All Forum Posts by: Ty Kirkpatrick

@John Longbrake

How much is the lot worth?  Do you have an appraisal?  How is your credit score?

@ Donna Allon

I have reviewed your deal on here.  I have a few questions.  If I put up $102,000 what's my benefit?  What's your experience?  I have some interest.  I am just not sure how your trying to get this deal done?  Am I putting up the entire amount of cash 

@Ehimen Sedenu

@william dubinsky

Please read my explanation above. I stated that a Note could be created from the Seller to Buyer in favor of the costs.  I would expect going in that the Note will not be paid.  However, if your not going to make enough money on the deal to cover up to a $5,000 loss then you should not do the deal. My opinion of course

I apologize for my lack of clarity in my previous response.  Please allow me the opportunity to clear this issue.

1.  We were purchasing a property with $30,000 in back taxes.  

2.  We assumed the financing from the Original Lender.

3.  The Seller did not have sufficient cash to pay back taxes and pay closing costs.  

4.  The Seller took a 2nd trust deed against the property in order for us to purchase at their asking price.

Solution:

1.  We assumed the existing First Trust Deed on the property.

2.  We created a new 2nd Deed of Trust in favor of Seller.

3.  Seller brought $15,000 cash to the table to pay for closing and down payment to the contract to pay the back taxes.

4.  We assumed the remaining taxes and brought $6,000.00 to the table for closing costs.

5.  Title recorded a amended tax claim in favor of the tax payment.

Deal closed 

@alex petrol, try Len, he will shoot you straight

Leonard Loprieno of L.L. Builders, Inc. https://www.llbuildersinc.com

Call Len and say Ty sent you!

@alex ferraro, only guy I trust in Chicago

Leonard Loprieno of L.L. Builders, Inc. https://www.llbuildersinc.com

Call Len and say Ty sent you!

@ Zack Park

Leonard Loprieno of L.L. Builders, Inc. https://www.llbuildersinc.com

Call Len and say Ty sent you!

@seth holmen

Leonard Loprieno of L.L. Builders, Inc. https://www.llbuildersinc.com

Call Len and say Ty sent you!

@sam h.

Leonard Loprieno of L.L. Builders, Inc. https://www.llbuildersinc.com

Call Len and say Ty sent you!

I am not sure about this one.  A customer has a property with a reverse mortgage.  It is 62% financed and I am looking to put 18% second.  I intend to get a legal opinion on the one, but just trying to see if anyone had this experience.