All Forum Posts by: Jay Schwichtenberg

I'm buying some land that has a mobile home on it. It appears that the seller never updated the records with the Texas Manufactured Homes department and now it will be near impossible to get things registered since I would have to contact the previous seller whom we cannot find. Is this really important? The deed that the seller is giving us says the property and any improvements on the land. Will this be sufficient? What are the risks and concerns for not getting it registered properly? We plan on keeping it as a rental. Thanks. 

Thanks much I will research this. 

I am creating seller financed notes in Texas. I am interested in selling partial notes to private investors. I'm struggling to find an attorney that specializes in preparing them and also a note servicing company that will service them. Any suggestions are greatly appreciated! Thanks.

We owner finance around 12 properties a year and usually use an RMLO for these sales since we are selling to an owner occupant buyer.  Recently I had an investor who is interested in owner financing from us for investment purposes. He already owns his home and has two other rentals that he bought with owner financing. He buys properties in his personal name for investment purpose. My RMLO is saying I still need to go through the same process with him. I thought Dodd Frank/Safe Act was to protect owner occupant buyers and that it would not apply to investors since they should be deeded savvy. Is my analysis correct? Thanks.

Jay

I own a 4 plex that I purchase in 2008. I am looking at refinancing to conventional loan. I understand that I have to pay down mortgage to have a 75% LTV. My goal is to be able to buy another 4 plex with fha loan once I get the other one refinanced to conventional. Will this work? Does it matter if I have a 4 plex refinanced to a conventional owner occupied loan rather than conventional investment loan? I plan on occupying it until I find my next property for the FHA. Please advise how I can make this work. Thanks.

Jay

Ron, that is my question because I don't believe there are title companies that will insure a quit claim deed in Texas. I've read that it may cloud up title for 25 years. I just would like to see what investors in Texas think of Quit Claim deeds in Texas. Are they familiar with title companies that will insure these? It seems like many investors are buying these properties with quit claim deeds from the bank. I wonder what their exit strategy is? Because if you cannot get title insurance you cannot resell to end buyer getting bank financing, correct? So if I buy a bank property with quit claim deed should my strategy be to confirm that title is clear and then hold the property as a rental forever, realizing I never may be able to sell it? Any help from investors in Texas would be greatly appreciated. Thanks.

Jay

I notice that the banks are selling a lot of their property in auction with quit claim deed. I understand what quit claim is, but I'm not sure if I understand what the means for the title. For example, if I buy the property and fix it up and resell will my end buyer getting a loan be able to purchase it? Or will the quit claim deed from the bank put a cloud on the title? I am from Texas and I'm curious if title insurance will be an option and if banks will lend on this. Any title companies in Texas that insure quit claim would be appreciated. Thanks.

Jay

I just purchased a home last month and got an owner title policy. This month I've sold that same home with owner financing. I am purchasing owner title policy for new buyer. Should I also purchase a lender title policy too? What are the benefits and risk of purchasing or not purchasing lender title policy?

Thanks for the help.

Jay