All Forum Posts by: Troy Gravett

Brian Sigmon once you have a signed contract between you and the seller, you can assign aka ‘wholesale’ that contract for a fee. You basically assign your rights to somebody else (investor) and they perform on the contract you negotiated. You do not need to get a loan or even buy the property, you are just selling the contract.

assign the contract right now for $230k and walk away. no need to get a loan at all.

If the option is assignable, you would just buy the option off of her and then exercise the option to buy the property.

check MH Village and other sources for comps and active listings, it’ll give you insight as to what it’s worth. As for exit strategies, you can fix n flip or sell on a note (seller financing, you are the bank). There is a great book on mobile homes called Deals on Wheels with some very creative strategies.

Try the bank and ask if they have any line of communication with anybody from the deceased family, and who is responsible for the mortgage payments? You can also look at local mortuaries or do an online search to see if you can find where the owner was buried and if they have an obituary. You may be able to find family member's names.

Just to clarify, the 1st is 700k and the 2nd is 100k? has the owner defaulted on the 2nd? if so, you can foreclose as long as you keep the 1st current. Or owner can sell since there seems to be equity and all the debt gets paid off.

Originally posted by @Bill F.:

@Troy Gravett and @Tony Figurelli  That is an idea that I hadn't thought of! What are the steps to go about 1. finding out if the loan is assumable and if it is, 2. assuming it?

You're not assuming the loan, you're just going to take over the payments. Most residential loans are not assumable. Loan remains in the seller's name while title transfers to you. You simply make the payments straight to the bank on the seller's behalf.

1) Find out the current PITI payment. Make sure it is not in default or you'll have to bring it current yourself.

2) What would it rent for after minor repairs? If the numbers make sense, you cashflow while renters pay down the debt.

3) Make an offer to the seller - I'll take over your payments and I'll take the house as-is. 

Are they current on the payments? if they have favorable loan payments you can buy it subject to, spend the 2-3k get it rent ready and rent it out. downside is you'll own a house thats under water but you'll get it for nothing down.

Chris E. maybe reach out to a title company and ask what the process is. First step i would think is finding out if there is a will or trust in place. This would at least tell you if there's somebody in line to inherit the property. If not i believe you have to go through probate. Never done it before but interested as well to learn the process. Good luck keep me updated.

have them seller finance the entire thing, but payments dont start until tenant vacates. no money sits in escrow and you're only out of pocket taxes, insurance, and eviction if needed.