All Forum Posts by: Aaron Hite

Hello BP,

I am selling a house via owner financing, and I am wondering what information I should get from them before taking their down payment and closing the deal. Other than where they work and what their monthly income is, I am not sure what to ask. 

Should I do a credit check? I am receiving $6,000 down on a house in Arkansas. And for my area that's quite a bit of money. I don't have to go through foreclosure if they default. I can evict, and it takes roughly 15 days in total to get them out. I figure someone interested in owner financing likely doesn't have great credit, and $6,000 should cover me for ~45 days, right? (1 month + 15 days to evict)

Thank you much!

 Thanks a lot, Allison!

I can ask that question. I am working with an attorney at a title company to get this set up, but he has never done a land trust before. He asked me to find the forms, and he would help me fill them out. It's a bit of an awkward situation. 

I am selling the beneficial interest in the property on an installment plan (owner financing). The two reasons I am trying to set up the land trust is (a) privacy and (b) the beneficial interest I would be selling is considered personal property, not real property. Thus, I would be able to evict and "repossess," rather than going through foreclosure. 

You said the title insurance part may or may not be important to me in this situation. Can you explain when it would or wouldn't be?

Hello BP,

I am trying to set up a Land Trust in Arkansas. I cannot find the Trust Agreement and Deed in Trust forms. I was wondering if someone could send me these documents.

Also:
- Is there another form needed if the Trustee wants to resign and let the successor Trustee take over? 
- Does a W-9 need to be filed when transferring title to a Land Trust?

Thanks,
Aaron

 Hello Mr. Price!

It was really good meeting you, too. Thank you for the kind words yesterday; they went further than you think. 

Hello BP users,

My dad and I have recently gotten into investing in rental property in Fort Smith, AR. We buy homes for cash below their market value, get them rent ready with a little bit of rehab/repairs, and then finally find a tenant. They are cash flowing well for the areas they are in, and we already have equity built-in at purchase. We are looking for investor-friendly lenders in the area. Anyone have any recommendations?

Thank you much,

Aaron