All Forum Posts by: Braden Souder

Who is buying and selling with owner/seller financing? How do you do it with the Dodd Frank act? I still don't quite understand that law.

Can I move property lot line in FL? The seller owns 2 houses on two connected lots he's keeping one and selling the other but needs to move the dividing lot line about 7 feet. Is this possible and how hard, time consuming, and what would it cost? The deal is contingent on me getting the property lot line moved.

So I have a seller who wants to sell his house BUT it's in his wife's name who passed away 2 years ago. He said he has the right to sell it. I haven't experienced this yet. Is there anything I need to look out for or put in the contract? What do I need to do in this situation?

After reading on here I was initially thinking LLC taxed as an S corp but My tax guy says just use a sole proprietor with Good Insurance policy. It has the Least start up and yearly maintenance cost and an LLC would not be beneficial unless I make over 120k. I'm doing subject to and wholesaling, Not a lot of volume.
Thx

Here's my deal- Seller has a 44k line of credit on the house which she is willing to leave in place. The ARV is about 80k and already in good condition. She wants 10k at closing and nothing later other than for me to evict her family member. However she wants to talk to her bank wells fargo to see if its ok to do owner financing and leave the loan in her own name for a while. Although I've said that I close with an attorney, I've had a few sellers say they want to make sure its ok with the bank first. How do I get around that or word it better so that question or thought doesn't come up?

Ok I finally talked with the owner. The only option here is a CASH sale. The 101k includes the payments in arrears but then he still wants his IRS lien paid of 28k. Total would be 129k. ARV is about 200k and needs almost no repairs. Although this would break the MAO formula of 70% - repairs could I still wholesale it and do an assignment of contract and make a few measly grand since it has about 70k in equity?

I just found out that the law here in FL is that if the owner has gotten a letter from an attorney about their house in foreclosure, then I can't buy it sub2. If its rented that I can still buy it sub 2. Here's what I'm thinking-

Get a purchase and sales and authorization to release loan info, and talk with the bank and see if I can make up half of the payments now and add the rest on to the end of the mortgage.

Get a title search to see whats attached to the property. Contact the IRS telling them there isn't much equity in the property and will they release the lien. If the numbers still work and everything checks out then I can close subject too, make up half the payments and keep 30k-60k in equity, or so...

What ya think?

I would use an equity partner for the cash.

I'm not the owner. I'm trying to buy it. Not sure about any recent laws regarding buying a home in foreclosure or if the bank will stop the sale this Dec if I bring the payments current.

I just learned that the house has been newly renovated in the last 5-10 years and needs very little work.