All Forum Posts by: Tom Plyler

I'm hoping you will help. I have a house in Clovis NM that I've rented for 10+ years.

The current renter wants to do a lease with option to purchase. I'm not opposed to it but would like to use the state approved forms to avoid any problems.

Will you send me copies of RANM 6220, 6230, 6240, 6250, 6260 & 6270?

Thanks in advance!

Tom Plyler

Let me know what you're looking for. I'm a Realtor in the Phoenix are for the past 15+ years. I've also invested in rentals and fix and flips. I look forward to working with you!

Derrick 

how did this one turn out? What is the address of the old man's house?

@Derrick R.

How do you plan to finance the future purchases?

If cash, they generate high income immediately and tend to pay for themselves quickly.  Clovis has very low taxes and insurance.  You may have to cover the sewer/garbage but it only averages about $23 month on my Clovis rental.  Mine was a 3/1/1 but has been converted to a 2/1/1. It rents for $800 month.  It's just under 1200 Sq ft. When I bought it in 2005 I put on a new roof, int/ext paint, new flooring, new kitchen & bath, new apliances, plumbing, electrical, central heat/air, garage opener, water heater, fence...basically everything! 

My sister lived there for 7 years and now it's rented to an airman at Cannon.

I'm considering selling it for $115,000.  It cash flows $700 month but I may want to bring my rental property closer to home (Arizona) someday.

Drive by if you like. 3001 Sheldon (corner of Sheldon & Torreon)

@Colin Reid

How do you plan to finance the future purchases?

If cash, they generate high income immediately and tend to pay for themselves quickly.  Clovis has very low taxes and insurance.  You may have to cover the sewer/garbage but it only averages about $23 month on my Clovis rental.  Mine was a 3/1/1 but has been converted to a 2/1/1. It rents for $800 month.  It's just under 1200 Sq ft. When I bought it in 2005 I put on a new roof, int/ext paint, new flooring, new kitchen & bath, new apliances, plumbing, electrical, central heat/air, garage opener, water heater, fence...basically everything! 

My sister lived there for 7 years and now it's rented to an airman at Cannon.

I'm considering selling it for $115,000.  It cash flows $700 mkmonth occupied but I may want to bring my rental property closer to home (Arizona) someday.

Drive by if you like. 3001 Sheldon (corner of Sheldon & Torreon. 

@Brandon G.

I've read posts where some sub2 buyers keep the insurance in the original borrowers name and then had to deal with an insurance claim. They used the POA to allow the insurance check to be cashed or deposited in the absence of the original borrower. In these posts, the investor's intent was to maintain the property, not using the funds for profit.

I don't know of any other reasons, but like so many things, there are more possibilities that could come up than anyone can imagine. 

@Pat McGrath

I also have experienced escrow refunds many times over the years.  It's also been my personal experience that the Escrow funds are made payable to the borrower on the active loan, not to the person on title.  Especially in the situation of a new owner who takes title "subject to".

It's refreshing to know that others out there understand the issues I've been struggling to have addressed.

Please keep me in mind as you learn more and copy me to any thread you think is relevant. ????????????

@Pat McGrath

I also have experienced escrow refunds many times over the years.  It's also been my personal experience that the Escrow funds are made payable to the borrower on the active loan, not to the person on title.  Especially in the situation of a new owner who takes title "subject to".

It's refreshing to know that others out there understand the issues I've been struggling to have addressed.

Please keep me in mind as you learn more and copy me to any thread you think is relevant. ????????????

@Bill G.

You're 100% correct in that there were no apologies directed towards you, as none were warranted.  I do regret being baited into a useless banter, since I've already seen you do the same thing to so many other people here on BP prior to receiving your first reply to my thread.  I hoped for the best with you, but you didn't fail to uphold that part of your reputation.

Unless you are the type that just can't let enough be enough, you're also 100% correct in that we're done : )  

Time will tell but I have my opinion on that, too.  I'll keep it to myself for now.

@Bill G.

No biting was ever intended.  Just clarity.  When that didn't happen,  I simply asked for clarity again.  It's probably my fault for recognizing early on, it just wasn't going to happen. I didn't cast the first stone, but I accept responsibility for my actions. I should never have followed down that path for it is beneath me. My apologies for responding in kind.

Can we move past this?

I agree with using a loan servicer. Actually,  I've always insisted on the same in every Seller finance, carry back, etc. transaction.  I believe the Buyer and Seller benefit from them.

As a loan servicer yourself, can you shed light on how they would address the receipt of an escrow overage check from the mortgage company? Here's a scenario I'm thinking of: the original borrower sells to the investor using sub2 (no POA'S). The investor brings the loan current and always pays on time. After several years with no issues or changes, taxes or insurance changes result in an escrow overage check to be issued. Would the investor (current owner) have an expectation that the Escrow overage belong to them as a result of paying into the Escrow for the period that resulted in the overage? If so, how would the investor (current owner) cash the check? I'm wondering if you think there is language that could be in the purchase contract/Addendum that would have clearly addressed a situation like this. If, in your opinion, the Escrow overages belong to the original borrower and they haven't maintained communication with the investor, and no known address is available...what should the investor do to attempt to do the right thing?

2nd question: What language do YOU use when disclosing to the mortgage company that you intend to purchase sub2? 

I truly hope you and the entire BP family recognize these as honest questions in hopes of receiving helpful resposes.  Truce?