All Forum Posts by: Terry Portier

Anyone else struggling to get local banks and appraisers to understand these for new energy efficient designs more less offer them?

http://cec-freedom.org/?q=content/fannie-mae%E2%80%99s-financing-solar-game-changer-solar-industry

http://cec-freedom.org/?q=content/fannie-mae%E2%80...

My question is I am a builder in search of commercial land to build my design on. I found some that are free and clear and was wondering how to structure a lease purchase - balloon vs make an owner finance offer rather than cash offer. Our commercial banker is requiring 20% down, we can put that in anyway we want, land or building. Land prices range from $2-12 per square foot here. I figure if I can cash flow the land put our cash requirement into the building, it would reduce our up front cost. 20 year loan is the max they go on commercial, and payment. I can on a cash flow basis afford more land if it is amortized over a term to develop the area as an exclusive builder.

New to commercial, isn't alot of commercial land leased by companies with a balloon? Or does owner finance make more sense? 

BTW: I'm creating an "Paramount Real Estate, LLC " entity for the purchase that Paramount Construction, LLC will lease from. This building will be a two-story home-office, lower commercial for us, upper single family loft to reside in.

Thanks in advance. 

Two options: Ch 13 or buy a AK 47 and move in the place. 

Last home I sold was a couple years ago, flat fee $300 to a broker, 3 % to a buyer's agent. Now my state mandates another fee of $500 to the broker. I see they dropped the flat fee to $150- 200 to try and help the new fee. All I think they are doing that I can not do myself is add me to Realtor.com...the other sites (Zillow, Trulia, etc) they ping pong to I can do myself as in FSBO.com. Most the listing agent around here all they do is put the house on a bunch of sites including their own to look busy, have irritating auto emailing and voice mail for potential buyers. So what is the MLS and Realtor.com worth these days more less a 5-7% listing agent?

I'm getting ready to sell a bunch of building's, just curious? I have a SFH home now, I'm thinking 4 FSBO signs for $90 @ lowes should do the trick?

I checked with another title company. Turns out I misunderstood, they will not issue insurance if there are any owners or encumbrances until the debts are settle at closing.

Also, besides the ROD there is district court clerk who can check a name (not property) for liens. Only other possibility is loans with the house as collateral that are not recorded. Guess it's a good idea to get some insurance.

Got another question....Title company wants $150 to do an 'information only' search for owners and encumbrances. What do they do other than look at what is recorded at the Register of Deeds which I can do. How would they know if someone takes out a loan that is not recorded yet or do they have another place they search I can not?

Okey doke will do Bill, thanks, not sure I spelled that OK-e-doke-e right ;)

@Jon Holdman

Thanks Jon, I got a hold a lawyer to get some local advice as you advised. Learned that once the death certificate is on file at the Register of Deeds Office the DOT deed becomes legal. I always thought there had to be public record of any deed for it to be legal, but the lawyer told once a person signs a deed it becomes legal and it is just on record for the world to see.

The tricky part is since there is no money being transferred nor closing, the title company will not provide title insurance. One would pay them $150 to do a "information only" search for owners and encumbrances that could take two weeks. Makes me wonder if one can save the money and call the register of deeds office themselves since how do they know if a recent loan has been taken out prior to deed transfer and/or after their search.

A warranted deed is worthless if the person issuing it is 'judgement proof' has nothing to sue lawyer tells me but a better than a QCD I guess.

Timing the title search and deed signature is still the question. If a loan is taken out in the time frame between the two, the new owner is left without an asset and not responsible for any debt they did not sign for lawyer says. I think the search may be just as good once the deed is signed.

Hi, if a sibling was awarded a Transfer of Death Deed how do they transfer it to another sibling? Quit Claim Deed?

John, septics are out alternative sewer is replacing them. Cost about 3, 000 to drill a well. I like both then I could get the buyer off the grid, city, special taxes, these guys are burying propane tanks now in rural areas. I'm thinking rural just for my prototype, then go bigger scaled up to a sub-division. The stick wood frame I'm competing with dominates and has so much experience I can not compete with their chopped up roofs, dormers, etc, yet. It is going to take some training to get my sub(s) up to speed, but 1 will do the work of 3 since I consolidate framing, insulation, drywall, for example into one trade. I'm looking for land now. I did find and well and alternative sewer acre lot vs 1/3 that cost for a city .3 acre and I want to start small in rural I think, put more into green and energy efficient net zero u-bills vs land to start. Once I got bills, experience, and cost per square then scale up if that makes sense.