All Forum Posts by: Sean Dezoysa

Great Idea Ellis, I'm in for any of the above dates.

Hi, I'm looking for a good reference on how to analyze a market by the numbers & data. I am especially interested in studying "paths of progress". Are there any good real world oriented materials on this? I am interested in learning this for any and all types of properties, including raw land.

Thank you

Ok, I talked to my attorney and here is what he said: Banks can not legally turn down a short sale with title taken by a land trust. As a practical matter however, they are able to get away with it.

The solution is to create a side agreement with your end-buyer to move the title into a trust immediately after the sale, with both you and the buyer acting as co-beneficiaries in the trust. Your interest in the trust then expires after X time period for a cashout price of Y. Because interest in a trust is personal property, the agreement, if written properly, does not violate the lender's anti side-agreement clauses. I'm glad we had this discussion!

Wayne, where did you hear this information? In So Cal land trusts (aka title holding trusts locally) are commonly used to take title. I wish I could provide you a source, but I have read that the courts have protected land trusts as valid asset protection entities that lenders may not discriminate against.

It is a big deal for a seller to deed his property into a trust; the complexity and potential for loss of control can be very scary to some sellers. Therefore picking a trustworthy trustee is paramount.

Who do you use when you select a trustee?

Take title in a land trust, and then sell your beneficial interest in the trust to the end buyer.

In case anyone else was wondering this I found out the answer at a local meeting: You name yourself the beneficiary and assign interest to your end buyer.

Hello everyone; here's the situation I'm looking at:

Young lady has a husband that split and stopped renovating her mobile home. It doesn't look too bad, one bathroom needs some work, and the electrical needs some work. I estimate $5,000-$10,000 in repairs (I'm being conservative based on what I saw in a quick walk-around).

I asked her sales price, she said she had it listed at 28,000 but took it down. She said she's not expecting that much. I asked her all cash lowest price: $10k

Reason for wanting to sell: doesn't like living in a MHP, wants to rent for a while and then buy a "regular house."

Comparables in the area go for 29-45k according to a realtor. This realtor was listing several homes in the area so her numbers are probably a bit high. She had one comparable listing at 29k that she said was highly motivated to sell because they bought a home already and would take 19k. Based on the couple of other comps I saw, the houses were indeed listing within the realtor's range.

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My plan: call the seller tomorrow and find out how much of a monthly payment she wants. Then see if I can attract a non-qualified buyer who can get accepted by the park manager and put down a decent down payment, then sell it it on owner financing with me taking a small finder's fee.

PS: As a new investor I'm doing this mainly for the experience: I'd be content to net even $200 on this deal.

I'd like to use a land trust to facilitate a seller financing deal (subject to existing financing). In this case is it possible to create a price spread for myself so the end buyer is paying down a note on a balance and interest rate that is higher than the one the seller is offering--with me keeping the difference?

I notice there are a LOT of bankruptcy related bandit signs around here; makes me wonder how much money there is providing service to those who supposedly have no money! Politicians are also common around here although they only put their signs on private property.

The bankruptcy signs tend to be placed on wire stakes and stuck in the ground, whereas my competitors in REI seem to only mount their signs on polls.