All Forum Posts by: Raul Pedrozo

Nice to see another investor from Ohio.

Welcome!

Raul.

Welcome Nate!

Let us know if we can help.

Good luck.

Raul.

I appreciate everyone's comments and insights, thank you very much.

Raul.

@Tom Harrington

Tom welcome to the BP forums.

Raul.

@Dion

Dion, I appreciate the education on how DF and Safe Haven are intertwined.  

Do you agree that a RMLO can help me draft a mortgage/deed that will do what I need it to do?  I basically want to finance the sale of the house to my tenant, but I want my money paid back to me at the 5 year point.

Raul.

Terry, yes you are helping.  

Maybe my original question was hard to understand.  I basically want to finance the sale of the house to my tenant, but I want my money paid back to me at the 5 year point... therefore I want to know how I can draft the mortgage/deed to do say that.

Raul.

Good afternoon,

I've been reading a lot on this site and elsewhere about Owner/Seller financing as it pertains to Dodd-Frank, but I can't seem to find an answer for this situation (either that or don't want to believe the answer). Scenario:

1. 1.  I have a rental in Tampa, it is owned free and clear the home is in the name of one of my LLC's. 
2. 2.  My current tenant has been in place and paying rent for 3 1/2 years and has requested to purchase the home.  
3. 3.  Tenant doesn't qualify for conventional lending, so they would like owner financing. 

I would love to loan them the money but I only want to lend my money for 5 years.   The perfect scenario would be to offer them a 30 year term so their monthly payment isn't so high that they can't offered it.  That said, Dodd-Frank and the "no balloon" clause is causing some concern.  Did I understand the regulation correctly?  A Seller that finances the purchase of one of their rental properties to a buyer occupant can't require a full payment in 3, 5, 7 yrs?

Does anyone know how I can make both myself and the tenant happy here?

Any input would be greatly appreciated.

Raul.  

Good afternoon,

I've been reading a lot on this site and elsewhere about Owner/Seller financing as it pertains to Dodd-Frank, but I can't seem to find an answer for this situation (either that or don't want to believe the answer). Scenario:

1. 1.  I have a rental in Tampa, it is owned free and clear the home is in the name of one of my LLC's. 
2. 2.  My current tenant has been in place and paying rent for 3 1/2 years and has requested to purchase the home.  
3. 3.  Tenant doesn't qualify for conventional lending, so they would like owner financing. 

I would love to loan them the money but I only want to lend my money for 5 years.   The perfect scenario would be to offer them a 30 year term so their monthly payment isn't so high that they can't offered it.  That said, Dodd-Frank and the "no balloon" clause is causing some concern.  Did I understand the regulation correctly?  A Seller that finances the purchase of one of their rental properties to a buyer occupant can't require a full payment in 3, 5, 7 yrs?

Does anyone know how I can make both myself and the tenant happy here?

Any input would be greatly appreciated.

Raul.  

I'm looking for a recommendation for a RE attorney in Tampa, FL that has experience with lease agreements.

I would appreciate any feedback.

Raul.

Welcome Jen!  This is a great place to meet other investors and to learn.

Raul.