All Forum Posts by: Rico Castillo

@Rico Castillo

As the other post mentioned you are just begging for trouble by not having an attorney draft a contract.

Quote from @Rico Castillo:

Quote from @Sergey Tkachev:

We're having the West Sacramento RE Meetup tomorrow, more info here: https://www.biggerpockets.com/...

We do it every 3rd Wednesday (with some prior exceptions where it was the 4th Wednesday)

 Hi Sergey.  Are you still having these meet-ups every 3rd Wednesday? 

 The West Sacramento RE Meetup is actually every 4th Tuesday - this month will be on the 23rd. https://www.meetup.com/west-sa...

@Rico Castillo

The next meetup is less than one week:

https://www.meetup.com/west-sa...

West Sac meetup's are the third Tuesday of every month..

@Rico Castillo There's always a possibility of a due on sale clause, that's something the buyer should be aware of. It doesn't happen that often ( almost 1 in every 1k transactions )....

The buyer should be someone who purchases title insurance, and who is able to get the private money loan or has the cash to pay off the loan if the lenders exercise their right to call the loan due. 

Even if they can afford to pay the loans off doesn't mean they want to AND if you need someone to talk to the bank to explain the situation, I can recommend you to a few of my mentors. Sometimes the bank will work something out. 

Alternative for regular non-investing savvy buyers...

What if the buyers buy the house with an option to buy the house ? 

We're having the West Sacramento RE Meetup tomorrow, more info here: https://www.biggerpockets.com/...

We do it every 3rd Wednesday (with some prior exceptions where it was the 4th Wednesday)

Hi Rico, I've never heard of Due On Sale insurance.  Can you provide more details.  Thanks.

@Rico Castillo There's always a possibility of a due on sale clause, that's something the buyer should be aware of. It doesn't happen that often ( almost 1 in every 1k transactions )....

The buyer should be someone who purchases title insurance, and who is able to get the private money loan or has the cash to pay off the loan if the lenders exercise their right to call the loan due. 

Even if they can afford to pay the loans off doesn't mean they want to AND if you need someone to talk to the bank to explain the situation, I can recommend you to a few of my mentors. Sometimes the bank will work something out. 

Alternative for regular non-investing savvy buyers...

What if the buyers buy the house with an option to buy the house ? 

Quote from @Gordon Cuffe:

@Rico Castillo yes, take home subject to all three liens. Hopefully the buyer can afford the total of all three payments and the first mortgage payment has a great rate so it brings down the principle balance nicely.  

Do all of you who are saying to buy “subject to” really think that the buyer will find 3 lenders all willing to NOT exercise due on sale clauses and will sit Idly by carrying low-interest loans on their books when they can exercise the due on sale clause and get rid of money-losing loans?

When shrimp learn to whistle. 

@Rico Castillo yes, take home subject to all three liens. Hopefully the buyer can afford the total of all three payments and the first mortgage payment has a great rate so it brings down the principle balance nicely.