualifying docs: 2 yrs W-2/taxes, 2 recent pay stubs, assets/liabilities worksheet, etc.

Thank you!!!

TJ

Hi Everyone,

I am selling a property via promissory note secured by deed of trust. At the present time I would like to sell directly w/o a title company. The seller is to wire 50% of purchase price ($40k) to my bank and sign the paperwork to finance the rest. My question is this:

 Can/Should I list myself as the Trustee as well as the beneficiary (lender) on the Deed of Trust?

Thank you!

TJ

Correction...

Not a QCD but rather a Deed of Trust, notarized

Thank you @Jay Hinrichs

You are quite right in that there is a period of time that the sale could be contested. They would have to prove that the County failed to conduct the sale (especially the notification part) legally. I spoke with the head honcho and she pulled the file to show me. There is 0% chance that they would win that case. Google searches indicate no immediate family so I doubt there will be any issues. I realize there's no such thing as 0%....

I have a buyer lined up and I would like to take the following measures to sell the property. I realize this isn't the way I want to proceed in the future but I have a slim margin & would like to exit on the + side if I can. This is my first deal....  I welcome any and all input.

Seller financing on a 40K dirt lot (R-1)

25% down payment via wire transfer

Quit Claim Deed, notarized

2 year promissory note secured by deed of trust, notarized

A few different County forms to establish taxable value, change of ownership, a legal description of the property, etc. 

Must I/Should I use a sales contract in this transaction???

I used TransUnion SmartMove to do a background/criminal/eviction check. I also asked for the typical loan qualifying docs: 2 yrs W-2/taxes, 2 recent pay stubs, assets/liabilities worksheet, etc.

Thank you!!!

TJ

Come one, come all. Let's socialize and put our heads together to motivate and mentor each other. Meet and greet at the Sizzler in Merced next Friday!

Realtors are more than welcome if they understand investors or are investors themselves.

Atwater, Winton, Los Banos, Le Grand, Planada, Dos Palos, Newman, Stevinson, Turloch, Ceres, Madera, Chowchilla

Thank you @Dominic Bouchard

Hello BP,

I am the new owner of an R-1 lot in California. The owner died a few years back and I recently bought the property at a county tax auction. The lot previously held a burnt-down mobile home which has since been cleared out with a demolition permit having been obtained from the county. I have buyers beating down my door but my title company says they won't touch it and that I need to do a quiet title action (QTA). I understand that there is a 12 month redemption period.

Has anyone been through a QTA in Ca and can you offer any insights? My buyers are aware and don't really care as they want to purchase it through me on a 4-5 year note and have it paid off before making any improvements (placing a mobile home).

I would like to do as much paperwork as I can and hire an attorney if and when needed. Any and all help is greatly appreciated.

Thanks,

TJ

Welcome Philip!

You've found a great resource on the web! Please be careful broadcasting your financials. There's a lot of great people on here but you might attract the wrong element with that approach. 

Another tip, make sure your using the keyword alerts available to you.

Best of luck!

Tim

Hi!

I have a 6000 sq ft, R-1 residential lot with utilities available. Do you have a mobile/manufactured home ready to be relocated? Maybe we can look at a joint venture rental?

TJ