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All Forum Posts by: Troy H.

Troy H. has started 9 posts and replied 129 times.

Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

@Ryan Kopczyk

Thanks. I certainly will give you a call when I get closer to solidifying a deal.

0 Votes
Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30
Originally posted by @Brian Gibbons:

@Troy H.

use www.notecollection.com

Send payments from buyer to note collection to lender

 Thanks Brian. I have to do a little research, but the services the provide seem to be what I need.

0 Votes
Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

Wow thanks Steve. Definitely, something I will pay attention to.

0 Votes
Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30
Originally posted by @Steve Vaughan:

Sure @Troy H. Land Contracts or contracts for deed do not place the property in your name until they fully paid off.  They are a good deal for the seller only. You could be into it 10 years when the owner gets sued for a car accident their son was involved in.  A lien will attach to 'your' property because of the legal owner's financial woes.  You have all the costs of ownership, but no benefits.  May as well just have an option to buy it.  

Structure it as a note and deed of trust / mortgage or Real Estate Contract.  Ownership rights from day one. 

0 Votes
Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30
Originally posted by @Mark Nolan:

@Troy Hamlett

Welcome to the BP community. You will find alot of good information here. Make sure to view the BP blogs under "Learn."

 Mark thanks for the welcome. I have begun reading through the material in the BP blogs. They are packed with quality information.

0 Votes
Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30
Originally posted by @Ryan Kopczyk:

@Troy H.

 Hey Troy I am with an investor friendly title company here in Orlando and close on seller financing deals all the time. If you ever need help or have any questions please feel free to call or email me anytime. I love building relationships and would love to be apart of your team.

Thanks,

 Ryan thanks. I am looking to build a team of like-minded individuals. I am glad you responded because I did have a question about protecting myself from an owner who would take my payments, but not actually apply the funds to the exiting mortgage. 

Am I only truly protected if the property is free and clear? That way the title is held along with my earnest money? Please correct me if I am wrong. Thanks again.

0 Votes
Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30
Originally posted by @Steve Vaughan:

Build rapport with the seller before asking them to carry for you.  Be  prepared to put down 10%+ at higher than market rates.  Never do a land contract.  Good luck!

 Thanks for the tip Steve. Can you tell me a little more about why land contracts are a bad idea?

0 Votes
Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

Hello everyone. I'm brand new to biggerpockets and I am still familiarizing myself with the site. I am in the Orlando, FL area and looking to utilize seller financing to acquire my first duplex. Any advice is welcomed. 

3 Votes
Multi-Family and Apartment Investing

Post: New investor looking into a seller financed duplex.

Troy H.Posted
  • Greensboro, NC
  • Posts 129
  • Votes 30

Hello everyone. I'm brand new to biggerpockets and I am still familiarizing myself with the site. I am in the Orlando, FL area and looking to utilize seller financing to acquire my first duplex. Any advice is welcomed. 

0 Votes