All Forum Posts by: Elliot Tan

Have an opportunity to assume a VA loan and wondering if I HAVE to do it in my personal name, or if my entity can assume the loan. So far striking out on doing internet searches and looking on VA website.

Hey everybody! Have a situation where it makes the most sense for the seller to sell her house on a sub2 deal. But because she just went through a nasty divorce, she doesn't want to be tied to her ex-husband AT ALL, even on a mortgage they aren't paying anymore. Is there some way to get him off the mortgage, so that it's just in just her name? Can she do a quick deed of some sort and then have whoever is servicing the loan take his name off the loan? Are there any scenarios where I can help her overcome this one objection she has to selling sub2?

@Sanat Bhandari

Thanks laying out the benefits for both of us.  I've presented some of these things, but it hasn't been enough to convince him just yet!  

@Andrew Kiel

Thanks for making that clear.  I'll be sure to have him understand that if he does want to in fact work with me.  Appreciate it.

@Tom Gimer

Oh man, had no idea these things existed.  Will definitely look into how much trouble I can get into!

To know exactly the rules in my state, should I look for a RE lawyer? Or is there someone else I should reach out to?

I have an interesting scenario for you creative finance experts:

I've found a seller who is in pre-forclosure and owes $69,000 on his mortgage. He's asking for $95,000 so he can walk away from his debt and pocket $26,000. Since speaking with me though, he's found a program that helps veterans in these situations keep their houses. He did not share the specifics of this program. So I don't know what I'm competing with.

I want to help him stay in his house, and hopefully help him acquire the property back from me in a few years when he's back on his feet. His monthly payment is quite low, so I'm having a hard time figuring out how I can make this deal beneficial for both of us, while keeping him in the house, and then give him the option to buy back the property from me in a few years.

To me this would be some sort of combination of a wrap mortgage and lease-option. I don't know enough about either strategy to know how to combine the two! I'm also trying to explore what is possible with this creative finance thing! Would love any suggestions or ideas on how I might be able to tackle this.

Goals for me would be: cash flow in the short-term, then a little profit on the sale in a few years.

Goals for him: keep him in the house, don't let him go into foreclosure, let his family stay in the house, purchase property back at a discount in a few years.

Would love a win-win situation here. But understand if that just isn't possible.

That was a great suggestion. I'll definitely look into both! Thanks Patrick.

Hi all! I'm looking to purchase rental properties in Central Texas (Bell County specifically) and am hoping to self-manage, then transition into hiring an in-house manager once I feel like I cannot manage my properties myself. My plan is have most of my portfolio be SFR's, with maybe 1 or 2 small apartment complexes eventually. My goal is to have a small, but MIGHTY portfolio 😊.

I've been researching property management software and feel the most drawn to Tenant Cloud based on their price point, scalability, and amount of features.  There aren't a ton of reviews or marketing like some of the big-name ones (Rent Redi, Avail, Buildium, etc....), so I'm hoping to get some feedback from people who have actually used the software!  

Would love to hear from people who have any experience with Tenant Cloud!  Both positive and negative reviews would be great.  I especially want to know if it's user-friendly, if tenants like working with it, if the features are as advertised, and if they do a good job marketing your properties?

Thanks in advance!

 Hi Jerel.  Thanks for straightening out a lot of my questions for me!  I appreciate your professional advice being shared in a forum like this.  Will continue to get educated, and follow all the advice here:  GET PROFESSIONAL HELP.  Thanks again Jerel.  

 Thanks so much Chris!  That definitely clears things up a bit more.  Don't really understand the exact meaning of some of the terms and concepts you mentioned, but will study up on them.  And make sure we don't operate in a way that could get us in trouble.  

Ultimately, it really looks like we'll need an attorney to straighten it all out for us.  Thanks for taking the time to share this information.