All Forum Posts by: Linda R.

I'm not sure if this went into effect or not and I currently do not sell on contract so I am not too worried about it. However, it would seem to me that owner financing or selling on contract is different from a loan, when you get a loan to buy something, the seller gets all of the proceeds whereas if you sell it on contract, you are taking payments. In my mind, that is not a loan. I am not a lawyer and I do not play one on tv either! LOL

@financeexaminer, the ad only said he would give an opnion of the condition of the property, not his opinion of the value. I don't buy out of town but if I did, I would use someone like this!

Tyler,
Perhaps you can do a deed in escrow? Anyway, if you buy on contract and have it recorded, you are the contract owner and the seller will still hold the deed. In Iowa, you would be listed as primary on the assesor's site and the deed holder as secondary, even if there is a bank mortgage as that is not listed on the assessor site but it is recorded. If the bank will lend you the money to buy it outright, you will be on the deed so I guess I do not understand your question fully.
Here is something else to think about as I have an offer written up on an 8 unit that the seller has agreed to sell to me on contract but I have not signed yet. I do not know about your seller but what if they go bankrupt? My seller owns a lot of properties and is about to start a 20 million dollar deal, I do not believe he will go belly up but if he does, I have not received a clear answer of what that does to me unless I have a deed in escrow. Also, if there are judgements out there that go against the property, that is another issue. I am not sure I am comfortable with buying on contract for big money deals, at least, big money to me.

Charles,
Thank you for the welcome! To answer, 3 are currently rented, (my best deal came with an awesome renter and only cost 10,000, a little over 13 if you count back taxes, lawyer fees and a judgement) :-) 1 is a flip that we are almost done with and 1 is a commercial building that I am rehabing to rent but I might have a buyer so if they want to buy, I will sell. I am not emotionally attached to any property so if it makes sense, I will sell. There is always another house! I am currently in negotiations with my bank on another commercial property right next to the one I own and I am trying to make a decision on a 6, a 4 and an 8. Decisions!

Hi everyone! I have been posting for a week or two but just saw this forum and decided I should tell you all a bit about me! Very long story short, I worked in big pharma for a decade and was laid off, I met someone on a pharma board who had a neat product to sell, he told me I should look into commercial RE, recomended I read some Robert Kiyosaki, specifically, Cash Flow Quadrant and Real Estate Loopholes. (I know he didn't author REL but it is in his series) Anyway, I thought, "I can do this", I read a Dolf DeRoos, went to the bank, established a line of credit, went to my lawyer and formed an LLC, started looking at properties, made a few offers that weren't accepted (Thank God, I truly believe things happen for a reason) and closed on my first property on 4/13/10, it was a flip. (I have pics in my gallery) 3 days later, I closed on a distressed triplex complete with renters for 27,600 that I have fixed up and am keeping. I ended 2010 having bought 8 properties and flipped 3 of those. I am learning from everyone I meet, I have some great stories of success and some of near disaster, but somehow, I always land on my feet. I am having a ball working for myself and I intend to never work for anyone else again unless it is by my choice! I am so glad I found this forum and look forward to learning a lot here as well! Already have actually, who knew Fannie Mae and Freddie Mac loaned on multi families? Well, I do now!

Sam,
I am originally from very close to you, I have a very good friend who lives very close to RLB that may inspect it for you for a fee and also do any work if you want him to. He is a contractor and I know he would treat you right. Let me know if you want to contact him. Good luck!

goodvalley,
How do you know it is a "proper grow light"? LOL, I would have a talk about the lock on the garage, let her know it is unacceptable. I'd probably be so pissed she added a lock to the garage that I would've called the cops and let them handle it. Anyway, bring up the lock and the problem may take care of itself. Let us know what you do, I would be interested in hearing the outcome!

Interesting thread guys, I am curious as to the definition of REO broker. In my area, I have made offers on many reo's, bought 4 last year and am working on one right now that I will find out tomorrow if it is mine or not. Of the 5, 2 are from my local bank, (my own banker told me about these), and the other three were foreclosures that were bank owned. The three were listed with 2 different real estate offices in my area. These offices are just your normal everyday real estate offices, one of the offices that is a one woman show, deals in a lot of HUD's and foreclosures, the other seems to almost solely sell property that is owned by the owner. So, my point, are you guys dealing with brokers that only sell REO's? I am not aware of any around here.

Del,
When I started last year, I didn't have any money, I established a LOC at my local bank against my house that I paid off when I sold my first flip. I use my LOC for earnest money and general expenses, when I by a property, I establish a LOC on it that is either paid when the property is sold or that I turn into a mortgage when repairs are done if it is a rental property.The great thing about the LOC on a flip is my first payment is not due for at least 6 months and that is just interest so I have money to fix up the house and enough time to get it done and sell before I need to set it up on payments. I only paid one interest payment last year before I was able to pay off my original LOC. I was able to set up that line because I bank at a large, locally owned bank where I have been a customer for at least 10 years and a reputation of paying loans on time and early. I never have had to produce a balance sheet until now that I have been in business for almost a year. My banker thinks I should have my own reality show and wants to ride around with me! To quote the commercial, "I really love my bank!"

Jon,
Water, sewer and electric come from the city utility company here, gas from a different company. Good luck!

I don't have an answer but just wanted to share that in the town I have rentals in, if they water is turned off, you must move out that day or the next morning depending on when the water is shut off and then the property is red tagged and no one can move in and the water isn't turned on until the dwelling is inspected by the city zoning, plumbing and electrical inspector. I require my tenants to have the utilities in their name, if they do not pay it is on them, not me, but I have all my properties in my name as a backup so if someone doesn't pay, the water and electric is not shut off so I do not end up with frozen pipes. I find out when the utility bill comes to me.