All Forum Posts by: Teowonna Clifton

Thanks, @Robert Gilstrap. I will definitely reach out to you for more information.

I'm interested in this deal because I don't have to go through the bank. I'm looking for owner-financing and similar deals. 

So... I've found a deal that is very interesting to me. If it goes through, this would be my first deal. But I need your help with a few questions. So... this seller needs to sell his property quickly. He is a couple of months behind on his duplex mortgage (about 3k) and wants to sell it via quit claim before it forecloses. The buyer will pay the outstanding amount and a little cash to him. The property does cash flow. So, here is my question... how does the quit claim deed work with the existing mortgages (there is a first and second, totaling $118k)? Would his name remain on the mortgages? Will the note be accelerated and require payment in full? What are the questions I need to ask? What are the pitfalls I need to avoid? 

I was able to find out that he is motivated to sell because he got a DUI and it really put him in a bad situation. He's not able to work right now. He has sold several of his other properties already and has 2 more, including this one. I did a drive-by and property looks great from the outside. We have a visit scheduled for Saturday. I would love your insight. Please and thank you.

At lot of great advice... I never thought about selling my house. That's an interesting thought. Thanks everyone.

Hello. First-time investor here looking to score her first deal. Here are the facts of what I’m dealing with: I’ve found a duplex and single family all in the same deal for less than 55k. Property will require some repairs, of course, but my brother is a carpenter and will handle all of that. I have access to 5k (in an IRA) and no other cash. I also have about 25k in equity in my primary residence (mobile home on 2 acres). Credit score is pretty good... between 670 and 690 but my debt to income ratio is high. Here’s my question: Is this deal doable? A partner might not be readily available. When fully rented, properties will bring in at least $1500 per month. I’d like to get one unit ready for rent immediately and do the others along and along. How can I make this work? Is it an advisable deal to pursue or should I get my debt2income ratio down and wait for another deal? Thanks for any guidance and strategies you can give.