All Forum Posts by: Shanequa J.

If I buy a property with a land contract then a title company holds the contract and title, is this a way to protect me in case the seller gets sued or refis the house? If not, is there any protection for the buyer with a land contract?

Can I refi a rental property that I got through seller's financing even if I already have 4 mortgages on my credit report? I've heard 4/5 mortgages is the max.

In NC, around $500 for house worth $75,000; $1000 ded for nature and sewer/plumbing; personal liability; loss rents; medical; can't remember the rest.

I think it's easier over the phone especially if you are new at it. In person, would be my last choice.

Try to find a contractor that does free estimates. However, if the deal looks good and you have someone with a high possibility of buying it, then pay for the estimates. If you keep paying for estimates on every house without selling one, you will quickly lose money. One good thing is that if you keep getting estimates you will be able to guess repair costs accurately without a contractor.

The suspicion is because they can call the loan. I would rent the house out. So far, I'm 1:1 with transferring titles. Knock on wood.

If I found someone who was going to lose their house and I agreed to pay all the back payments in exchange for the title, would the bank really care if I started making the payments and that the title was transferred? Under normal circumstances, they probably wouldn't know if it was transferred, but I'm thinking they might get suspicious when the payments are caught up and made on time.

Where I am located the tax assessor's value is only off by a couple of thousand dollars from the actual list price. Realtors will actually list that the property is below tax value; thereby having equity. Zillow values are pretty accurate and the rent estimates are dead on.

I've seen you at some of the FayReia meetings. Let me know if you have any owner's financed deals.

If you are financing a house, most banks will not let you take title in the LLC. You would have to transfer the title after closing. If there is not financing, then you can buy the property in the LLC name. An LLC is a separate business entity therefore it gives you some legal protection. Meaning that if the LLC owns the house and a tenant sues you, then a lawyer is not supposed to be able to go after your personal assets. The costs vary by state. I think it is around $200 in North Carolina.