Quit Claim Method

[Michael Williams]

What is a good way to use a Quit Claim Deed? I will be getting two properties under contract soon. One I will flip to an end buyer and the other I plan to Quit Claim so I can save on the closing cost for now and pay the owner over the course of two years after I get a "rent to own" tenant in the property . Using the tenant payments plus some of my money to pay the owner during the year. The lump sum from the tenant to get into the "rent to own" agreement will reduce my portion of the payments to the owner. Once I get the Quit Claim is there a way to season the title so I can sell to the tenant through a FHA loan after the two year period?

[Michael Williams]

Originally posted by @Bill Gulley:

There is no good way to use a Quit Claim deed in a sale, you're likely to cause title issues, use a general warranty deed! I also didn't really follow your RTO stuff, but what is clear is you missed the class on basic real estate and deeds and what financing is under Dodd-Frank which may apply to you as a dealer. Back to the drawing board!

Don't get creative until you master the basics. :)

 O.K. Bill I am headed back to that class...thanks