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Updated about 4 years ago,
Subject to and wrap around mortgage Team
Hello All! I'm investigating on what types of professionals I need to assemble a team for a successful subject to and wrap around mortgages in Tennessee. I've been researching the subject to and wrap around mortgages strategy for acquiring real estate. This is what I believe:
1. Title company 2. CPA with experience in real estate 3. Real Estate Attorney
Title company that has experience closing subject to and wrap around mortgages. I believe it's not as easy as a quit-claim.
CPA with experience on handling the proper way of tax reporting as a mortgagee. I've never been a bank before.
Real Estate Attorney to build an iron clad contract with the subject to individual. We want provisions for the real estate asset in case the individual decides to declare bankruptcy, so that the asset is separated from the bankruptcy (I think we can do that). So we would want the RE attorney to handle the transaction between seller and me. Then we would want the real estate attorney to handle the transaction between me and the new buyer, thus I become a mortgagee (bank).
To clarify the questions, is this the team that I need or are there more? And if so, how do I start to find such a team?
Thanks in advance!