Posted by MPeezy on July 27, 2009 at 18:55:47:
A potential solution is to have the seller deed the property to a trust, then assign their beneficial interest in the trust over to you (or an entity you control), which should get around the DOS clause.
How to do this deal? - Posted by Dmac
Posted by Dmac on July 27, 2009 at 13:41:13:
I?m looking at an owner finance deal on a duplex. The owner owes 80k on the property. They are willing to sell the property to me with a down payment and take over making their payments. My question is how can I safely do this without getting a new loan. The property will cash flow my concern is that I make the payments for 5 or 10 years and the original owner tries to reclaim ownership. Please Help.
The have 2 available. Should I do both?
Thanks
David in Texas
Re: How to do this deal? - Posted by Jeff
Posted by Jeff on August 16, 2009 at 16:15:51:
Hi David,
You can also just use a contract for deed to buy it. Its not as save for you as it is for the seller but in case your not really experienced with being a landlord and really running the numbers to see if it cash flows it can benefit you on your end by allowing you to get out of the deal more so easily.
Re: How to do this deal? - Posted by Greg in Dallas
Posted by Greg in Dallas on August 03, 2009 at 14:52:04:
To do this deal properly, you can buy it subject to or with owner financing where you make your payments directly to the bank and the seller has a performance mortgage in place so that if you don’t make the payments they can foreclose to protect their credit rating and take the property back.
Just order a subject to training course or get a mentor on the subject and then buy the house subject to.
Most title companies will know how to structure everything for you.
If you need further help, just give me a call 972-642-6600 or visit our home page
Best,
Greg
http://www.REITC.com
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