All Forum Posts by: Vanessa Ryder

PS  I am also assuming @JOSH ELIOT that there is no need to worry about LTV's (loan to value) as you seem to have a deal where the property would be well within the guidelines needed as you are getting it for way less than market value.

@JOSH ELIOT what is 42%? Your current quote? If so try some other banks that go to 43%?! In the meantime ask your existing bank or broker what number you could get as a loan of you were at 43% versus 42! They should have he calculations available and at least it will give you an idea if it can make up the difference and help get you to $450k for dad. 

One more idea. The bank typically requires a minimum debt to income ratios. Different banks have different allowances. You may get slightly more (up to the $450 you need) from another bank.. (Vs the current $430). Find out what numbers they are using, and if it's say a 41% debt to income ratio allowed, find a bank that allows a higher ratio and hopefully you can make up the difference as $20 over 30 years is not that much. Another idea is to use the $430 to buy the house and get a Home Equity Line (you said there is a ton of equity) and pay dad 20k from that. That way you keep the 20% down etc.. Check your total payment and make sure it's within your comfort zone. Last option is to pay dad $430 and figure out a way to get him his other $20 outside of the bank loan. Maybe he will agree to finance the last 20 to you if all else fails. Good luck! ;)

I also came across John Fedro but he will charge you money to work with him if you want to go beyond the free you tune clips. Others I know who do it and are successful all did "Frank and Dave's" boot camp. It's a weekend long. $2K I think but you can double up with someone and split it. There is also content they have online that is cheaper.. Videos Etc. Good luck! Great cash flow.. There is a reason Warren Buffett owns about half the mobile home parks in this country..

thx @Rick H.! Duh..! ;) on my part! 

PS Last question! How does the possible claim trigger probate? 

The trust is the legal owner (until someone proves otherwise) 

Doesn't trust bypass probate? I am in CA. 

@Rick H.

Hey there Rick! Firstly I so appreciate ALL your responses on these topics.. THANK YOU!

OK two questions.. Why cant the Trustee of the trust pass title? The trust is the legal owner. The trustee is trying to sell it.

Need to speak to my Title rep, but also not sure why it can't be an insured sale. Is this because someone is making a claim against it? You mean if there is a lawyer involved it could cloud title even though the Deed is clear as to who owns it?

Thx!

@Dave Toelkes thx for responding! 

The aunt is not on title. The trust is, and I think they are doing exactly that - selling off to pay the lender.

I am still confused why a claim from another family member (who is not on title), means it goes to probate...but the other agent may have it wrong, so lets see what she finds out tomorrow.

SO I am negotiations on this property. Listed for sale by the Trustee or the Estate of the owner (who passed). Now my RE agent told me that the aunt/ caretaker of the owner (who was living in the house), which is also in foreclosure, has decided she owns the property (without giving any proof) and has now hired a lawyer so apparently now it has to go to probate? 

She is not on title (the Trust is), so I am confused. 

1) on what grounds she can claim ownership? Unless its a lawyer feeding her hopes, but what's in it for him??!!  (she hasn't given any documents substantiating her claim, and is not on title) 

2) IF it goes to probate court, is it so the Judge will decide who gets the house?

3) Where does the probate "overbid in court" piece fit in? As the buyer, will it all happen at once the day the Judge decided who has claim to the property, or separately?

Would appreciate any and all input on this!!! Thx!!   

For all you Landlords out there.. What are your thoughts on Section 8 properties?! I had a friend that had a building with section 8 tenants and he loved the stability of the rent coming in.. but sure there is lots more to add to this perspective... Would love anyone's thoughts..! PS I am in Los Angeles.. Thx!!

If seller is that worried about CG you might even see if they are willing to explore seller financing. Then they get a steady stream of smaller payments (i.e. Minimize CGT) for as long as they negotiate. Depending on their stage of life this can make a ton of sense, because yes, a bunch will go in taxes especially if they are at 100% equity. Always think about what problem they need to solve and approach your solution from there.. ;)