All Forum Posts by: Tommy Reed

It's 20% of the total amount financed. Appraisal is simply someone's opinon. What really determined market value is what some one is willing to pay for it. Normally appraisers keep it in line with the purchase price to keep the underwriter happy by not sending up to many red flags with a higher than necessary purchase value.

When you're ready to sell a property that's owned by your IRA, you need to request the original documents from your custodian. Once the property has been sold, all funds from the sale are deposited into your IRA. To my knowledge you can't sell it to yourself since you are considered a disqualified person. But my knowledge is limited in this area since I do not use this type of vehicle to fund an investment.

Try finding an owner financed deal that is distressed. Do the work yourself if possible with what $ you have. I would try saving up around $6000 if possible especially if your not handy. Then once the property cash flows you can continue making improvements to the property. Once you pay 2 years worth of mortgage payments under your belt you will be able to get financed with no money out of pocket. Given the property meets lending requipments. Use a good title company in your area to close it and to handle the payments. 

Sounds like my type of property!!! 

Answer: Land Trust 

Jefferson Title in Birmingham is the way to go to close the deal. You can make monthly payments through them or use  https://cozy.co/how-cozy-works/

The below link is one way to set it up

http://ehtransfer.com/getting-started/multi-benefi...

Texas Pride is an RMLO it's a way to check the box to conform to the Dods-Frank Act

http://www.texaspridelending.com/

Making Loans “Assumable”. A non-assumable loan can become effectively assumed by using a land trust. The seller transfers title into a land trust, with himself as beneficiary. This transfer does not trigger the due-on-sale clause of the mortgage. After the fact, he transfers his beneficial interest to you. This latter transaction does trigger the due-on-sale, but such transfer does not come to the attention of the lender because it is not recorded anywhere in public records. This effectively makes a non-assumable loan “assumable”. As you can see there are many creative and effective uses for the land trust, limited only by your imagination!

Check out these methods of using Land Trusts. Please never do a Subj2. 

http://ehtransfer.com/getting-started/multi-beneficiary-title-holding-trust/

http://site.landtrust.net/investors.html

www.straightlinefunding.com 
They are a true hard money lender asset based. And as far as your credit is concerned use www.lexingtonlaw.com to clean up negatives off of your report if your interested in using an effective credit disputing service.

When possible just charge a $30 or more premium on their rent to cover damages/cleaning. It's true there are many online companies that will register any canine as a service animal. As a landlord you can charge any rent that's represents your local market. 

The following only works if it's in with the original agreement 

To get a lien release and avoid unexpected fees, homeowners should first ensure that they're working with contractors who are licensed, bonded and insured, and then consider always including a lien waiver or subcontractor lien waiver clause in the project's contract.

With a lien waiver, when the project is successfully completed, both parties sign off and state that the contract obligations have been met, including the general contractor making all necessary payments to materials suppliers, subcontractors or vendors.

If the general contractor doesn't agree to sign off on the subcontractor lien waiver, you can withhold payment until he or she has proved they've paid their suppliers or subcontractors.

For the future have the contractor and all subs who performs work sign a Release Of Lien.