All Forum Posts by: Tim Farrell

John

Welcome, if you are doing anything in Natorna County let us know.

Thanks for the response... The seller is a few months in the rears on his payments so we have offered to bring this current...

This is a morbid question, but.... You lock up a property using Subject To. You have the title placed in your name and you are making mortgage payments to the bank while the loan is still in the name of the original seller. What happens to the mortgage if the original seller dies prior the mortgage being paid off? The home is already in my name but what happens to the loan?

Thanks

I have placed my rental property in a land trust which is owned by my LLC. What name should I have the property insurance in? To insure insurable interest should the insurance be in the name of the LLC or Land Trust?

Thanks

Thank you... Following some of the links contained I was able to see that after 6 months of seasoning I will be able to pull out 75% of either the purchase price or new appraisal value. Great Help

Thanks for the info... time to hit the phones and start asking the question

I recently purchased a home for $85,000 in cash, put another $15,000 into it and now it has a ARV of $139,000 based on area comps. I would like to get a mortgage on this home and cash out the majority of my equity so I can continue to purchase more homes. My mortgage guy states that I can only get 75% of the original purchased price and not the ARV? I have owned this property over 6 months and would like to get $100,000 of equity out of it.

Is what I am being told by my mortgage correct? Are there any other suggestions as to how to accomplish this cash out?

Does anyone know of a nationwide company that will handle all the submission of paperwork to retitle property? I have 8 homes in different counties that are currently in my name and I am in the process of placing these properties into Land Trust which will be owned by my LLC's. These properties are out of state and all have different requirements. Any suggestions on how to outsource this and get it off my plate?

where can I get a simple land trust form to move property out of my individual name and into my LLC

The sooner the better!