All Forum Posts by: Rodney Williams

I bought his Whole Enchilada system 10 years ago. Almost too many forms! His system breaks down real estate into areas of interest: Buying/Selling/Holding, Lease Options, Owner Financing, Asset protection, Property Mgt, and Trusts.

I use 4-5 forms - that's all I need. I use his lease and option forms, application for lease option, application for owner financing, and once in a while look for a stray form or two- but that's all that is really needed. I also had to customize them in Word - no big deal. I do like his Lease and Option paperwork. I've used it enough to easily say I got my money's worth, vs. a cheap lease that does nothing to protect me, or lawyers fees to customize my own lease.

I do not use, nor would I recommend anything to do with Trusts in general - which is his main interest and expertise. After talking to two different lawyers, they both said to keep the transaction "clean" or a judge may take issue with hiding something, when you can foreclose in 4-6 weeks here in Georgia. If a court date is set for something- such as locating the trustee - if will take weeks or months plus attorney fees - when all that was needed was an LLC taking title, title insurance, and the correct Property insurance - ($1MM per property). If you need to hide something that this won't protect, something is wrong!

Overall, if he still offers his Whole Enchilada - I would seriously look at which areas you want. His forms are good.

Actually you don't hide a property in a trust, you create an entity that holds one property and can protect any other properties held in their own entity at the lowest cost. You can create your own trust which cost you nothing or you can create many LLCs which cost each time to set up and maintain annually. If you hold several properties in one LLC and that entity receives a judgment all assets are in jepordy.

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Yes that is a legit site. The pull will not affect your scores, however they don't give you the scores unless you pay for them. The report is free and shows your credit history. Each bank will pull their own report so be cautious as to how many you let pull. I personally would go through a mortgage broker since they do one pull and fit your needs to a particular lender and I use the term lender loosely. I would not pay more than one to two points with the interest rate being within one point of prime.

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Originally posted by @Shane Baganz:

If you purchase it, lay it into a land trust that you own. Name the trust after your dad. The trust is blind to all who see it. When you write the check, it's coming from thee trust named after your father. The banks would never question it.

I'm not saying they won't find out and the do on sale clause won't be enacted, but the chances of that happening are incredibly slim.

If you keep making the payments, they really won't question anything.

Just an idea.

I'd like to hear other readers of this post comments.

Actually the father can put the property in a land trust and it will be illegal for the bank to trigger the due on sale clause. Then he can sell the beneficial interest to the son with an agreement for deed at which point the income should have a positive effect on his DTI if structured the correct way. I would not name the trust after a family member. I would use something not so conspicuous and the trustee should be someone you trust.

However this does not fix the issue at hand. The father wants the loan out of his name, and there is no way around that without a new loan for which the son would have to qualify. USDA loan maybe?

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There are a lot of shows out there in TV land that you should watch cautiously.

That said, HGTV has the show "Flip or Flop the Follow Up". This will give you an idea as to how quickly one can lose everything. If you don't get the show on television you can go to HGTV's website and look for it there.

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I have been looking at some distressed houses in Jax and notice that the lot sizes are .10 of an acre. Are there any issues known as far as rehabbing and code due to lot size? I know we do here in Ocala. We can't bring to code due to lot being less that .17AC.

Just thought someone would know before I go digging through Duval codes.

Thanks,

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Originally posted by @Andrew Krause:

In the nicer gated communities (300k+) in south Florida, I'd guess between 30% to 50% have inground, plaster pools. So unlike parts of the US north, pools I think are an advantage at least to a certain percentage of buyers. As for rentals, you have to factor in regular cleaning, maintenance, and repairs to your costs. Unless the water chemistry is maintained correctly, the mechanicals will fail prematurely. At some point, they fail anyway. You CANNOT trust your renter to do this maintenance correctly. So don't underestimate the expense. Pools are a luxury item no mater where you are. If you think your renters will pay more for it, then it could be an advantage. It's a big "if" though.

If I did have a rental with a pool I would pass the maintenance cost through to the tenant by way of increased rent. As you say hire a company and do not let the tenant have this responsibility. But first I would make sure it is operating on a salt water system, no chemicals needed, just add salt which the the cleaner will take care of. The change over is not too bad and well worth it.

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I haven't used either one but Pat Live seems to have a lower price point depending on how many minutes are used per call.

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I don't know if anyone saw this or if they can help but I will put it out here anyway.

If you go to the petition link in my previous post on the right hand side of the page toward the bottom you will find the following message. There is an email link that this forum will not allow me to post.

"May 26, 2016 — If anyone from WeBuyHouses.com has ever contacted you or taken down your social media, videos, or other marketing, please let me know. We have a ton of dirt on this outfit and plan on unloading it soon. But we want to hear from you."

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As a real estate investor I support the goal of cancelling the trademark. I think you should too.

No one should have the right to hold an industry hostage by being able to trademark common parlance, specifically the words, "We Buy Houses"

I just signed the petition "U.S. Patent & Trademark Office: Cancel registered trademark We Buy Houses" and wanted to see if you could help by adding your name.

Our goal is to reach 200 signatures and we need more support. You can read more and sign the petition here:

https://www.change.org/p/u-s-patent-trademark-office-cancel-registered-trademark-we-buy-houses?recruiter=537181274&utm_source=share_petition&utm_medium=email&utm_campaign=share_email_responsive

2 Votes

All Forum Posts by: Rodney Williams

Rodney Williams has started 6 posts and replied 67 times.

Post: Jerry Norton Power Fliper 3x

Post: Lou Brown's House Monster or Street Smart program

Post: Checking Credit Score before applying for an FHA Loan

Post: Dad wants out of rental property. Any no money down ideas ?

Post: I can’t fathom how residential real estate investors fail

Post: Jacksonville

Post: To pool or not to pool. That is the question

Post: Phone Answering Service

Post: We Buy Houses Trademark!

Post: We Buy Houses Trademark!