Thanks a lot Dustin! I really appreciate your advise. I’ll try to do just that. If he doesn’t want to do this I understand its better to just let go. So far nothing has been signed yet just discussed. I do have a few other questions though. Under the (LTD)living trust can the (trust) be put into the name of a relative under the age of 18 legally in California? This person would this become benificary of the (trust) monitored by the trustee an adult. Or, would this situation fall under the PAC Trust? If so, Please explain: I don’t know any thing about the PAC Trust or how it differ from the LTD. Anyone out there that may know on this board or any other please response."Thanks)
Ok, just got in this biz and I rip’roarin’ ready to go. And my vehicle of choice…The PACTrust concept. With all that it has to offer and the headaches it saves you from, why would you NOT use it as your primary tool in REI?
This PACTrust is just simply unbelievable. All my RE dreams WILL come true.
I just found this message board. I live in southern
California. What is the PAC Trust? Is it similiar to
the Land Trust Deed? I’m new to investing in investment
property. However, I have a seller who is in
the forcloseure process who just wants to get out. He
is willing to do a land trust deed with me. But, I’m not sure which way to go. He owes $10,000 in over due p
payments.He doesn’t have much equity in the property.
The remainer Note is $132,900 and recent sales in his
area average $120,000. I am willing to take over his
payments which keeps me from having to qualify. But,in
order for me to get a return on this investment I would
have to keep it until the property grows. The asking price is really to high (retail)on the oringinal loan.
If I wait until the auction to buy at a discount, I would have to qualify and pay the full mortgage at the auction. Which would mean I’d have to get money from someone to close this deal? What would you do in the same situation? Note: The property is not run down, its in good shape.I know this sounds against the rules, but here in California the prices are inflated. If you want to own property even as an investor you pay more than anywhere in the country for what you get. “Thanks for you suggestions I really appreciate it.” Help immediate response Please…
if he wants out of the house…it sounds to me like a pretty pricey venture for a "motivated selle"r. Tell him that you will take over his payments on his existing mortgage and get him out from under his house, if he gives you a note for the amount that he is past due ($10,000) payable maybe in semi-annual payments. Maybe you could even tack a little interest on it.
This way you get the property at effectively 122,900. You get a descent price and he avoids putting a foreclosure on his credit. just an idea
Thanks a lot Dustin! I really appreciate your advise. I’ll try to do just that. If he doesn’t want to do this I understand its better to just let go. So far nothing has been signed yet just discussed. I do have a few other questions though. Under the (LTD)living trust can the (trust) be put into the name of a relative under the age of 18 legally in California? This person would this become benificary of the (trust) monitored by the trustee an adult. Or, would this situation fall under the PAC Trust? If so, Please explain: I don’t know any thing about the PAC Trust or how it differ from the LTD. Anyone out there that may know please response."Thanks)