All Forum Posts by: Tom Plyler

Originally posted by @Bill Gulley:

Can't quote the format is screwed up.

If you don't want to take my advice, take that of some investor type or the better alternative see your attorney before you go throwing POAs around. :)

 Aren't you one of the self proclaimed "investor types" here on BP?

It's not that I don't want to take your advice, I'm simply trying to understand why you advised @rocky v. to use a POA in the sub2 example I provided. I thought it was a fair question.

P.S.

my apologies for the duplicate posts. I just learned how to tag someone. I still haven't found out how to delete / edit previous posts. The instructions I've found don't seem to work for me.

Marcia,

Great info! Much appreciated.  Yes, new to BP. I couldn't send a message to Brandon because I was "locked out" but he took care of it.

Where do I find more of the tips & tricks of this site?

Thanks Brandon. Hopefully the system will be improved soon so others won't have the same problem. 

Originally posted by @Marcia Maynard:

Here to tap @Brandon Turner since @Tom Plyler is trying to contact you and you may not have seen his message.

 I'm not sure what your message meant or who it's meant for.

P.S.

I've received a message that said to notify an Administrator but there is absolutely no information on how to do so!!

I searched the site for the keyword Administrator to be able to find this thread.

Please let me know how I'm supposed to be able to find / contact aname Administrator. 

Thanks 

Hi Brandon 

Apparently I've also done something wrong because I also can't send/receive messages. On my first attempt to send a message to BP friends, I couldn't tell if the message had been sent so I moved on and tried to send the same message to the next person (and so on).

Help?

Originally posted by @Brian Gibbons:

Hi @Michael Moikeha 

I would find an investor that has successfully done a sub2 and has gone through a real estate attorney where you live.  

Call all the title companies and all the REIAs for a real estate attorney that has been representing real estate investors.

My paperwork for a sub2 include

• The Purchase and Sale Agreement 
• Seller's Due-On-Sale Acknowledgement 
• The Quit Claim Deed to Trustee 
• Get an Authorization to Release Mortgage Information 
• Get A Limited Power Of Attorney 
• Updating the Insurance Coverage 
• Controlling the Escrow Account If The Mortgage Company Calls the Loan Due 
• Addendum to Purchase and Sale Agreement 
• Quit Claim Deed to Trustee Authorization to Release Mortgage Information 
• Limited Power Of Attorney Regarding Real Estate 
• Insurance Letter (Adding Additionally Insured) 
• Escrow Letter 
• Letter to Mortgage Company 

I'm working on a Sub2 deal now.

 What language is used in:

the Due on Sale Acknowledgement? 

Power of Attorney form(s)

Addendum to Purchase and Sale Agreement 

Letter to Mortgage Company 

Please email the language (and forms you use) to me at [REMOVED] 

Bill,

I appreciate the reply and advice. 

I think you may have misinterpreted what I meant by my mention of staying on track. I obviously have everything to gain by being informed of any potential legal issues, etc. I simply hoped to avoid the "back & forth" posturing by 2 or more fellow BP friends who just can't seem to let anyone else have the last word. (I can't be the only one who has seen a thread derailed by this)

Back to the use of a POA... I've seen some of the threads about sub2 deals where you've taken a different view to the use of a POA:

Originally posted by @Rocky V.:

@Bill Gulley you got me thinking. I have several "sub2" deals in rental portfolio and need to make sure this is covered. 

I have used limited POA when mortgage company issues escrow refund checks. Mortgage companies will not issue checks to your name and in this instance all I do is provide limited POA to my bank and there are no issues with deposits.

Specific use is fine. I'd suggest a specific POA to the deal, not a general matter but whatever they accept. :)

I'm not sure how the liability would be different.  This is where the original question comes into play (and brings up others).  What specific language would be used and in the previous example how would the liability be avoided? FYI, I don't intend to take any responses in any forum as legal advice but any advice will help me by knowing more than I knew before. Strictly used as a friend offering help to a friend : )

I'm working on a Sub2 deal and have been reading tons of posts here on BP. I know I need a POA but would like an actual example of the specific language some of you use to address the immediate and longer term issues related to this kind of transaction. I would also like to have an example of the letter used to communicate with the existing insurance company. And finally, for those of you who do disclose to the lender (you know who you are) I would like an actual copy of the language used in your communication. I hope to realize the benefits of each of your experience, so I hope to get more than just "use what everyone else uses" because, obviously I wouldn't have needed to post this.

BP seems great for discussionsale about techniques used to structure win-win deals but too often leave out the details necessary to be able to put them in place.

I also know many of you have a tendency to get off track trying to prove who is more right, moral, legal etc. But for the sake of this thread we can hopefully style on topic.

I'm looking forward to all of your replies, questions,  comments & suggestions.