Tell me how RW - Posted by Mark

Real Estate Investing Real Estate Gurus
1

Posted by Mark on March 06, 2001 at 14:11:58:

Thanks to Stu and you Russ for the help and insight to go online like you have.This solution as Stu mentined is about what I thought ,spouse and L/O so I think stu is right on the $.

Stu ,you are right about not wanting to put alot of money into this ,thanks for reading between the lines.But to take it a little farther I would like to walk away all together,as I have found mixing personal and business can be the start of a lot of other problems.With having dealings with both it’s hard to turn them down but still keep a working relationship with the Loan officer part.

I think the L/o is the best tool to use in this case so thanks for the reply.

ps. I think there are others here that should forget the BS and put these talents that are present to good use.

Mark

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Tell me how RW - Posted by Mark

Posted by Mark on March 06, 2001 at 10:57:21:

Have looked at all the other posts and tend to agree with George.

So here is one I’ve been looking at for a couple of weeks Russ.

House is in a growing area semi suburbs bordering the New River National Park, Fayetteville, WV. 3/2 wfp on 1 acre ,new in 98. comp at 125-140k owed 110k ,payment is 776 and is current, taxes are 800 py , comp rents are 550-700.Bank financed on 2nd year of a 30 yr. note.

Listed by agent not MLS.Divorce decree demands it be sold,husband make payments till that happens ,wife lives in the home till sold.Husband willing to give it away wife wants 140k will reduce price to 125 next week.

Here lies the problem ,husband’s name was removed from the deed via qcd but not the note.Wife is the loan officer at lending bank, maybe this is relevent maybe not.

How can a deal be made on this one ?The husband is very easy to get along with but does he have any say so in the sale? Wife is seeing dollar signs in her sleep I suspect.

Normally I would’nt even talk to them but both are well known to me and have did a few deals with both,the husband in my trucking company and the wife in a few loans.So they have been bagering the beejesus out of me to help them out.

so your input would be greatly valued,
Mark

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Re: Tell me how RW - Posted by Kevin - Whitney Trainer

Posted by Kevin - Whitney Trainer on March 06, 2001 at 14:42:02:

Mark -

I’m Kevin Wessell. I teach the 3-day Lease/Option, Purchase/Option training camp for the Russ Whitney group.

The feeback from my friend Stu Silver - who has responded to you is very appropriate.

Here is another solution:

After time, the owners may become more pressured to sell. The one living in the property may not be able to afford the payments on her own, etc.

  1. Put the property in a land trust.
  2. Have her switch the “beneficial interest” in the trust over to you.
  3. You will now own the property but the ownership transfer will be private.
  4. You will, thus, be acquiring the property for nothing down…the owners will not make a profit but will get the burden of the payments off of their shoulders.

So, I would try Stu’s suggestion first, then try this one if the sellers get more motivated to sell.

I know this may sound involved…but it’s really quite simple. You may have questions about this, Mark. If you do, and they are relatively brief, you can e-mail them to me at Kevin@presidentialservices.com.

All the best to you.

Sincerely,
Kevin Wessell

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Re: Tell me how RW - Posted by Stu Silver

Posted by Stu Silver on March 06, 2001 at 12:52:38:

Hey Mark,

As an investor, trainer (lead instructor at Russ Whitney’s Millionaire U Boot Camp), and auctioneer, I have experienced similar siutations. One spouse is motivated seller and wants to get off the mortgage - other spouse in no hurry and wants every last penny (especially true if unmotivated spouse is still living in the house). By the way, I have seen this situation with either spouse still living in the house, but it is more common for wife to remain, with the kids, if any.

Keep in mind, if 110K is still owed, that that is probably your bottom line on buying it. Most people don’t want to pay to sell.

You say comps are 125-140K, and it appears like it is listed at 140K now, but will be reduced next week to 125.

Therefore, it seems the most profit there is in this deal is 15k - closing costs, and holding costs could eat most of that up, so be careful! It sounds like you want to volunteer help, but not money.

Probably the best thing to do, with the least risk to you, is a sandwich lease/option.

You get a lease/option from wife at $110K, with a payment that will break even each month. Then you turn around and lease/option the house to someone else, at a slightly higher payment, at a price of $125 - $140K.

I would put an inspection period of 30 days into the deal, and advertise the house for lease option during that time. If you get lots of takers, you’re on the right track. If only a few call up, and none are seriously interested, exercise your inspection contingency and walk.

In this case, you have to deal with wife. She is in sole ownership. If you make an offer that hubby wants to accept, but wife doesn’t, all the hubby can do is apply to the court and try to force the wife to take your offer.

Hope this helps,

Stu Silver, CCIM
Registered Real Estate Appraiser
Licensed Real Estate Broker
Licensed Auctioneer
Licensed Mortage Broker
Certified Exchange Consultant
Instructor at WIN

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Re: Tell me how RW - Posted by rw

Posted by rw on March 06, 2001 at 11:16:34:

Mark,

I’m going to pass this on to one of our trainers. I am forwarding it to Stu S in Florida,and pro with questions like yours,and to Kevin W. in California.

Let’s see what they give you… Look for your answer within the day…

Hope we are able to assist you.

Russ Whitney

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Re: Tell me how RW - Posted by Bob’s Teacher…shaun

Posted by Bob’s Teacher…shaun on March 17, 2001 at 11:02:20:

Who is William Bain at http://www.williambain.com/
and how has he been “involved with the Russ Whitney companies” for 12 years. It looks like he is selling female viagra (spanish fly) on his website.

Is he one of your millionaire students? haha

He sent me several insulting emails questioning my IQ. I do not want to buy the Russ Whitney rei course, but I may be interested in the female viagra (spanish fly) that William is selling on his site! Vavoom!

ps, i am not john reed

Dated : March 05, 2001 at 17:55:28
Subject: Re: Russ Whitney Revisited

Shaun,

I have been involved with the Whitney Companies for over 12 years and know of
hundreds and hundreds of successful students. You say that you have exchanged
emails with SEVERAL of our students… who? Give me a name or 2, I’ll tell you
if they are actually our students. If they are, chances are they are not liars,
and wouldn’t have any reason to “run like rabbits”. I used my personal email
address in this post rather than a company email. Awaiting your reply.

Bill Bain
Cape Coral, FL

Reply Reply All Forward Delete Previous Next Close

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Re: Tell me how RW - Posted by Mark

Posted by Mark on March 06, 2001 at 14:52:49:

Kevin Thanks for the thought, because I know how trusts work but am not real clear on how to establish one, Have used a lot of the more creative methods that get talked about here but hadn’t even thought about using a trust.I like that alot, it might be the tool to use to distance myself from the parties involved.

You guy’s are great for taking the time to answer,

Thanks and Best Wishes Always,
Mark

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Re: Tell me how RW - Posted by rw

Posted by rw on March 06, 2001 at 13:36:22:

Mark,

Stu is pretty god, eh? If the people on this board want the ‘best’ information from the tip in the US,then keep it on the high road,as you have…

Stu, as many of our trainers have extremely strong credentials,and real life experiences.

Hope this helped.

Russ Whitney

ps: Stu, Thanks for the assistance. Great option on the answer, by the way…

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Re: Tell me how RW - Posted by Peter

Posted by Peter on March 06, 2001 at 23:24:57:

JohnBoy knows his stuff !