Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 9 years ago,
Subject 2 va
I wanted to ask some of the subject to vets here how would you structure this deal.
I have a home I'm about to buy, the owner is going to let me catch up on the rears of the mortgage which is about 12k then I'm going to pay 2 months advance mortgage payments while i rehab the property. I'm going to give the homeowner 30k for the house.
NUMBERS
MORTGAGE PAYMENTS 12K REARS 2K ADVANCE PAYMENTS
30K TO THE HOMEOWNER
While I have control over the home I going to rehab the property then I will resell it.
So I'm thinking of setting it up like this your thoughts here are my options
1) Should I Do a Quit Clam Deed ?
2) Because its a probate property have the seller create a trust with me as the trustee, then i Buy the beneficial interest by purchasing it from the seller for 30k
HOW WOULD YOU SET THIS UP ?
KEEP IN MIND I'M DONG THIS BECAUSE I DON'T WANT TO PAY 2 CLOSING COST MEANING WHEN I BUY IT AND WHEN I SELL IT.