All Forum Posts by: Karlos Rueckert

Link?

Yeah, did you ever find a contractor? 

Thanks for the reply Nabil.  I'll reach out to my RE agent contacts to see if they can assist.

Hi BP community, 

I'm looking for a real estate attorney in Los Angeles county.  I'm looking to set up a rent to own contract and would also like guidance on a subject-to sale. 

Thanks in advance. 

@Jason D. good point. I'll see if transferring title to an LLC is an option.

@Michael Ealy the rents are determined by the market.  The low- income requirements relate to the sale of the property.  

@Jaysen Medhurst - Yes, one of my concerns is tying up the funds for 15 years.  I hadn't thought about the city changing the terms.  I'll have to re-read the terms with that in mind. 

Thanks for the input everyone! 

I have a motivated seller that would like to sell but cannot due to some restrictions in his area. If he were to sell any time in the next 15 years, the new buyer would need to meet a long list of low-income requirements.  Four or five potential sales have fallen through due to these restrictions.  This also significantly reduces the asking price. The low-income requirements tied to this property fall off in 15 years.

He would like to cash out his equity rights. In other words, if the place is worth $200k and his mortgage balance is $100k he is willing to give up 100% of the equity rights for $100k. The mortgage would continue under his name however the new investor (presumably me) will be responsible for it.

What are my options as the investor to get this deal done? How does the deal need to be structured in order to ensure that the investor has 100% equity share?

Some ideas that I’ve been kicking around are; loan the funds as a second mortgage, subject to, set up an option to buy. I have very little experience with any of these strategies so any help would be appreciated.  Thanks.

Also, the unit is rented (Not owner occupied) and is cash-flow positive.  

Hi Dan, can I review the lease to own agreement?  Please send to [email protected]. Is the tenant paying all utilities? 

Thanks, 

Karlos Rueckert

If this property is still available and all the people before me passed on it, I'll pass as well. 

Please send me information as well .

[email protected] 

Thanks

Hi @Gordon Starr. Is this property still available?