All Forum Posts by: Percy Yarleque

sighhh i had a feeling it was too good to be true...

@Carl Fischer @Brian Eastman thank you guys for the knowledge! Do you know if there would be any implications if i use my IRA to buy it back from me and then seller finance it through my IRA? or is that too risky of a move?

Even though the property is under an LLC and I'm seller financing to someone else?

Maybe this is ludicrous or not sure if it has been done before, but has anyone been able to do a wrap-note with a self-directed IRA If you're trying to do the BRRRR strategy?

I purchased a house using HML and will be seller financing it to an end buyer, but would like to use my self-directed IRA to do the refi and wrap the note around. I'd appreciate the assistance!

@Maxwell Lee this is near Collier Heights Park.....the seller signed an LOI but i need to put a contract in ASAP.

Hello Everyone,

I just recently landed my first owner-finance deal in Atlanta, GA. I need help drafting up a contract, and was wondering if someone, who has done owner-finance deals before, would be able to share with me a template? Below are the numbers for your review.

ARV: $110,000
Rehab: $40,000
Rent: $1,200
Monthly P+I payment is: $130.56
Monthly escrow payment: $127.75
Monthly total payment : $258.31
Balance at 5 years: $39,166.67
Monthly payments for 5 years: $15,498.60
Total interest paid for 5 years: $0.00

I am looking to wholesale this one because it is out of state and will not be able to run the project myself. I'd appreciate the assistance!

@Charles Biter I would definitely appreciate your advice on the matter. I sent you a PM. Let me know if you received it. Thank you!

Hello Everyone,

I am having difficulties trying to write my contract for a 'subject to' deal I'm working on and I'm hoping I can get some clarifications by the gurus in here.

The purchase price for the property is $285K and their mortgage balance is $280K.

My exit strategy is to take over their mortgage payments for a year and seller-finance the property in the mean time. I do not plan to get a conventional loan to purchase the property, but instead having the tenant that I'm owner-financing to to buy it.

What I need clarification on are the following:

1. Does the settlement date have to be a year from now? e.g 08/17/2017

a. if so, how would they be able to deed the property to me if settlement is not until a year from now?

2. Do I list the monthly mortgage payments in the contract, or is this something that would be a given since I'm listing the mortgage balance in the contract.

3. Aside from a Subject-To Purchase contract and Authorization to Release information, what other documents do I need?

I already have a 'subject to' template that I'm using, I just want to have the right verbiage that I need. I've been focusing on wholesaling for a while and this is the first time I'm dealing with a 'subject to' scenario. I'd appreciate your assistance on the matter.

Thank you!

Could anyone provide a scenario where this could work? or what would be your next approach?

Thank you again for the inputs!

Hi Grant,

The houses are priced around $425K in that area. Are you saying it wouldn't be a good deal because of the loan term? Would extending it to 20-30yrs work for this occasion?

Hello Guys,

I am working on a deal where the seller is willing to take payments over time. I would like to structure my offer as 0% seller finance, no money down. The property is free and clear, everything is paid off.

The property could rent for $2,000-$2,200. I am new to this and unable to analyze the deal and come up with the monthly payments that would benefit both, me & the seller. Also, what type of contract would you use? From my research, I saw that a land contract will be more suitable for this, but not sure.

The purchase price is $400K and would like to finance it for 10-15yrs, plus a balloon at the end.

Your input would be greatly appreciated! 

Thank you for your time!

Regards,

-Percy