All Forum Posts by: Luis Prieto

Thanks Chris. We are not concerned about affording the payment since her daughter is graduating college in about 2 weeks. Our title company will service the owner carry, which will make them liable and should facilitate things. Thanks for the insight.

Thanks. I figured it would be possible, but I've never had to do it before.

Hello everyone,

my wife and I are trying to sell one of our properties to my sister in law. Given that there won't be any commission fees, we would be happy to sell it for $195k. We currently owe $90k and my sister in law only got press approved for $150k. We would like to sell it because we are planning to build soon and will do it with cash, and we would like my sister in law to have her own place. Is there any way to sell for $150k and do the rest in owner financing? Is there any other alternatives that we can explore to get the remaining $45k like some sort of note? If so, we would like a servicing company to mediate it, and if so, would the title company be someone to go to for a note to be serviced? I'd appreciate any suggestions, as we would like to find a way to get this done. Thanks

@John Verner. Sounds like you have a good plan, and I find it interesting that I'm thinking of doing the same. The amenities on the lot are convenient and cheap because it's a city lot. Water/sewer connection is only $1,500 and power is on the curb. Thanks for the input.

@Ola Dantis  Yeah, it's crazy I know. Luckily, I know him personally, and the guy that does the excavation is my best friend. I can get a lot of private money. I have several relatives with 7 and 8 figure net worths. However, I want to avoid that route for personal reasons. I mean, if it all lies on that, then so be it, but I am trying to explore ways in which I won't rely on my family. Long story short. My father has ridiculed and been very disrespectful towards my wife's family. I promised my wife that we wouldn't use his or anyone in my family's cash, because my dad will only continue his onslaught.

@Brandon Arce.  If you have cash, you can do owner build here. I would be responsible for all the permits, and as long as everything passed inspection, it's all good. I have a friend who is building a house without a licensed contractor. He is just hiring a couple guys to build it

@Frank Geiger  He told me 100k or Just a tad bit more. He is currently building one for a guy in a nearby town, and I went over to look at it. I have had him do work for me in the past, and has been honest. The reason why I need cash is because he isn't a licensed contractor anymore, but he used to, and I know that he knows what he is doing. Moreover, I have absolutely no problem doing some of the work myself, such as the insulation, painting, cabinets, maybe even floors and fixtures to sacrifice cost for better finishes. Around that neighborhood, those houses don't have high end finishes. They're actually very spec-home like. 

@Kerry Baird Thanks. My concern with new build mortgages is that they are probably going to want me to hire a registered liscenced contractor, and I'm trying to avoid that because I know that the build will cost a lot more. I might just have to ask a relative for a cash loan. They'll probably even lend me the money interest free, but I'm trying to avoid that route for personal reasons.

@Kerry Baird. Thank you for your input. I know what I want to do, it's just a matter of figuring out how to do it. I will check out the calculator. I am assuming that I will be able to do a cash out refi on the new home, and use that cash to pay the All In One First Position HELOC as I don't want a lien on my brother in law's home for long.

@Tim Johnson The home my brother in law is wanting to get a HELOC on is his primary home. The home we would build would be my primary home, from which we plan to use to build more homes.