All Forum Posts by: David Rutledge

 Hi everyone, 

I live in Orange county,  ca. I have abt six rental properties out of state but I have become increasingly interested in the idea of setting up an air bnb here in California.

I have done some basic research on the idea but I am still very much learning abt the concept. 

I am hoping someone in the oc area could shed some light on some questions for me. I don't own a home here so I'm thinking abt starting off the airbnb thing by renting out the other bedrooms of the house I am renting in the Anaheim area (great short term rental area)

I know there are some rules etc for short term rentals so I am wondering if someone can tell me if I am able to rent rooms of I home I am actually leasing and whether this is allowed in the Anaheim or surrounding areas?

Thanks so much for your time. 

David

yeah I got the insurance under both mine and the seller's name.  The land contract is definitely less than ideal but that is really all I can find at this point.  Hopefully I can learn as much as possible from this first one and be better positioned to effectively utilise this strategy in the future.  Thanks for your input.  

 Does anyone know how to go about setting up an insurance policy on a home on a land contract? Considering I technically do not have ownership and my name is not on the deed how do I put the insurance in my name?

So I would still be able to do that with a conventional lender even if I do not technically have title in my name?

Also, what happens if I want to refi on the loan? If I do not technically own the property how can I re finance with a conventional lender down the line?

ok, thank you. Is there anything I should be aware of in terms of what I need to do legally to ensure the title is transferred to my name when I do pay off the house?

I don't want to go into a contract blindly and end up getting screwed over because I was naïve.

Hi Everyone,

I have been searching for properties that come with seller/owner financing for a while now and I have just had an offer accepted on one. The property will be sold using a land contract.

I am never purcahsed a property using anything other conventional financing before so I am a little clueless on all this. I was hoping someone may be able to help me understand the difference between owner financing and a land contract?

Is there anything specfic I should be aware of when purcahing a property on a land contract at all?

Thanks so much.

David

I have been looking at seller/owner financing as a way to build my long term rental portfolio and I was hoping some people on here may be able to shed some light on a few areas of this that I am a little unsure about.

Most of the deals I am finding still have an underlying mortgage on them and are not owned free and clear. I was under the impression that usually the lenders can call the loan due if the mortgage is assumed by someone else in a wrap around loan etc... Is there a way to get around this? Is it possible to have the seller finance the loan with a mortgage on the home while not having the loan called due? I heard something about dual insurance? This is all very foreign and confusing to me.

Also, the vast majority of the seller financed properties I am finding have a balloon payment after a few years. I will be unable to make the full payment in this short amount of time so I will need to refinance with a bank or other conventional lender. I already have a few mortgages with lenders and I know most lenders have a limit on the amount of mortgages you can have at any one time (usually 3 or 4) Is this the same when refinancing? Is there anything specific I should be aware of as far as the way lenders look at refinancing a property with a note carried by the owner as opposed to it being from another conventional lender?

I am planning to view some properties over the next few weeks with the hope of purchasing a few seller financed properties and I want to have as much information as I can before I make any decisions.

Any help or input on any of these issues would be extremely helpful.

Thanks so much.

David

Hi Everyone,

I am looking specifically for deals that come with owner or seller financing. I have been looking almost exclusively on Craigslist. Is there any way to search for these types of properties on the BP market place at all? I cannot seem to figure out how to add the owner/seller finance as a filter in the search engine?

I am travelling across the US this July and will be looking for owner financed properties all over the country.

Any help or advice would be very much appreciated.

Thanks so much.

David

I am a new investor (bought my first 2 properties last year) and I am looking to expand my portfolio as quickly as possible.

I am very interested in the idea of seller financing and I have started searching for these opportunities through Craigslist with moderate success.

Can anyone give me some advice on the best ways to find seller/owner financed properties? Is craigslist my best bet at this stage or perhaps finding properties that are FSBO?

I have just started trying to find these types of deals so any insight or guidance from more seasoned investors would be very much appreciated.

Thanks so much.

David