All Forum Posts by: Terry Royce

Yea, I'd rather assign as well.

You would pay capital gains on a double, whereas an assignment you are paying self employment tax, I believe. I'm no accountant though :) Could anyone else clarify / elaborate?

THanks @Joe Fairless !!

@Shawn McCarty - It was nice to meet you.

@Christina R. - Good to see you again!

@Shawn McCarty - I look forward to meeting you tonight.

Regarding West Baltimore, there is not enough info to gauge anything.

Too many factors including: location, amount they have invested, amount its currently worth, condition, monthly rents, etc etc.

Baltimore is so block to block its not even funny.

Wayne, the APR is higher on the new rate, than the old rate.

The old rate is 3.75% but APR 4.631%

We bought our house a year ago, with an FHA loan, and substantially updated our house. We got it appraised to refinance to conv, however, now with rates having increased I'm not sure what to do. If we refinance we would knock off the monthly MI, saving us approx $140 a month.

Over the life of the loan, the new loan would be more expensive, however, in the short term (10 years) we would save money, and could utilize that money to pay off debt, invest in other rental properties (which we do now).

Not sure what to do here... advice input?

Present:
1,318.71 - P&I
55.67 - Insurance
238.47 - Taxes
289.06 - Monthly Mortgage Insurance
$1,901.91 - Current Monthly Total
108 Total PMI Payments - Total $24,889.26,

Present:
APR: 4.631%
Finance Charge $223,526.14
Total Payments; $503,375.76

Proposed - Monthly Breakout
$1,465.30 - P&I
55.67 - Insurance
238.47 - Taxes
$1,759.44 New Monthly Total

Proposed
Rate: 4.625%
APR: 4.690%
Finance Charge $244,646.70
Total Payments; $527, 506.20

I have an investor who I have sold properties for, and wholesaled properties to.

He has a rental he bought 3 years ago, w/20 year loan. He got the lender to agree to sell the property and have someone else assume the loan. He just wants 5k on the sale.

Would I structure this contract as a regular purchase contract with $5k sale price, and then include in the contract the subject 2 terms?

Then assign the contract on top of the $5k?

I haven't written a sub2 contract up in years. Any help is appreciated.

Does that make sense?

The seller has agreed to both.

However, having both options at my disposal during the contract period will give me more options w/ my end buyers (strategy is to wholesale).

W/ the financing I am looking at creating a 2nd position note, to increase my wholesale fee (create some residual)

I have a seller who is ok with a cash offer and an owner financing structure. I am not sure which option will net me more profit, and I would like to lock up both options...

Could I write into the contract the sales price/cash price, but have an option for financing with the expressed terms?

Eg: Buyer and Seller agree to sell for a price of $100,000.

Buyer at their discretion, may elect to purchase under the terms in addendum A.

Addendum A:

Seller will finance at $90,000 for 5 years @ 5%

After closing well over 100 deals, I still get a rush closing/negotiating/structuring deals.

Congrats!