All Forum Posts by: Franklin Romine

Looks good.  I like the deal.

Frank

Be glad the relationship blew up before you got married.

Keep the momentum.

Franklin

I would buy it.  

Fill up the pipeline.  

Originally posted by @Robert Gilstrap:

@Franklin Romine  Being an "additional insured" is worthless if you own property on a  subject to. That only gives you legal protections in the event of a general liability claim. If the house burns to the ground you need to be a "named insured" on the insurance policy.  To do that you just need an insurance person who understands subject to's. Keeping a policy in the sellers name is not smart since it doesn't cover you the owner.  If you have trouble figuring out how to do insurance call me.

 Thanks.  I will look into that and get it corrected.  

Surround yourself with new people that will have influence and educate her on the benefits of real estate. I think sometimes positive noise from outside people is better than what we can do as a spouse. Frank

I like subject to’s. The last property I purchased with a subject to had a 10 year old 30 yr mortgage, 60% Ltd, occupied with a tenant and the loan was delinquent. I caught the loan up and gave seller a little cash. Mark sure when you get authorization to speak to lender that the authorization is full access, meaning you can speak to the lender regarding statement mailing address, insurance, impound account, etc. Lenders are usually very specific. For insurance it’s best you get the quote and pay it for the borrower, and be an additional insured. Frank

There is little difference between paying someone $50hr to work 2 hours vs. $20hr to work all day.  For me it comes down to production.  We have to sort though a lot of people, ask a lot of questions,  and best of all is finding a good referral. 

Hold on to any property you own that pays for itself.  30 years from now we will wish we never sold.  

You might need a new circle.  Our circles are sometimes not the right circle.

Franklin