All Forum Posts by: Dennis Weber

What state are you in?

You can’t buy a property for taxes. Don’t pay the taxes until you’re sure of ownership. Also, check for code enforcement liens or weed liens. 

My loans are usually less than $50k so I’ve only used my lawyer. But if I was going above that I would probably use an MLO (mortgage loan originator). I don’t plan on selling any of my loans. I like the cash flow. I get all, more, or most my investment back on the down payment. 

@Lana Lee The benefits to seller is they get to spread out their capital gains over time, gives them a nice cash flow. The mortgage secures the property so if the buyer stops making payments they get the property back and can repeat with another down payment,etc. If note is written properly it can be resold after seasoning.  

Everything’s negotiable. You negotiate the price, number of payments, interest rate, and payment amount. You decide on three of those to come up with the fourth on a financial calculator. 

I would ask them what could make a deal. Maybe they already do them and have it already decided. You’ll have to ask.   Usually my owner financed notes are at least 8%. Maybe they’ll be happy with 5%. Then figure what amount of payment you can afford, then figure out how many payments. 

But it really helps to know how to use a financial calculator to play with the numbers. 

I would never take less than 10% down payment, though. 

I’ll add one. Taxes. Check taxes and make sure it wasn’t already sold at tax sale.

Is there a redemption period?  Can you just assign it?  Not having a clear title scares a lot of people away in my experience. I probably  didn’t help you much. 

Don’t pay full price for other people’s problems. If he won’t take a discount on the note, walk away. Ain’t your problem.  

Your first sentence concerns me but maybe I’m not understanding. I would switch banks if they don’t have a service you need. ACH is the only thing that’s left, I think. I have a SDIRA and I like Zelle more than I thought I would. I’m not as good at bookkeeping as I should be and that can get you in trouble. 

Clayton Morris, huh?