All Forum Posts by: Lori Lloyd

Hi Engla, I am also am investor/flipper and would be happy to assist. I cover all of middle Tennessee and am with eXp Realty.  I have over 20 years experience in sales and investing. I’ll DM you my number. 

Hi Alex, can you expand a little on your investing strategy? What is your main focus? Multi-family, fix and flip, STR? I am a local Realtor and would love to speak with you to see if I can assist. DM me and lets talk a little more.

Try TORO Title.  

Was really wanting to attend, but something has come up!  Dang!  will try again next time.

 Not necessarily.  Sounds like what you have is an agent who has entered your parameters into her auto-email system and if something sticks she will jump on it, otherwise she will just let the computer do the work for her.  If you did not sign anything with her you are free to find another agent to work with and you owe her nothing.  She has not provided you with anything.  I'd say keep calling and talking to other agents, especially ones in that area you are most interested in.  Let her send you things she "finds", and if she begins to show signs of actually WORKING for you, then great!  If not, keep looking for another agent.

Check the fine print of the contract you signed with her before offering to pay a small finder fee to be released. If nothing she has personally introduced to you is of interest to you, just let her know you are working with someone else and tell her to remove you from her email list. If the one she has not gotten a response from after 5 days is still of interest to you, let her know the date and time you want to see the property and if she is not able to accommodate that or make that happen, I would let her know you want her to refer you to an agent in that MLS system/area and that agent can pay her fee. Either way, dont waste any more time on her. Find an agent who REALLY wants to help you find the right property! Best of Luck!

 My thinking is the same situation was set up in Tennessee, but I'm digging through the law books now to see if that is the case. I think a lot of creative financing is most likely going to become more popular with the economy in a downturn.

Contract for deed would be a more accurate description. Maybe Tennessee law is the issue here?  The example I've been given by numerous attorneys is if the Seller experiences a medical situation and Medicare is needed, they cannot get that care as long as they own that property and they are then forced to sale, or it can be attached by Medicare.  Then they follow up "any number of things can happen and the Buyer is not protected".  Vague right.  

I had a deal where my Buyer was fully aware of the risk he was taking in asking for short-term owner-financing and it seemed there was nothing I could say to convince 4 different attorneys to handle the closing.  They flat out refused to touch it.  We were luckily able to get the Seller to agree to hold earnest money for the short term while he moved investments around to close with cash. 

I handled several deals with Owner Financing in the 1990's and closing attorneys had no problems whatsoever with it.  We bought our first investment property this way.  I'm not understanding the resistance here when I see a lot of people supposedly still doing deals this way.

With the market shift on the horizon I expect we will begin to see more sellers show interest in Owner Financing as an option. I've found that nearly all attorneys in my area warn strongly against it (most will not even touch it!) due to the dangers to the Buyer if the Seller runs into financial distress and the property ends up on their list assets in a court proceeding. Wondering if having the Sellers place the property under an LLC before going to contract with Buyer would protect it? Buyer would then contract with the LLC. Has anyone here done this? Or what other methods exist to protect the Buyer?

It has been my experience that attorneys do not want to touch owner-financing because of the risks involved for the buyers. My buyer new the risks and willing to take it but no one wanted to handle it.  good luck if you find one that will.