All Forum Posts by: Tony Gatto

We sold a home with land to a friend. They are uncontestedly (is that a word)  giving up the home and there by forfeting on the payments. I did record the note at the county.  

The question i have is can i just send the purcheser a letter and have them sign off on the home. Then just sell the home to another buyer ?   

My thinking is if they sign off via a letter that could be recorded and they are eliminated out of the chain of title. 

Please advise

Hey all were in the clemson / Greenville SC area and would b interested in talking with a property management company in reference to purchasing. 

Please let us know if you have any contacts or Interest 

Tony and Peggie ama partners llc. 

843 246 5837 to text or call

Quote from @Jay Hinrichs:

Quote from @Jesse LeBlanc:

I concur @Jay Hinrichs!  I've been trying not to reply to so many posts about this, but also need to watch out for rookies to save them from losses.

The other thing I don't like is that so many folks interested in this usually have very little extra capital and could lose some or all of their "extra" capital on a bad wholesale deal if they made one mistake.  Super risky for an unexperienced person then nearly a waste of time for an experienced lender.

MOST wholesalers (my assumption) won't care about someone else's $ especially if there was no relationship before with one of these EMD lenders. They will be more focused on finding a buyer for a deal vs what date the DD ends and EMD is owed to the seller and most likely not be cancelling the contract or extending the DD to protect the lenders EMD funds. But that is another issue I have, finding a buyer AFTER you go binding vs having a buyer lined up first...but that's for another post.

Let's also face it, if someone doesn't have 500-5,000 in the bank as a wholesaler for EMD on their deals for their own business, another red flag.  I get the purpose, I understand how it can help some newer folks earn extra side money, BUT I feel like there should be way more discussion on how to protect the lender, how much time it will take, what all is involved, nuances, hurdles etc and discuss those more.  Unfortunately, this is generally catered more towards folks that don't know, don't care or too focused on a few bucks. 

Many I have seen have more of a Reward over Risk thought process, get $ quick mindset basically but don't realize the risk, time constantly following up and sleepless nights wondering and waiting all for a small fee. 

They could work with an existing lender, do some marketing to help broker, get a cut and make FARRRR more $ with zero risk vs this EMD lending.  Probably less time spent too and more educated borrowers over a wholesaler.

YUP  ..  they think 3k on a how to class is cheap and it is.. and all of a sudden they are going to make huge return based on % but its still small dollars.. and how are they going to convince a wholesaler to even use them.  if someone needs to borrow a few grand that's a pretty shaky situation..  this is all about the person selling this so called method making a ton of money on rookies.. no advanced investor would consider this a business model..  Like I said I do this but for much bigger deals and for my existing clients that are then using me to fund their deals.. and I have total control of the transaction.. these folks are going to learn the hard way.

what happens when the deal does not close and the seller wont sign the release ????  for any number of reasons these students could lose the EM and or it could be stuck and they need to litigate to get it back  .. who is going to hire and attorney to litigate over a 1k EM..  So much wrong with this.. but hey got to hand to the guys coming up with all these new little tricks to sell to folks.. just like in the gold rush it was the hardware stores that made a killing not the miners.

 i agree... sent you a dm

We sold some friends a home next to ours (Aynor SC - 1/2 hour to myrtle beach) . They moved out but their dad moved in. We have since moved from the area as well.

We have a very good performing note that we get $500 per month on. Never late and never missed a payment. There is approx 23 years left and the payout on the note is around 170k . As we are not in the business of holding notes we would like to get this one off our books.

The home is a 3/2 mobile on 3/4 acres land with a septic and a well. Nice quiet neighborhood in the country.

I have precise details when needed.  If you would like to contact me via phone or text its 843 246 5837 .  You can also email me [email protected]

regards

Tony Gatto

I was there before... its also a popular whale watching (in season) location. The Dominican is a really nice place.

Quote from @Justine C.:

Yes. It's on a foundation. It's an ADU with utilities running through the primary though. Otherwise I'd try to separate them.

Is it retired ?  They are trying to make sure its untitled from the dmv , and attached to the land , which usually requires a engineer to come out and say so ( even if it is not) . They will also tell you how to make it compliant, then come back and reinspect or let u send photos.. At least thats been my exp.

Originally posted by @Jerel Ehlert:

Pretty much what @Ronald Rohde and @Rick Pozos said.  Find a lawyer in the state where the property is located because the statutes are state-specific.  Don't get just anything off the internet.  There's usually (in Texas) a contract for the purchase/sale of note/lien, the assignment of note/lien that's recorded, and the alonge (with or without recourse) to the note.  You must deliver the wet-ink note to the buyer along with copies of all the rest.

 Thanks Jerel.... what exactly is an alonge in real estate ?  Can i not just use the note ? 

Hey Rick thanks for the reply ... We have never done one of these and i dont want to muck it up..Normally we do use our attorney and work with him to cover the leg work so costs are a bit lower... however hes moved on (away from SC)  And the replacement attorney is a little less attentive ( prob cause we have not closed 30 deals with him ..lol)  He is also not interested in helping out the buyer... However i will probably have them draw up the assignment....

What i was really looking for was what do we need to get to the county ? So say the attorney draws up the assignment, we get the buyers to sign it... then take it to the county ?  I am assuming cause its a "assignment of ddeed of trust and note it would put the buyers name on the deed... is this correct ?  tks muck 

Originally posted by @Rick Pozos:

Its going to be a little different in every state. In Texas I would type up an Assignment of Deed of Trust and Note. If you are planning to do it yourself, which I don't recommend, you would probably want to see some other examples of other ones and copy the basics.

What I would recommend is to get in touch with an attorney who does real estate. Let him know that you are selling a loan and that you want him to draw up an assignment. Probably about $200-300.

Hey guys.... i wrote a note and mortgage on a property 4 years ago. We are going to b moving out of the area and one of our friends are interested in the note. What is the best process for transferring the note and mortgage  to him ?  Basically i am looking for the paper work side of it and thinking i could just assign but am finding no info . tks