All Forum Posts by: Brittani Gardner

Jon, is there a work around when wanting to purchase inside an LLC but getting more relaxed lending terms as an individual?

I'm in for February 10th, if its evening. Looking forward to meeting everyone!

Looks like the system now costs $1495, with a 30 day "risk free" guarantee.  Anyone still using this system? 

I am a license agent looking for a broker to hang my license with in St. Louis, MO. This will be for personal deals and will not be working as a full time re agent, but rather an investor using my license to benefit my personal business. I don't want to deal with hefty office/desk fees and commission splits.  Any suggestions?

Thanks for the advice everyone! 

@Brian Gibbons - "Your PITI vs market rent is ok but not great, so I would look at a contract for deed sale or a wrap, and try to get a payment higher. Know if the buyer on these agreements default, you have to repossess not evict."

Questions: 

1) Is it possible for me to wrap if I am on the original note and a noteholder for the end buyer?

2) Is it more hassle to repossess vs. evicting?

Looking for some solid ideas for a win-win situation.  

In 2012 I bought my first home while engaged. We paid market value and did some minor work (diy kitchen reno, converted bedroom to formal dining, new flooring in partially finished basement, landscaping). 1 year later we split up and I still reside in the house. We are co-owner and co-financed. Now we are looking for ways to separate financially but I am not sure I want to give the house up. 

Details:

FHA appraisal (2012): 165,000

ARV in 2012 was: 180,000

Comps are hard to come by and the values have slightly declined since I've been here (now comps are: 160,000-170,000)

Loan balance: 153,000

PITI: 1135

Rent Comps: 1300-1400

I dont think I would have a problem with renting or lease option this property at all. The problem is needing to remove my "ex" from the situation. I could buy him out for under $5K, but I know he wont sign over the deed until the mortgage paid in full and I really don't want to go refinance in my name just to get around this because I want to avoid all unnecessary costs.

Can anyone advise on a wraparound mortgage in this situation to free up my ex to go buy another house? Will it work considering I am on the original loan also? I would really, really reall like to leave the existing financing in place as it is a great rate and an FHA loan that wont carry the PMI forever like the new ones.

Please anyone and everyone...Help a girl out!

Sub-2, subject 2, wraparound, creative financing, lease option, contract for deed, existing financing

Hoping to elaborate on Brian's post and ask a few of my own questions while learning about sub2's. Let me preface this by saying, I am very, very new so any and all elaboration on the answers or even clarification on the questions is appreciated.

1) In the rare case, when a due on sale clause is called, how long do you have to typically have to buy the property? And if you don't want to walk away (because you have a Lease Option - End Buyer in the home) what do to remedy?

2)Do you make payments a certain way to the original mortgage to not raise any red flags that someone else is now paying for and may be in the property?

3) Is it most beneficial for you to have original sellers put the property into a land trust or LLC for the properties that you buy via sub2?

4)What happens if seller dies while original note still in place? Do you have or need anything in place to protect yourself after you have recorded the title?

5)Can you do anything with the equity spread in the house, if applicable? (use for leverage)

7) Are you asking sellers for proof of their balance and interest rate? Do you get a letter of authorization signed to contact the mortgage company directly?

8)@Grant Kempmentioned paying a minimum option fee of $10 for 60 days to find a new buyer to contract in the podcast. Is this something that is state specific?

Hoping that @Brian Gibbons @Bill Jones @Bill Gulley might chime in with some answers along with @Christopher Bowen if you have know also.

I'm in!

Hey Jonathan, welcome to BP! I'm just starting out in the St. Louis market also, so can't say that I can be a experienced REI mentor, but I would like to exchange info/ideas with you and others starting out. Who knows we may all have some knowledge and/or resources that each other can benefit from.