All Forum Posts by: Troy Durrette

Seller has a property he is trying to sell and does not know IF there is a morgage on the property. His son owns it but unable to talk. Dad has power of attorney to do EVERYTHING on the sons behalf, but not sure of ANYTHING about the house. He thinks it's paid off. Any advice would be great

Welcome to BiggerPockets every thing you need is right here, Ask away. I'll be in Buford next week. PM me, I'd help where I can, I'm no PRO, but some insight can be helpful. Good Luck

@Kevin Wisener everything you may need is at your fingertips now. Good luck investing. I'm no pro, but if there is anything I can do to help, reach out to me.

Welcome, you are in the right place. Feel free to reach out if you need to.

You are in the right place. I agree with both @Michael Evans and @Robert Lindsley Be VERY careful of the vultures. I'm no pro, but thinking maybe getting your feet wet with some investing and then become the bank, that way you have a little experience and understand first hand on what to do with all that money. Good Luck

@William Clement Homework is the important part, I've had a bump or two. 

@Michael Evans Thanks

@Michael Anderson Thanks

@Mark Holencik Do you plan to keep it that way the whole term?

@Scott Harper Buyers with lease options can and should file thier interest in the property with the county. Similar to putting a lien on a property giving everyone notice that YOU have some type of interest in the property. You will be notified if someone needs or wants to.

@William Clement Taxes and insurance are included in the mortgage. Renting for $1250, appraised for $142,000.00 I really wanted to express the creative financing and no money down deal. I've always had to dig into my pocket for SOMETHING, but NOTHING is very new to me. 

I'm very excited to share my first NO MONEY DOWN deal. I use to think they were far and few in between, or didn't really exsist, but it's true, they do. 

I came across an owner who was fed up with landlording, and the cost was starting to eat at her. She thought to just sell, but due to the existing problems with the house, a bad agents, fees, and other emotions, she decided to sell to me after two months of talking.

Terms: 15 year lease option, Listed for access to the mortgage so I communicate with them as owner, and filed at the county with owner interest. Mortgage is $620 per month, I'm paying $750 and all of it goes to the mortgage paying it off in 178 months. (If I choose) First payment due Jan. 1, 2017

Property is three months behind in the mortgage payments, so I'm paying directly to them setting up on automatic payment. Bank is willing to do a short sale, with a potential $20,000 discount, but the present situation is actually seems better/cheaper. 

What happen next makes it even better. Before all the documents were sighed, women called me asked it I had anything to rent, told her the address to what I was getting, so she drove by and told me she'd have a check for me Monday leaving me with money to paint and take care of what the owner thought was alot of work. 

This was/is an incredible journey. Not to mention they left stuff in the property the neighbors actually want to buy. If I didn't know any better I would think something illegal just happen. It's just crazy. I'm not that seasoned of an investor, so open for constructive advice and criticism. 

Welcome @Jon Nichols

Everything you need is at your fingertips. Good luck.