Robert McWhirter
Active 6 years, 4 months agoForum Replies Created
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Paul,
Am I correct in thinking this is in a MH park and has to be moved, other wise why move it?
You’re correct in that there is much more paper work involved with moving it to another location.
What if it gets trashed in the move? Will the current lender (if you do a subject to) accept that it is being moved?
Is it still new enough to get insurance on it or maybe it’s cheap enough that you “fly naked” on this.
SOL? your definition?All the Best,
MAC
DLG, that happened here in Florida along the Gulf Coast where the county appraisers (back in 2004-2009) appraised the beach area motel owners as “highest and best” use of their land. So all those 1950’s & ’60’s Mom and Pop snowbird motels that had been appraised at $200 – $300 Thousand dollars were bumped up to a Million$$ or more because it could be a 12 story condo building. Sell out or lose it to taxes. Now you can drive Gulf Blvd. from St. Pete Beach to Clearwater Beach and not see the water or sunset anymore.
There were high paying jobs, er, well there were jobs that payed a good wage with lots of hours, but the Fracking Crash put the kabosh on most of it. Boom times going Bust, that’s the commodities economy. Oil just dropped another few dollars per barrel and the Hedge Funds are lining up to scavenge through what is left of the drillers.
Nick, unless you actually give some money for the option premium it technically is unenforceable if the seller sells it to someone else. A purchase contract is basically the same thing if worded correctly, but the 8 or 10 page realtor contracts usually state that they won’t be recorded. Hope this helps.
Joli,
Transactional Funding is a good way to build a nest egg with IRA money as you can grow
it tax free if it is a Roth IRA. I have a standing account in escrow at a title company that I funded
for a very active wholesaler and all the closings are done at that title company under a JV
agreement among the three parties(lender, wholesaler, closer).
Most TF’s are straight loans for points and interest whereby the borrower pays back more
than the proceeds of the loan. Each time a new loan is originated for the middleman, if it is recorded,
recording fees and “doc” stamps are incurred. Also, you have to be careful that this doesn’t become
your main business as the IRS and a few other bureaucracies will require more disclosure and
documentation of each transaction. Anyway, it’s a good stream of income to compliment the others.MAC
H,
I agree with Don that just because it is listed doesn’t mean you can’t offer to purchase it.
If the “Principals” will negotiate with you directly then you might have an easier time of it.
If you want to use “creative financing” or work in a master lease to control the property for
a sale down the road then the commission owed could be covered up front at a discount
by someone’s IRA.Mike,
I think it’s a waist of time to dwell on what is instead of what could be.
It’s listed for three more months, what is the market like for that type of house in that area?
Some would call this a learning experience(read: SEMINAR), so be it. Sell the place by the
fastest means possible and get on to the next one with a fresh understanding of marketing.
It’s events like this that produce the “battle scars” that add to the ambiance of the networking events.
Might even get you a free beer! All the Best.B,
The premium for the option should not be considered insurable. You are reserving a right to purchase, but not an obligation.
Even if the place became uninhabitable you would still have that right. If the location is in a good area you could exercise the
option after re-negotiating the value of the property and maybe put something better on it, or flip the option to someone else.HC,
I believe anytime you are dealing with a buyer that will be an owner-occupant the Dodd-Frank rules will apply.
It’s fantastic that they can put up 60% equity for the purchase. Do you know any mortgage brokers that would qualify
them and do all the paperwork for you? Are you flipping this house or just putting a shout out to investors?What is your exit strategy? You have a signed and notarized deed to you and until it’s recorded it is still the seller’s responsibility.
You are concerned about the bank calling the Note which seems unlikely if the payments and taxes are current or brought
current before a “lis pendens” is filed to commence a foreclosure. You want to pay the underlying mortgage with the new buyer’s
payments to you. Is this property the Homestead of the seller or investment property? How will you protect the seller’s interest
until title transfers to the end buyer? Is this a judicial foreclosure or a trust deed jurisdiction? A Land Trust may alleviate some
of these problems. Do you have knowledgeable investors in your area to confer with before proceeding? All the Best.Since time is of the essence here, perhaps you could buy an option for the amount of taxes owed. That would give you breathing room to lease the property to fix up or find a rehabber to flip it to. You didn’t mention if the house was F & C or had any liens on it other than property tax. Be careful about wrapping an underlying mortgage to an owner occupant, there are many steps to that dance under Dodd-Frank.
