All Forum Posts by: Account Closed

You don't need to know all of these details. Write up a contract with the daughter. Take it to a title insurance company or an attorney. If they will close the deal, you have a deal. If they won't they will tell you what needs to be done.

Do you have this deal closed yet? The closing agent will take care of all the details that you are worrying about http://www.biggerpockets.com/blogs/3840/blog_posts/27179-seven-reasons-a-seller-should-hold-a-mortgage

You own a free and clear house that is worth $100,000. You want to buy an airplane that is worth $50000. You ask Mr. Airplane owner, "If I gave you a note for $50,000 at 6% interest with payments of $500 per month secured by a house that I have owned for years, would you give me the $50000 airplane? " He says yes. Now you own a free and clear airplane and you owe $50,000 on your house. Mr Airplane owner is the morgagee. You are the morgagor. If you want some cash, sell the airplane. Anywhere, in this answer, you see the word airplane, you can replace it with house ,lot, business,RV, diamond ring, racehorse . If that note and mortgage did not have a due on sale clause, you could sell the house and let someone assume that mortgage or better yet, wrap another mortgage around it.

Get the owner to hold the financing for you. Often they will hold a mortgage for all or most of the money. It is so much better than dealing with banks. It takes a little knowledge to learn how to convince the seller to do this. Read this article for a start http://ronclimer.blogspot.com/2013/04/seven-reasons-why-i-love-owner-financing.html Read Nickerson's book.
Once you have a few houses with owner financing , you will wonder why you ever dealt with banks.

Cory I was in a hurry when I sent my previous post . In Florida , the person that takes care of your affairs when you are recently deceased is called a personal represenative. As I mentioned in my previous post, This is a simple deal. I assumed you are paying cash. If not ask the seller to hold a mortgage . Heirs are very likely to do this. If there is more than one heir, they all need income. Read my article right here on Bigger Pockets,"Seven Reasons Why The Seller Should Hold A Mortgage for You" Make your down payment the same amount as the back taxes. When they pro rate the taxes (credit to the buyer debit to the seller the sum will be zero) That is nothing down to you . You can pay the taxes later . Just so you do it before a tax deed sale is set. Go to your local TAX COLLECTOR to find out about that. If I can help , call me Ron

Here is the problem with getting advice from people from other states. In Florida, we don't have executors. We have personal representatives. This is a simple deal . Don't complicate it. Call the PR. Close at your attorney's office. Get title insurance. You should have this deal closed within the week. The tax certificates is a tiny detail. When your attorney does a title search, he will find that but unless it is set for tax deed sale , it is not a factor in this deal.

Mike
Getting your real estate license is a good idea. Listing and selling real estate is a fabulous way to produce cash flow. You will find many opportunities to buy super bargains just because you are there and paying attention.
A classroom with an excellent instructor is your best bet. Ask around about the instructor before you enroll. If you do decide to take the class online, be sure you sign up with a Maryland school. Do not take your online course from a real estate school that specializes in all fifty states. Pick a school from your state.

I have posted nine videos on You Tube to help Florida students with the math on the Florida exam. We get calls from all over the country thanking us for the math help. I guess some of the math is universal. I have no idea about the Maryland exam. Get your license. You can only benefit fron having it.

Do not encumber your grandmother's house with a mortgage.

Find a free and clear house and get the seller to hold a mortgage. If the house is empty and or belongs to heirs. If the first seller says no ask about fifty more until one says yes. Start paying your bills on time. Bad credit makes it tough to invest in real estate. http://www.biggerpockets.com/blogs/3840/blog_posts/27179-seven-reasons-a-seller-should-hold-a-mortgage

What if you found a free and clear or almost free and clear condo and you ask the seller to take $22,000 down and hold a mortgage for the rest? I will bet they would. http://www.biggerpockets.com/blogs/3840/blog_posts/27179-seven-reasons-a-seller-should-hold-a-mortgage