All Forum Posts by: James Hughes

Hey guys I need some help! I have a 4-Plex that the owner is willing to seller finance the note for me. The purchase price is $750k and the owner has a $150k mortgage on the property.

If I purchase the property I have the ability to convert both basements into 2 additional units which will significantly increase the value.

My question is how should I structure this deal? Can I structure it as a subject-to, take over her payments & give her a down payment she is comfortable with & have her finance the remainder of the loan?

This would be $750k - $150k - down payment = loan balance? I’m this scenario I would be making two payments, one to the mortgager and one to the owner?

Or would it be better to structure it as a land contract, have her continue to make her mortgage payments, then have her finance the balance of purchase price minus my down payment?

She is elderly and stated that she would like to aim for a 5yr loan (30yr amortization) which is fine with me because adding the two additional units will increase the overall value so then I can refinance out at a much higher ARV.

Any help or guidance here would be awesome, thanks guys!

Hey guys,

With how competitive the market is, it almost seems impossible to find a good deal on the MLS. Ive recently switched my strategy to skip tracing then cold calling home owners. The problem is, its not fast enough and the response rate isn't as high.

I wanted to know if anyone has used any text messaging software? Im looking for a user friendly software that i can implement myself just through uploading my contacts I pull from PropStream. Any suggestions would be appreciated!

@Elise Marquette Elise, that’s a great explanation. Thanks for the quick feedback. I’m talking to my lender now and we think that my change in circumstance should be sufficient enough to get me into a property with 5% down!

Thanks again.

@Scot Howat I’m going to go that route, thanks for the advice!

@David M. Thanks David! I’m talking with my lender now about my situation. I appreciate the advice!

Hey guys,

I just bought a house for my girlfriend and I to live in about 3 months ago. I bought the house in a mad scramble before our baby was born because we were living in a tiny condo which wasn’t big enough for our new addition. I bought the house with a conventional loan and put 5% down.

I really want to move into a better area and buy something bigger to accommodate the three of us. I would like to use another conventional loan and put down 5% again but I wasn’t sure if this was allowed as I just did this 3 months prior.

I’ve heard there is a 1 year requirement? Are there ways around this or do I have to wait that full year before buying another primary residence with 5% down?

Any advice would be appreciated!

Thanks,

James

Thanks Bob for the quick response. I'm assuming there is no way around paying another closing cost on a refinance if this is the only way to get around this Due on Sale Clause?

Guys,

I own two rental properties and I have a mortgage on both of them with the same lender. I wanted to Quit Claim the property into my LLC but I ran into a roadblock. When I contacted my mortgage servicer they told me if I transferred ownership to my LLC it would trigger the "Due on Sale Clause" and would call the loan to be paid in full. Does anyone have any advice on how I can get past this?

James

Thanks Anthoney for the response here I appreciate it! Any suggestions on a different section I can post this to? I will reach out to Grant Greene as well, thanks again!

Guys,

I own two rental properties and I have a mortgage on both of them with the same lender. I wanted to Quit Claim the property into my LLC but I ran into a roadblock. When I contacted my mortgage servicer they told me if I transferred ownership to my LLC it would trigger the "Due on Sale Clause" and would call the loan to be paid in full. Does anyone have any advice on how I can get past this?

James