All Forum Posts by: Luiz Souza

The solution for the escrow will be how your POA is worded.

The POA is the most powerful document on a sub2 transaction IMO - that said your job will be to forward this doc to the lender(s). Once POA is in their system you can request any info including change of mailing address from your seller to yours, cancellation of policy, pay off request,etc.

If you miss this simple step you may find yourself in hot waters looking for seller's whereabouts, cooperation, etc..

wow..what a train wreck

No equity no deal IMO.

Get together with a RE Attorney to ask or get the correct paperwork suitable/legal for your area.

Find buyers by networking with investors, agents, brokers, lenders, attorneys, craigslist, bandit signs, newspapers, etc, etc...

Congrat!!!

I'd rather loose a little than to leave money on the table with a much higher appraisal.. at the end of the day $19k is not too bad! just to be positive.. :)

I think it's going to take some time challenging the appraisal and that may result with your deal to go south. Can you maybe lower your closing cost and/or ask agent(s) (if any) to pitch in so everybody has some skin in the game for the sake of getting it done?

What are your numbers?

What kind of reserve would you guys suggest to have it on stand by when buying rental properties. Is there a particular amount or formula to be adapted?

Thank you

L.Souza

What kind of reserve would you guys suggest to have it on stand by when buying rental properties. Is there a particular amount or formula to be adapted?

Thank you

L.Souza

Shawn,

I'm no expert but this is not a Subject2 situation!

The house is extremely over leveraged and the only thing I see you may be able to accomplish here is a short sale!

You change the mailing address from the prior owner to yours. Simple as that!

You can do that with your POA or by asking prior owner to do so!

There is no equity in this deal plus if something goes south with the tenants would you be able to handle months of mortgage pmts, repairs, etc?

I'd walk away from this deal & fast.......