All Forum Posts by: Tyler Sterns

If the property will be your homestead, your wife will have to sign off on the mortgage. She does not have to be on title. 

Hard money loans tend to be short term. Typically 6 months to two years. Do you have an exit strategy? If you can't get a traditional lender right now, how confident are you that you can get a traditional loan in that time frame in order to refinance?

How much is the sale for? Title will take 4-5 days and Baltimore is supposed to get you the lien cert back within 7 calendar days. They will not do a rush on a lien cert.  

It depends on how they are titled. An affidavit of affixture will convert the mobile home to real property and title would transfer like any other real property. 

How much equity is in the property? If the first investor subordinated, would he still be adequately protected? If so, maybe you could offer the first investor some sort of financial incentive to subordinate. 

Yes, I am fully aware of the costs of a real estate settlement. That’s why I said that he would have his own closings costs. 

 Miami, Broward, Collier and Sarasota are the counties where it is customary for the Buyer to pay for the closing costs. 

Palm beach County it is customary for the seller to pay “closing costs”.

Just keep in mind that even in the counties where it is customary that the Seller pays, you will still have your own closing costs. That is especially true if you are using financing. You will be responsible for the lenders title policy and endorsements, and documentary taxes and intangible taxes on the mortgage. 

Everything is negotiable though, you can alter your contract however you like. 

In most counties in Florida, it is customary that the seller chooses the title insurance company and the seller does in fact pay the Owner's title insurance policy. The buyer remains responsible for the lender's title insurance policy and typically the mortgage fee that the title company charges.

However, in Miami-Dade, the buyer typically chooses the title company and pays for title insurance. 

This is all negotiable though. 

I look forward to meeting everyone as well. I am originally from Florida but recently returned after living in the Washington, DC area. I'm a real estate attorney who was representing hard money lenders and real estate investors up in DC. 

I am now operating a title company in the Ft. Myers area. 

Looking forward to meeting other investors. 

Generally speaking, it may be hard to find a HML who loans with no money down. They usually want their borrowers to have skin in the game.