But he also owed the bank $40,000 that he stopped paying, the bank has not yet taken any foreclosure action on it, so I was told by my escrow agent that I can acquire this deal with a "Markeatable title" at this moment, but he can not insure it until I get a quiet title ?

But he also owed the bank $40,000 that he stopped paying, the bank has not yet taken any foreclosure action on it, so I was told by my escrow agent that I can acquire this deal with a "Markeatable title" at this moment, but he can not insure it until I get a quiet title ?

Get a call from my postcards and talk to seller2.Go see the house3.Negotiate a deal and make an offer4.Offer is accepted and I sign Purchase contract with seller5.Start Title work on property6.Send out information about the house along with comparables to my buyers7.First one who responds that they want the house I sign a contract with them (Assignment Contract) and have them send me earnest money check ($1,000)8.Buyer and I go see the house9.Buyer takes Purchase/Sell contract to Title co to start process10.Buyer sets closing date with title co11.If buyer wants to do an inspection this is done at buyer expense12.If buyer not happy with inspection, can back out but loses buyer’s Earnest money13.I have option at this point of renegotiating with seller based on inspection results or leaving the deal and my own Earnest money with seller and moving on14.House inspection is fine, Buyer and Seller go to Closing15.Buyer brings Cashier’s check to closing written out to Title co for amount owed to seller16.Buyer brings Cashier’s check to closing written out to Title co for amount owed to me17.Buyer brings Cashier’s check to closing with amount owed for closing costs18.Buyer leaves with title to property and Seller leaves with Cashiers check19.I go later and get my Cashier’s check from the Title Co.

Hey BPers...I'm looking at a multifamily in a C neighborhood where the owner owes 75k monthly PITI is $975 (at 5.85%) and she wants O-U-T. 

I failed to pay attention to whether or not the money was actually being withdrawn and once I noticed I owed $1800.

I wanted to pay off one of my rentals that I only owe 30k on to increase cash flow.

Interest only until maturity date but of course I'll pay both interest and principal..I also understand ill have more equity with the land plus the steel building vs the mobile home .

It is easy to just say that someone else in the long line of potential tenants got it first, they don't know each applicant's timeline.You do owe it to yourself to be choosy....what if someone passes your background checks but has gang tattoos?

At 15 years in, you're getting close to the point in amortization where you'll start paying more principal than interest.

The $4,000 x 75% = $3,000 has to be greater than your total monthly mortgage payment (principal and interest, taxes, home insurance, and mortgage insurance).