All Forum Posts by: Roger Princeau

message sent Curt. thank you for the info and yes your correct about attorneys as I contacted a few and they are not all versed in creative deals. One even said to call her back if I find out how to do this...ha! I actually did contact Rocket Mortgage and they have a program where I can assume the mortgage. I need the seller to call them and they would set it up. I may try that route if I can't figure out this subto in Alabama thing. Thanks again Curt. 

Hello all, I have a sub to deal that I am working on. Has anyone here done sub to in alabama? I have called title companies and they say its an attorney state and they can't handle this. I have called a few attorneys and most don't do it. They say to get with the seller and sit down and call the mortgage company. I have tried many times today to get ahold of Rocket Mortgage.. no luck. The seller is in another state. So, does anyone know of an attorney or company that does sub to in Montgomery?  Thanks for any help. 

Mathew, got it. Didn't realize that $50k had to be disclosed if the agreement is between myself and seller. This was good to learn. Thank you 

Matthew, would i need to disclose the $50k seller financing to conventional financier? It's 3 year no interest between me and seller.

Tucker, i think I'm leaning towards a conventional as you suggested. Originally I was looking at a cash out refi to pull extra cash for other projects. By financing $200k on a $250k house I'm hoping it helps me refi in the next few years. With long-term tenants in place that want to stay i believe it's a solid deal. Thanks for your reply. 

@Joe Splitrock so your saying if I rent the Lambo out i can deduct the interest? Haha. Kidding, thank you for the input. Appreciated.

@Tino Madyara okay that makes sense. Thank you for weighing in.

joe i was told if i take money from my house to purchase the property i wouldn't be able to deduct interest expense from the rental property. I was curious if that loss of deduction was worth going the route of a conventional loan.

@Jeff Shumway I apologize for not being clearer. I'm trying to cash out refi from my house versus a conventional loan in order to get funded to buy this rental property. Appreciate your response.

@Joe Villeneuve sorry my mistake. The the question is should I cash out refi from my house versus a conventional loan? I should have been clearer but the accountant said if I do a cash out refi from my house I won't be able to deduct taxes on the rental property. I'm trying to figure out which way makes sense in order for me to get funded on this project. Appreciate your response.