All Forum Posts by: Nixon Vayupak

Thank you and Katherine and @Rick H. for your clear insight.  I have some major homework to do here so this should be fun. =)

@Rick H. sorry for not being clear. I should of just said 30% LTV.

@Brian Gibbons thanks for the your input and tagging @Rick H. as well.  

@Rick H. thank you so much for the detail clarification.  I knew it was possible and I just really wanted to think out of the box and see if I can make something happen here.  Now in regards to how much equity I must assume that anything more than 70% should be suffice?  If not, what would you recommend as an ideal bench mark.

As far for your fancy footsteps, I would not mind to pay to see that and along with your long overdue upcoming courses =)

I need some guidance to see how this can work.  I understand using the "subject to" approach in regards to foreclosures or if the seller just wants completely out from his property.  But how can one apply this creative approach in regards to Probate?  Just by thinking out loud, since the owner is deceased and there is nobody on title except for himself. Wouldn't going into probate inform the lender that the owner of the property is deceased and the bank should start making preparation in retrieving full payment? The reason, why I am asking is that I encountered and interesting lead, where the owner has been deceased for 6 months now and that their daughter has been making mortgage payments ever since.  They have yet opened probate since they are afraid of losing the fathers property at that time.  Now time has changed and they are considering they want out.

Congrats. =)

BP family I wanted to run this by all of you and please tell me what you think. I have a seller, who will be selling their mother's house since she will be going into a nursing home. The money gain for selling the house will be all transferred to the mom. This house is currently known as the primary address for the mother. The seller is asking for 477K net 'As-Is'

ARV 655K
Repair Cost 70K

Seller received the following offer from different investors:
Investor 1 - 420K Cash Offer As-Is
Investor 2 - 437K Cash Offer As-Is
Investor 3 - 450K Owner finance and holds a second only. (Seller like this concept, but does not like being in second position)

Seller indicated that they are not in a hurry to collect all the money. They just want the money for their mother who would need as some type of annuity.

Can I offer this and would this be realistic or am I just dreaming. 

Offer - 477K Owner finance - Seller will will hold loan in first position

360 years - 0% Interest - $1305.56 monthly payment - 5 or 10 year balloon.

Better yet, can someone and help by providing a better solution. Not sure how to make this deal work and how I can spin this with less money invested as possible.

@Daniel Mohnkern I pretty much felt the same way.  Nevertheless, I am still working on it and trying to salvage this and make sure it does not back fire on me...

Need some clarification in regards to Revocable Trust in California.  I am currently in a process working with a seller on a "subject to" deal.  Seller agreed that will allow me to take over their mortgage payments and let the note stay in play until I decide to sell.  I informed the seller that we will be creating a revocable trust in order to create a cloud to avoid the "due on sales clause". Which they agreed.  Unfortunately, not knowing one of the relatives took it upon themselves and inform the lender that they will be transferring their title into a trust. From what I was told, they are required to submit the following paper work to the lender. 1. Chase Certification of Trust (forms verifies the type of the property is being transferred into, as well as the identity of the borrowers) 2. Proposed/Unrecorded deed (Property into a trust that has been signed and notarized, but not yet recorded with the clerk) Lender will then review the documents and confirm if this is approved or not.  If approved the lender will send a written permission to have the new deed recorded to complete the transfer of the property. So, straight to the point do we really need to get an approval or is this just a bunch non-sense, which the lender is making us jump through?

@Rick H. saw your message today and I asked my mail clerk if I received a package.  The odd thing is that they received it a while back and I was never notified.  Such an odd mail box service, believe it or not this is the second time they've done this to me.  Nevertheless, thank you so much for the gift and the tips in regards to the property I deeply appreciate it.

As for how much equity, from what I was told they currently have about 50% 

Hello BP family.  I have an interesting scenario, which fell on my lap.  I have a property that I can acquire and need some assistance trying to figure out the proper steps.  The story is that the owner of property passed a way 7 months ago and left his wife and son with a housing financial burden.  The mortgage and property title are all only under the deceased name. The son (seller) is currently making mortgage payments on it since the entire family members are still living there.  They completely want out of the house and basically wants to be cashed out for the only the loan balance.  My concern is how will title be transferred if the owner of the house is deceased?  I am assuming this must go thru probate and would like to know what are the steps?  My goal is to leave the loan in place and just take over payment, but I want the title transferred to me.  Please note the seller indicate they don't mind if the loan stay in place as long I give them some moving money. Any ideas how I may approach this?