All Forum Posts by: Bill Gulley

Actually you could do this yourself, execute a deed of trust have it notarized and note then take it to the recorder's office, but really, you should go to another attorney.

Your sale contract most likely is a cash sale and the closing company/title company must close it as a cash transaction, that means they can't close it with a purchase money note and deed of trust.

Execute your deed and note after the sale, you need to ensure the closing is recorded before you file your DOT.

One good reason for you to do this is because people die and the note and DOT resolves estate issues, it is the proper thing to do.

BTW, note and DOT or mortgage, which ever is used, basically shows the debt and encumbrance on the property. :)

Glad I can assist, always remember, there are sharks in the REI pool! Knowing the basics of real estate, why RE has value, how to add value, what laws are applicable, knowing the customs and why they matter is where to start. Real property is different than personal property and it is treated differently, talking to a homeowner about their home is much different than buying their car, there are many moving parts that can cause harm and financial loss. Understand what you are doing before you tell a homeowner what you can do. Good luck!

Learn how to buy notes and forget the dirt and toilets!

As an agent, you can carry your commission as a second, sometimes. (Might need to pay your broker) 

Joe is right, you need a big tool box, then you can fix anything, if you only carry a screw driver you are limited to the transactions you can fix. 

Real estate is a science and an art, the science is basic real estate knowledge, laws, markets, customs and tradecraft. The art is applying your knowledge and skills to opportunities to yield an honest profit.

Keep in mind, every property is an opportunity, not all opportunities can be profitable for you today, but they could be someday. 

Good luck!

There aren't any "good" courses on how to steal owner's equity, not contributing to the value of real property and simply raising the price based on pure opinion. Have to say I'm sorry to see new investors being pulled into such scammy techniques not understanding principles of real estate, how the market sets prices in equity, what happens after a sale contract is made where a seller relies on performance and how liable wholesalers are for damages, not to mention the potential of illegally acting as an agent without a license. 

I hope you can go in the archives of BP to my past posts concerning this topic, I know greed usually prevails but be warned. Good luck! :)

As a real estate agent I disagree that an out of town (area) CPA is best. 1. consider your professional network, you can do a lot for a CPA and it can be mutually beneficial. 2. I know you can send docs, but nothing beats a sit down meeting sharing ideas and planning in person. 3. Your accountant is more than taxes, they assist you in business operations, planning, asset protection, personal finance and estate matters. If your accountant has first hand common knowledge of your area they can give specific advice about business aspects in your community. 

I suggest you cultivate professional relationships locally, having professionals as your center of influence can be very beneficial. Good luck!   

See if the keys fit!  LOL, seriously, congrats on your deal. Not knowing if there are tenants or if it is empty, the condition, if there are any code violations existing, if you are assuming a company name that holds the property and if so, the standing of that entity as well as contingent liabilities, what kind of municipal requirements there could be like registration as a landlord in that jurisdiction, or of any other details, I really can't tell you what you need to do first. But good luck! 

She is correct, you execute a quitclaim deed, then she can refinance in her name, her lender can explain that and they may have you sign the deed at the refi settlement. She may do the same for your properties but if you don't refinance she will remain on the mortgage, divorced or not. 

Sounds to me like you should see an attorney and consider putting the properties in an LLC (LLCs) where you divide assets, liabilities and management. CA is a community property state, you should also consider a Will after you execute the deeds, see an attorney. But, I agree that a divorce is best if the marriage is dead, your reasons not to are no reason not to. Good luck!

First Post I see!

I'd suggest you NOT try to learn about options from REIA meetings or unqualified persons such as gurus.

Your best source for information is found in RE Law and the Uniform Commercial Code, it is not hard to read and you don't need to be an attorney to understand the basic aspects.

If you search my posts (if they are still here (LOL)), you'll find more information than you need. 

Good luck ;)

PS. Stay away from wholesaling!!!!!!

Might go to my profile and to my posts, there are probably 1,000 posts on this topic, I can't write them all over again :)

Additionally, if it is for investing then put on the face of the note "Commercial Note" you will avoid tons of regulatory issues as a commercial loan. All the best....... 

I suggest you talk to a good real estate attorney and not get legal advice on the internet. Once a lender, always a lender,. in other words you aren't ever a buyer as a lender or note holder, best of luck :)