Subject 2 va

[Ocie Gibson]

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.

[Dave Metsker]

@Ocie Gibson

Here is how I am doing a similar (FHA) foreclosure/probate. I gave the heir $1000 up front, and in return, he assigned his (future) beneficial interest to me; I become the PR and set up a restricted account to receive payment as soon as the property sells, which will still be within the 4-month advertising period. The lender gets paid off at closing to the retail buyer; I get my profit, and the heir gets his balance due, later, after the probate closes. My total up-front out-of-pocket expense, under $5000, and no double closing. In your case, charge the probate costs to the heir, unless you have it built into your profit.