agreed - Posted by Steve-WA
Posted by Steve-WA on February 11, 2006 at 10:29:57:
what I was trying to say
Re: ?? - Posted by Paul Stryer
Posted by Paul Stryer on February 11, 2006 at 08:21:21:
No I will not get the title, the band would never give that up. But my creative way to make this work was to rent it for her. But I do not want to rent to anyone for the obvious reasons. So I sub-contracted it out to a Property Manager.
It was a win-win-win - the PM has a new house to rent. I got 200 per month without any cost to me except for the time and postage to send contracts. And the home owner got to stop paying her lot rent and does not have to worry about the hassles of renting it her self. And since there was so much money in the deal I send her enough to almost pay her montly home payment - She went crazy when I told her I was going to send her money every month. I thought she was going to jump thuoght the phone and kiss me, but she did start crying and that is all I needed to make my month.
Yes she could have found a PM for herself and had more money in her pocket but she did not think of it I did.
And yes I get these UP-SIDE down calls at least 5 times a month. People that are desprate to get out of their home, but do not want to destroy their credit. So now I am going to try to ease them in to letting me PM the home and then I will sub-contract it out to another PM. I am sure this will not work for all homes, but if I can get it to work 1 out of 5 times that is all it will take. I am just happy that I was able to do it this one time. For 3 years it has been bugging me to death that I can not find a way to make money on these homes.
Let me knwo if anyone else has any good ideas on these UP-Side down homes and how to make money on them. I am open to try anything to make money off of these homes.
Cheers
paul
not to be negative, but - Posted by Steve-WA
Posted by Steve-WA on February 11, 2006 at 17:42:15:
just devil’s advocate here; these deals are everywhere, and we all would appreciate a semi-bulletproof way to make a profit . . . you stated:
“even if she does decide to not pay any more down the road I can kick in the rest of the payment and still have $154.17 per month and no one gets kicked out of their home”
So where does the title go? I would recommend that you get a signed and notarized release of interest (talking to your titling agency about disparity in dates first in this situation) from the seller, so that if she stops paying and you continue to payoff, when the loan is paid you can get a title (you’ll still need a duplicate release from the bank), and so you can know what the hell is going on with the loan, you will need an authorization letter from the seller, so that bank will even talk to you.
See, that’s the hidden evil difference between trailers and RE - when its done, the title still goes to the person who is on the loan. W/ RE, you can get a deed.
PM = - Posted by Steve-WA
Posted by Steve-WA on February 11, 2006 at 10:27:58:
around these parts, PM stands for Park Manager
Using it for Property Manager was pretty confusing for me, as I am sure for others