All Forum Posts by: Michael Clay

@Sandy Sawyer LOL. Thanks!

@Sandy Sawyer I wasn't talking about the risk for me as the original buyer, I was more so wondering how to complete the 2nd part of the transaction without the 2nd closing attorney calling the loan due. I ended up using another one of my properties as collateral for the original seller to get the deal done.

@Tom S. Thanks for your insight!

@Rick Pozos But if your aunt foreclosures on you and the deed is already held by the end buyer, isn't she screwed?

Her foreclosing on you wouldn't have anything to do with the DOT held by the new buyer, correct?

Sorry to be annoying, I just want to make sure I have this right.

@Rick Pozos Great information.

In this scenario, if somehow you default on the loan, what happens with the DOT?

@Tom S. In this scenario the owner does own it free and clear so I will have clean title and the seller will have 1st lien.

After I close is there a way for me to sell the property to someone else, with me owner financing it to the new buyer?

@Sandy Sawyer Sorry for the late reply. I just saw this. What you said does make sense. I know I've heard others talk about doing it soon after making the purchase. I'm specifically wondering how that would be structured.

Thanks for the response!

I know I've heard people on the podcast talk about selling their owner financing deals with owner financing. I'm wondering how this works since I'm assuming the closing attorney on the sell-side would see that there is a loan from the purchase that would need to be satisfied prior to closing.

I'm asking because I have a deal that I'm buying using OF and this strategy would make it a home run.

Any advice is greatly appreciated.  Thanks in advance!

@Jaysen Medhurst Great information. Thank you very much!