Posted by David Garcia on September 12, 2003 at 14:03:04:
You dont need to tell the lender about the title change.
Regarding insurance, have the seller sign a letter stating that he wishes to change his policy to a landlord policy.
I have all the paperwork to close these type deals. I also provide mentoring.
Sub2 help - Posted by Mark CO
Posted by Mark CO on September 10, 2003 at 12:51:57:
I have recorded a general warrantee deed to a house in my name thinking I would get quick financing in my name and satisfy the seller?s loan. Now he (the seller) is willing to stay on the loan for a year. Can I fix this situation so as to do a real sub2 using a land trust and my llc, just like Bill B. suggests in his CRF course? How can I “fix” this if I can?
Thank you!
Re: Sub2 help - Posted by David Garcia
Posted by David Garcia on September 11, 2003 at 20:23:10:
Fix What??? This is exactly what you want in a subject to deal. The owner does not mind remaining in the loan. Now you just sell Via Contract for deed. You now sell for a higher sales price, interest rate & payment. You make the balloon payment for a year then get cashed out by your buyer. You then pay off the balanve owed by the seller.
Re: Sub2 help - Posted by Mark
Posted by Mark on September 12, 2003 at 11:02:30:
I guess I was thinking in terms of hiding it from the lender. I need to get insurance on it.