All Forum Posts by: Dustin Tucker

Hello Laura,

I have actively purchased land that I identified for the last 10+ years.

The easiest way to find out if the land is for sale is to talk to the owner directly.

You can use tools such as Whitepages.com surprisingly they have over 90% of people's cell numbers.

If you can't get the owner on the phone, I would send them a letter asking them if they want to sell, I have seen other people use actual contract offers that they send out to the owner trying to purchase the property.

I would not share my concept unless its some sort of Charity that you are either seeking a partner or donation for.

I haven't used PropStream, However one really good tool is called Land Glide, its and app on your phone, and you can look at the parcel makes in real time, and also see the owner info and for each parcel.

Hope this helps,

Dustin
 

Hello Cody,

I don't think you are going to find any escrow officers who will do a subject 2 deal.  These are done between the buyer (you) and Seller.

The situation that is most common to find these properties are in a foreclosure proceeding, or pre-foreclosure.  The sellers you are dealing with in these situations don't deal with prorating Taxes, or any other kind of prorations, that is what an escrow agent does.  Also, you are not going to be able to purchase a property subject to if you are dealing with a realtor.  You will have to source these properties from a wholesaler, where you will have to put down hard non refundable assignment money at the assignment of the contract, or source them yourself.

The steps to follow for a subject 2 property are as follows:

1. Get the property under contract

2. Pay a Title Company to complete a Title Report

3. For your 1st time, pay a Property/Land/Transaction Attorney to review the title commitment with you to make sure that there are only the outstanding liens on the property, and that the owner has title.

- Collect Tax Certificate to verify Property Taxes are Paid

- Get a current statement from the seller to verify the existing balance, if they are delinquent, you can get the bank on the phone to verify the amount to make the loan current.

- Review the loan documents, there is most likely a due on sale clause, which is why you won't find a title company to process these for you. (Just FYI 99% of subject 2 properties are purchased knowing that there is a due on sale clause)

4. Get a Quit claim or Special Warranty deed from the seller to you, (Preferable a Special Warranty Deed or equivalent)

5. Set up a Joint account with the seller so you can make deposits to continue the automatic payments to the lender until you refinance the property.

Thanks,

Dustin

Hello Jim, what are you looking to accomplish?

Hello Jim, what are you looking for?

Hello Joe,

Congratulations on your purchases, if you are ever looking for a DSCR loan, please let me know, we do rental loans down to 1.1x and up to 75% LTV on a cash out refinance, or 80% LTV on a rate and term refinance.

Wishing you the best.

Thanks,

I think that your best bet is to offer the Holder of the Contract for deed some sort of discount if they refinanced out of the contract for deed so you could get your equity, short of that I don't think you have a lot of options.

Hello Carlos,

I can help you analyze this deal, but you need go provide more info, what is the ARV, what is the purchase price, is it rent ready, are you going to have to do any rehab. What city is it located in? Is the population growth positive or negative.

Hello Samuel,

I would look at 

https://www.mobilehomeuniversity.com/

these guys are out of Colorado and own thousands of spaces across the country.   The one item I see on your list is that you are planning on park owned homes, on paper that looks like a good idea, but I think that gets away from the advantage of owning a MHP.  The whole point of owning a MHP is so that you don't have any maintenance, such as clogged toilets, appliance repairs, mechanical system repairs. The 2nd reason to stay away from park owned homes, is that you lose the advantage of the MHP, which is essentially a trapped tenant, because they own their house, and they cannot move it, you have a guaranteed renter.  The last reason to avoid park owned homes, is they only do 1 thing and that's depreciate, unlike stick built homes, the park owned homes are going to rapidly depreciate, so instead of an asset you have a liability.  There are model programs with all the major MHP builders to bring out models to your park, then you can sell the unit, and collect your lot rent.

Hello Hunter, does your local MLS not allow you to syndicate your rental listing to all those site?

Homes.com is the only 1 I am not seeing.

Fantastic, you picked a great time to get involved, there are tons of opportunities out there.  What are you starting with, wholesaling, buying your first fix and flip, etc?