Posted by Craig CO on March 12, 2002 at 20:33:21:
I’m in Glendale, just outside of Denver. I haven’t attended any Carei meetings yet, but plan to attend Bronchicks’s class on Saturday. Where are you in CO?
First Deal ? - Posted by Cindy
Posted by Cindy on March 11, 2002 at 02:07:04:
I have been studying and we are moving so I figured I should make this my first deal and carry the contract on mine. We’ve had 18 calls in two days and 3 serious buyers in that time. One potential buyer wants to know who gets the tax-right-off on the interest. And, do I go ahead with this even though my conventional loan probably has a due on sale clause. Thanks in advance!
Re: First Deal ? - Posted by Mike Daly
Posted by Mike Daly on March 11, 2002 at 07:27:11:
It depends how you sell it – if you sell it as a lease option then you’re still the owner. If you sell it on a contract for deed, then the buyer is the owner – and then he gets interest right off, and this would trigger the due on sale clause. Due on Sale is very rarely a problem, but since it’s your name on the loan, you may not want to take that chance.
If it were me, I wouldn’t sell my personal residence on a contract for deed unless the buyer was putting down a large deposit (at least 10%) and wasn’t happy with just doing a lease option.
Re: First Deal ? - Posted by Cindy
Posted by Cindy on March 11, 2002 at 14:14:30:
Thankyou for your help! I’m curious, how would you sell you personal residence, creatively, of course? If the answer is LO, could you tell my the benefits? TIA
Re: First Deal ? - Posted by Craig CO
Posted by Craig CO on March 11, 2002 at 22:05:57:
Cindy, I sold my personal residence a few years ago by L/O and it worked out great. The deed was in my name so I continued to receive tax benefits for the life of the 2 year lease. I’m also selling a 2nd residence right now with a L/O deal. I got $5k up front, receiving about $200 positive cash flow per month and will receive about $15k in 12 months when the tenant/buyer purchases the house. So, based on my experience with L/O your personal residence, it’s a great way to go.
Hope this helps. Craig.
Re: First Deal ? - Posted by Mike Daly
Posted by Mike Daly on March 11, 2002 at 18:36:07:
I personally wouldn’t do anything that violates due on sale when my name’s on the loan, so I’d either sell L/O or the traditional way and get cashed out. The advantages of L/O is you get a much larger buyer pool than you do of loan qualifying buyers, and you get a somewhat higher selling price.
Re: First Deal ? - Posted by MicheleCO.
Posted by MicheleCO. on March 12, 2002 at 23:35:58:
I moved to Windsor in July, but lived in Thorton for years before that. I am just southeast of Ft Collins now. I love meeting investors from my area! I attended that same Seminar 2 months ago. You will learn some, but it is very basic. Network, Network, Network. If you like you can always E-mail me. The next Carei meetin is the last Wed of this month. Look forward to meeting you. MicheleCO.
Re: First Deal ? - Posted by MicheleCO.
Posted by MicheleCO. on March 12, 2002 at 18:17:13:
Where in Colorado are you craig? Do you attend Carei meetings?
Michelle in CO… - Posted by Craig CO
Posted by Craig CO on March 13, 2002 at 10:02:18:
Michelle, I tried to send you an email, but the message bounced back. Is that your correct address?
Craig