All Forum Posts by: Han T.

Hey Lincoln, I just came across your forum post as I was recently introduced to Seller buyback options. 

Do you mind me picking your brains on this? Would you be able to share if you eventually went ahead with the seller buyback program? Do you know where I can find the template for the seller buyback contract?

Thanks in advance.

Hey Sir, congrats on your purchase! And thanks for the advice on the structure of the lease! Great advice! 

Hi BP Peeps, have anyone done any Sale & Leaseback Deal before? What I mean is, you have bought a property from a seller and lease back the property to the seller to stay? What are the things to take note of? How do you ensure that the sale is fair for both parties, no predatory sales here.

At the same time, does anyone knows where to find such a Sale and Leaseback Purchase Contract (or template)? 

Thanks in advance! 

Hey Fellow Columbus Rookie Investor, as best as possible, avoid such properties, especially if it is an old property. But if you want to go ahead, you may want to consider the various solutions and costs, and see if the total Return of Investment (and hassle) still make sense or not. Youtube has a lot of "hacks" and you can try to get a sense of the severity and the possible solutions from there. I have attached some videos which I have seen in the past.

https://www.youtube.com/watch?v=7W6rpXtk7ws

https://www.youtube.com/watch?v=sV_XCODAk7Y

Nonetheless, you should still eventually seek a Structural Engineer as what @Cassi and @Reece advised! At least with the knowledge from the youtube/google, you are in a much better position to understand/anticipate what the expert says on the solution/problem.

Good Luck with your deal. :) 

When you set up the LLC you will need to name a registered agent, the Registered Agent will be able to provide you the address!

Hi BP Nation, hope everyone is well and safe! I have a question hope you guys could help me.

1. What is the difference between a Master Mortgage Form and a Short Form Mortgage?      

2. If I were to purchase a property via a seller's financing for investment purposes (non-owner occupied), am I right to say that I am not allowed to the typical FHA/Conventional Loan Mortgage Note (which is the Master Mortgage Form) because either paragraph 6 or 7 stipulates that the encumbered property must be owner occupied. Any issue if I were to use a Short Form Mortgage Note instead to file the lien to the County Recorder?

Hope to seek your advices Sirs/Mdms! Thanks a lot and continue to stay safe and carry on Investing! :) 

Example of Master Mortgage Form: https://singlefamily.fanniemae...

Example of Short Form Mortgage: https://singlefamily.fanniemae...

Hey there Andrew! I am also a fellow OOS newbie that just started this journey, looking at OH & IN, just like you! :) Welcome on board! 

How's your research/due diligence coming along so far? Happy to connect Sir!

Just to add onto @Mike S, it is possible to open an LLC without SSN. if getting and ITIN directly from IRS may be a challenge, your friend can visit the Acceptance Agent Program Website from IRS and find a agent in your friend's country. For a fee, the agent can help you acquire an ITIN number, to which u can then go get an EIN.

https://www.irs.gov/individual... 

So, from my fuzzy memory, if I didnt get my sequence wrong, I set up a LLC first and obtain an EIN... then with the EIN, authorise IRS (perhaps via an agent) to issue u an ITIN for me to pay tax on. But i have heard others doing it in a different sequence. I guess that's the beauty of it, one can set up the LLC in many different ways.

Hi Keeton, I have sent you a private message. Hope to seek your advice. :) Thanks in advance.