All Forum Posts by: Sherry Boone

@Carl Payne I was in a bad spot with my STR and tried BNBBailout.com.  They've been making my payments, just like they said they would.  That's been a big relief to since my guest list has declined due to Covid-19.

@Jeffrey De Los Santos happen, but they are difficult to get unless there's distress.  Think about it how many people will give you something for nothing.  It happens but it's not an everyday thing.

Typically in those types of deals you have to give a high price or pay a high monthly payment.  Sometimes you can work out no money down deals by getting really creative though.  

These deals do happen, but if you think you're going to build an empire on no-money down deals quickly your mistaken.  You can always get a money partner to help you out.

@Joel CoffmanChoose which one benefits you the most.  If you can get good accomodations for a lower price elsewhere rent it out.  If not rent the room(s).  Factor in location, lifestyle, etc. if needed.

Why don't you just tell the seller about your 1031 and say you need to access cash.  If they are ok with this scenario then encumber the property with something like an option contract and record it.  The price of the property would be raised, but the encumbrance will cause the seller to get the exact amount that you negotiated.

The title company/closing attorney will need to clear title and get a release for that encumbrance.  They will ask you for a release figure at which point you'll tell them.  Then closing will happen and you'll receive that figure and purchase the property.  The seller won't pay anymore on taxes because the encumbrance was paid out of closing and then you have cash now.

Boom!

Have the seller's carry a 2nd mortgage

Better yet ask them carry a 1st mortgage

Lease purchase the property (rent-to-own)

There's more options than this, but this could get you started

@Subrina Balram If the seller is rushing you to get done without title insurance you should definitely wait and get that done first.  You could always clear title later, but it will cost you time and money.  Liens or judgements could attached to the property, but not you if you closed without getting a title commitment and title insurance.