All Forum Posts by: Jesse Ramirez

I've come to find that the no assignment clause can be worked around using a land trust. It involves buying the property through the trust.

Thanks for the input gentleman. Well the goal is to find a property that will pay itself almost without a doubt. With a DSCR of 1.25 and above.
The down payment wouldn't be a problem, I would either ask the seller to carry a second note or front the down payment myself.
If I found a property with great financials would I have a problem having my LLC get approved without my personal credit being a factor? If so, how would I go about marketing my property to lenders.

I recently formed an LLC solely for the purpose of real estate investing. Question is, will a bank lend to my zero asset entity based on the facts of a real estate deal alone? For example, if I find a 75% occupied multi family property with positive cash flow will a lender lend to my entity based on the fact that the property should pay itself.

Good point Nick. No offense taken, HUD1 line 203 is for existing loans taken subject 2 . Getting another policy on the home would not only save me a little worry, but also protect me from a multitude of situations that could come up.

Ok, talked to quite a few title companies from all over the state of New Mexico and it turns out wraps/subject 2s are not illegal at all. As a matter of fact almost every title company I talked to was more than willing to walk me through the process step by step. Unfortunately, all of them also required that the new buyer pay for a seperate insurance policy on the home. Whether or not this was there policy or state law is something that they all had a hard time answering. Did some research online and couldn't find the answer as to whether or not this new insurance policy was state law.

Thanks for the help Nick. I'm going to take your advice and call title companies immediately. I'll post the answer here for anybody else who might need it in the future.

Thanks for your input nationwide. Any investors, attorneys, or agent/brokers from New Mexico have anything to add. Anything is greatly appreciated.

Not even a tiny bite huh...
Oh well I'm definately enjoying the site none the less

Hello everybody, I'm relatively new to real estate investing and have found a spec builder who is willing to let me take over his mortgage/note on the home with some cash flow for himself. Im from Texas and know lease option and subject to's are considered illegal. Can I use these options in New Mexico? Legal or not?
Also, if so how do i go about the contract? Where do I find one and which one do I use? I'm not gifted financially yet so it must not take very much money. Thanks for all your help.
Jesse