All Forum Posts by: John Slater

Hi,

Purchase the property with the lady becoming a tenant - Charging rent (but with better terms for her)

Create a life estate - not charging rent (but with better terms for you)

saying Foreclosed, do you mean an REO bank owned, been all the way through foreclosure?? or, a property that is currently in the foreclosure process?

Not that it really matters I guess, except if you are trying to buy at auction...where you'll need cash.

Yes you can get a regular loan to buy a house that is in the foreclosure process

Yes you can get a regular loan to buy a house that is an REO

Your friend and the "Construction Loan" is assuming the property is a wreck... Not all properties that are foreclosures on are wrecks.

Does the DSCR making sense for you? higher interest rates on the DSCR than traditional loan.

redfin.com is reliable. I have MLS access in california but still go to Redfin sometimes to pulls quick comps. Super easy system to use when you get the hang of it.

@Cirilo Villar @Chioma Akanno - I've been to pretty everyone one in the area.  Used to live in Rancho, used to work in Riverside, now live in Temecula - happy to connect.

I agree with Corby - in the absence of you having the right contract, an investor friendly realtor could help, 1-2% isn't a bad commission for simply writing up a contract for you, 3% is a little much with the amount of work involved.

Its not a wrap around, its a straight subject to.  Purchase the property with the terms you are looking for, as long as escrow understands (find an escrow used to this type of escrow), then have it go through title in conjunction with escrow.  Now it will be recorded properly with title insurance. 

A separate addendum can be handled for the terms of the subject-to so at least both parties know their position.  If you transfer the property in to your personal name, there's always a chance the lender could call the note due, hence my creative suggestion, but I haven't seen one being called due.... but it could!...  

Get creative. Creative a corp or trust in a name that makes sense for property. 123 John st LLC or create a trust in the name of the owner "Billy smith trust". Have the owner as trustee of the trust, transfer property to trust, then have owner resign as trustee appointing you as trustee.

lender will be notified of the title transfer to trust, but looks normal to them. No recording for the trustee change on trust. (Just keep documented safe) and record properly with title for title insurance. 

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 To answer your question directly, No, there is no way to transfer title without probate.  Technically anyone can file probate on behalf of the estate, but its very unusual for it to happen to way you are asking because the probate court will look at who is potentially the beneficiary's of the estate of which you aren't one.  First port of call should be posing the question to a probate attorney.  But, let's say you were able to file probate, all potential beneficiaries would need to be notified and all parties would need to sign off their interest...  which, not sure why anyone would say no to potential money coming their way.  Did any of them say why they weren't interested to file probate if there is equity?  

Hi.  It's more important to have the right escrow officer/company than title.  If escrow do their job correctly then title is a formality.  of Which, both title and escrow can be anywhere, don't have to be specifically that area.   

 There are a number of ways.  Your county may have a foreclosure sale website, auction.com handle a number of foreclosure auctions.  I use a paid service like property radar or prop stream to get the data.  That being said, there's so much more to investing at foreclosure auctions and generally not for the super newbie ready to take a risk, because for sure there are risks such as other liens on the property, potential for evictions etc, not to mention not really knowing what you are buying if you can't get a look inside..