All Forum Posts by: Adrian Smude

Does anyone do one?  For a short time I was emailing a very brief questioner about their time living at the house.  Questions were geared towards what they liked, didn't like, would change, etc.  For me it was important that I sent it AFTER everything was settled so they would feel like they could be 100% honest. 

I agree with everyone that said to find someone new.  My theory with this and other people that do the same is I'm not going to chase/force someone to make money off me.  Remember they are working for you!  They do not get paid unless you get funded. 

I don't remember which podcasts it is but it's on many that Brandon and Josh talk about interviewing the loan officer not asking him/her for a loan.  I've always done this and just assumed that's how it works.  Good luck! 

I have never done a Sub2 and haven't been able to 100% wrap my head around them because every time it's explained to me it sounds a little shady. I've read through most of this long over my head thread and it backs up my thinking more. A question I've had is why not leave the deed in the seller's name with a well written contract as a lease option to the new buyer? Or add the buyer's name to the deed without taking the seller's name off and have a well written contract?

I'm newer to whole sale and I had been thinking I need to make a plan for my day like this.  Thank you @Jerrell Slay for asking.  I'm the type of person that will keep myself busy with something all day, but I need to make sure I prioritize the important things and make sure not to take on big house projects that will get in the way of my whole sale business until I can automate things better.  Thank you to everyone that gave advice.  

I personally would never hold a property that is cash flow negative or neutral.  Before I understood real estate and I had a rental property it was a slightly negative cash flow deal and I lost money over all and no longer have the house.  I think you can take your time looking and find something better, could take months to find.

Thank you @Rick H. and glad that things worked out for you.  Your story is great because it shows it can happen to someone that is even knowledgeable on the subject.  

I am looking into this idea as well. If you move it to an LLC the bank technically has the right to call the due on sale clause. From my understanding you can put it in a Land Trust without this and then have the LLC own the land trust which prevents the bank from being able to call the loan due. But I've also never heard of a bank calling the loan due and everyone is saying the same.

I'm interested to know what you decide to do and why because I am trying to make my decision this year.  

I use a standard application which people think I do a credit check but I do not check their credit.  I personally do not care what the person's credit score is.  I care that they are going to pay on time, do not destroy my house, and do not cause problems.  A back ground check is much more important if you ask me.  I would talk to the potential tenant as you walk them around the house.  Let them know what your expectations are and stress you important issues.  This will discourage most of the bad ones from even filling out the application.  I've had very few problems in comparison with others over my 11+ years of landlording.  

I have been seeing more properties with the owner name of "Estate of ...." I am having trouble figuring out exactly what this means.  Who is exactly the owner?  One of the people passed away 10 years ago so I find it hard to believe the who ever it was left to hasn't had it put into his/her name.  I'm sure this is something simple, but please help clarify for me.  Thanks!

Have you looked into a gap funder?  

Also check out Lendingclub.com they are a crowd source loan company. I have never used them to borrow, but think it could be a great way to get fast money for something like this. They do however do all the normal bank style checks on you which will reflect in your APR.

Good Luck and let us know what you go with.