All Forum Posts by: Josiah Swartz

Everyone still good for Panera (5130 South Fort Apache Road, Kalamazoo Twp, MI) at 6pm this Tuesday?

I'm going to bring a copy of the "Buy Your House" letter that was shared at the RPOA conference last week in case anyone missed it. Lots of good stuff to put into action!

Marc Faulkner's a pro in the area. I'd try connecting with him.

6pm would be better for me

Not that I've heard anywhere. The RPOA expo in Grand Rapids is next week so maybe we do the week after that. How about Tuesday, March 3? We could still go with the Panera on West Main off 131 so anyone from Battle Creek could make it too.

Those are beautiful numbers, @Stephan Haas , congrats! Is it a bad neighborhood? North side of Kalamazoo?

Good people there @Curtis Merrick , I learn something new every time I go to a meeting.

The advantage to having a new group would be a fresh perspective without some of the normal constraints of a long-standing club. Plus, it would broaden the topics to more than rentals (though the KARHA group does sometimes talk about other REI strategies).

There's a Panera on West Main just off of 131. Could that be a good location for a handful of us to meet up?

I would make it. I'm sure those from Battle Creek would be interested as well. 

Thanks, @Michael Lerch , I'll look into it. 

Thanks again, @Bill Gulley . I took your advice and read a boatload of the sub-2 forums. I don't know how you have the patience to answer the same questions over and over, but I think I speak for all the newbies when I say I appreciate it.

I'll make an offer with a market interest rate and try and do "subject to" although I suspect they won't like my purchase price. Lucky for me, there are plenty of other deals down the road.

In any case, I'll still be meeting with an attorney at some point.

Thanks, @Bill Gulley . I poked around on the forums and I can see why you would advise against land contracts.

Please correct me if I'm wrong, but it sounds like the potential problems with land contracts or CFD's are because there isn't a transfer of title, which makes issues like maintenance and land/building developments in a dangerous gray area. Control of the property in general is complicated. It also seems that the best seller-financing is a deed to the buyer in exchange for a mortgage from the seller.

What I haven't figured out yet is how this works when the seller still has a mortgage with their lender. Do I need to worry about the "due on sale" clause? Can I take over their mortgage payments or do they still have to do those?

For the deal I'm setting up, the seller is happy to do financing to get the deed out of their name and not have to worry about the property anymore. They still have a mortgage for ~$32k. I don't have the capital to simply pay off their mortgage, which is why seller-financing is my go-to option. Low money down and in this particular case I think I can get excellent interest-free terms.