All Forum Posts by: Patricia Mclean

Hi BP I am in the process of doing a subject to deal and will be doing a lease purchase with a tenant buyer. My question is the owners current policy will expire the first of November.  What type of policy should I get for the home? I was thinking should I keep the owners name on the new policy seeing that the house is still in their name? Is it possible that I can add myself or my llc to the policy and if so would that present a problem with the lender? 

Hello @Carson DeAllie, Thanks for responding. The owner decided that she wanted to just sell it and and get the money from it right then. Try and type "subject to" in the search field and lots of info should pop up. There maybe someone in Florida that can guide you.  I agree some of the answers are kind of mixed but I try to keep in mind that every deal and seller is different. Even though I may not be that experienced the only way for me to learn is to do. I just have to make sure that I am armed with as much knowledge as possible to help me make good choices and decisions when I do deals. This site is a great resource for that. There are so many people here that are skilled in this area. So, I would just read as much as I can, ask plenty of questions. You can do it. Best of luck.

Hi BP, I have a house that I am trying to put under contract subject to. The owner is out of state and can't travel due to health reasons. She has agreed to let me take over the payments so, I will travel to her to get the paperwork signed. My question is what kind of paperwork will I need. She will deed me the house so, I just want to know what the proper contracts will be. I am in georgia and she is in florida. 

Thanks

Hi BP, I have a house that I am trying to put under contract subject to. The owner is out of state and can't travel due to health reasons. She has agreed to let me take over the payments so, I will travel to her to get the paperwork signed. My question is what kind of paperwork will I need. She will deed me the house so, I just want to know what the proper contracts will be. I am in georgia and she is in florida. 

Thanks

Hi BP I have a seller who wants me to take over her payments. She owes around 94K and payments of $962. The house is occupied and tenant has been there for 5 yrs. She charges 850 in rent. The value is between 98 and 120. Payments are current. She has made improvements and I believe that I can' raise the rent to at least 1k with a lease w/option if the tenant does not want to stay and pay the increase in rent. The seller is ill with a chronic condition  and cannot travel to sign any documents so I'm a little stuck. Do you think I should fed ex the docs to her to sign or travel to Florida? Also, what docs should I send if I fed ex them? I'm in GA and she is in Fl a 4 hour drive. She said she is willing to deed me the property and I am not sure what kind of agreements should be signed.  Seeing that she just wants me to take over everything, do I even need her to sign a purchase and sale agreement at all and use a attorney because she can't travel. I just want to make sure I do this right. Georgia is an attorney state so I would have to close here but, seeing that she lives in Florida I'm not too sure how to handle it.

Hi Ron I have a seller who wants me to take over her payments. She owes around 94K and payments of $962. The house is occupied and tenant has been there for 5 yrs. She charges 850 in rent. The value is between 98 and 120. Payments are current. She has made improvements and I believe that I can' raise the rent to at least 1k with a lease w/option if the tenant does not want to stay and pay the increase in rent. The seller is ill with a chronic condition  and cannot travel to sign any documents so I'm a little stuck. Do you think I should fed ex the docs to her to sign or travel to Florida? Also, what docs should I send if I fed ex them? I'm in GA and she is in Fl a 4 hour drive. She said she is willing to deed me the property and I am not sure what kind of agreements should be signed.  Seeing that she just wants me to take over everything, do I even need her to sign a purchase and sale agreement at all and use a attorney because she can't travel. I just want to make sure I do this right. Georgia is an attorney state so I would have to close here but, seeing that she lives in Florida I'm not too sure how to handle it.

Hi BP,  here's the deal, I got a response to one of my yellow letters from an elderly lady who is recently widowed. She has a home that is currently rented out for $850 a month. Her mortgage is $962  and she owes a little over 94k. She says she cannot continue to keep up the property any longer due to her declining health. Remax  is the managment company that she is using now. She has told me that she wants to be done the house and that she is okay with me taking over the payments. I made it clear to her that I would take over the payments and not assume the mortgage. She has put a new roof  and siding on the house last yea. The houses is in great condition. She lives in Florida and the house is in Georgia and has said we can take care of the paperwork by mail because she cannot travel. She is willing to deed me the house to take everything over. The tenant has been in the house for 5yrs pays the rent on time and does not want to move. She is really desperate for me to help her because she wants to have the burden of the house off of her because she says she cannot afford to pay the difference from the rent she gets and what she gives remax  to make the mortgage. I really want to help and take the house off her hands. What do you think I should do??

So then they would just pay the rents to me and then I would pay the mortgage? No need for me to set up third party to collect the mortgage ?

I do have a 5 year lease with option to purchase. So they would just be paying the rent until they are able to qualify for a mortgage and pay of the sellers loan?

Hi I'm in Georgia and need to know that after closing a deal where you buy sub 2 then sell with lease option, do I set up an escrow account for the tenant to deposit monthly rents too and what sort of statement would the tenant get that shows what they paid and the payment being deducted and balance on the loan after payment? Are there escrow businesses that can handle that? Also, if you get a monthly spread after the mortgage is paid, how do you collect it as well?