All Forum Posts by: Tony Colquett

Thanks, guys. Bill, I believe I understand the mechanics of the second option (sub2 with second mortgage) but I don't quite understand what you mean by "contract including financing". How is that worded in a sub2 contract? Also, what do you mean by "That is also if the seller lives in the property, OO, such deals are usually exempt from new lending regulations"? I definitely will read up on sub2 deals here on BP. Thanks again for the help.

I'm not quite sure I understand how a Sub2 works. Could you please explain it to me in relation to this example? The way I understand Sub2 contracts is that you take over the payments on the existing mortgage. This type of contract seems fine for a desperate seller but I don't think the seller is desperate in this case. How could you give a non-motivated seller over and above the amount on their existing mortgage (minus repairs) with a Sub2 contract? I would much rather use a Sub2 since I would get title. I understand how the Contract for Deed works. Thanks for your help!

A FSBO was offered to me with owner financing, but the seller does not own the property free and clear. What are some different options for structuring this type of deal? I told him that I would want financing for at least 5 years because he said he couldn't finance for very long. His asking price is 101,900. According to Rentometer.com, the median rental for the area is $875 (20% of rentals are above $1150/mo. and 20% of rentals are below $700/mo.). Any help is appreciated.

Thanks guys. If I were to pay his $9500 balance on his contract for deed, he would then have title and he would be able to transfer it to me, correct?

Now, how do I verify all of his information is true? I told him that I would like to set up a time to go see the house, and he said that I could go whenever I wanted to. Just tell the tenants that he sent me. When he told me that, it sort of sounded weird to me and at the least, not nice to the tenants. I thought tenants had to be given at least 24 hours notice, by law.

On another note, if I were to go by the house as he said, how do I know he or the tenants are not serial killers ;). What is a safe way to approach this deal. By the way, he responded to a classified ad.

So, a seller calls me up wanting to sell his property because him and his wife/girlfriend have split and he has been waiting for disability checks for 5 years. He has a "contract for deed". He owes $9500 on it. Monthly payments are $500. His minimum asking price is 59000. He believes it is worth 89000. Just looking at the numbers and assuming everything is true, how can I structure a deal to purchase this house from him, with little to no money down? Oh, yeah, he says there are tenants currently living in the house and they have been on time every month. They are paying $650/mo., but according to rental rates for the area, it could probably be rented for $1300/mo. It's a 4 bed, 1 bath.

Thanks, Jodi! I had forgotten about elance.

Thanks, guys!

Joe, I totally agree. I'm just looking at it as another tool to have in my toolbox for marketing. That's all.

Don, I am going to look into Homestead. Thanks for the suggestion.

Mike, that would be great if you could send me his contact info.

Is there a cheap website template or system that I could use to generate buyer and seller lists? Is there an article somewhere, describing how to setup a lead generating website? I have seen where other investors have setup a website to capture contact info and I was just wondering what template/system did they use or did they hire a web developer. I would like to avoid hiring a web developer right now, since I am just starting my real estate investing career and don't want to spend a lot of money developing a web site. I would like to know the steps from no website to a fully functional lead generating website. I know the first step would be to create a domain and register it but I don't know how to create the content as I have never created a website.

Thanks.