Posted by DavidGOR on July 25, 2007 at 15:32:03:
Well, if YOU did it, it would be wrong and illegal.
I’m not looking for advice to do it your way, but rather a safe way to use OPC (other-people’s-credit).
What is the best way to secure a straw man finance - Posted by DavidGOR
Posted by DavidGOR on July 24, 2007 at 17:34:12:
What is the best way to secure a straw man finance?
Here it is explained:
I own a $200k house. Offer someone to purchase the house at
$160k and in return they will receive $100/month. I would
still ‘own’ the house and make their payments and put a renter
in it.
What is the very best way to secure ‘owning’ and controlling
the house and equity?
-DavidGOR
Re: best way to secure a straw man finance - Posted by James Harris
Posted by James Harris on July 26, 2007 at 10:04:30:
Basically, what you’re saying is that you want someone to come in and buy your property via lease option, that maybe the only way you can still own the property. In what you’re wanting to do, no one in their right mind would go for that. Have you’ve considered that there is a strong thought and possibility that you could get real “stupid” and stop paying the mortgage thereby ruining someone else’s credit. I would have to say, to answer your question, “What is the very best way to secure ‘owning’ and controlling
the house and equity?” Stop trying to get someone else to take a risk that you would not take. Don’t get mad at those of us who are trying to warn you about things that would have a negative impact on the industry. Consider what’s being said; what’s is illeagal is illegal no matter who’s doing it. If all that you care about is making a dollar, then maybe you should reconsider if real estate investing is for you; and that goes for anyone who feels or think they can do whatever they want to whomever and get away with it. if one of your desires is not to help people, then you are definitely in the wrong business. Although, there are those who have made a great deal of money in the business, I believe thare are even more who are watching their backs and wondering when they might get caught and start having to spend time in jail time because they wanted to make that quick buck. I hope this opens you eyes as to what could happen and what the experts are trying to share with thos of us who are really trying to make it lagally and ethically.
Re: - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on July 25, 2007 at 12:42:25:
This is wrong on a number of levels. First…it is illegal. Second, why would you want to do this?
Re: best way to secure a straw man finance - Posted by DavidGOR
Posted by DavidGOR on July 27, 2007 at 23:06:37:
James,
Are you a full time RE investor? I am. An expected
answer is a strait subject-2 with a QC deed in escrow.
You can add that one to your toolbox. It is very
legal and very ethical. Happens everyday, year after
year with credible investors. In some situations the
sometimes the the seller pays /mo, and in others
sometimes the buyer pays /mo. You can find good
courses for this technique here at creonline.
I asked because I’m always be looking for better
alternatives, that’s all.
-DavidGOR