All Forum Posts by: Tyler Gibson

@Chris Tsun I am surprised that your banker told you to do this. Most mortgages have a due on sale clause which basically means that when the title changes from your name to any other the full amount of the loan is called due by the bank. Now there are many threads on here that ask the question "does this really happen?". From the many threads I have seen the responce is that it can happen. Many people do this and nothing happens and the bank only cares that the loan gets paid on time. However there is a very real risk that the bank could call the loan due when you quit claim deed the property. If you have the cash to cover the loan then I suppose it is less risky for you but it is a risk. 

I am not sure if the receivers office is the same thing as records. I am not familiar with the term receivers office. Google search for your County property appraiser. This is a public site that information on every property in the county. Information like taxes, last time it sold and for how much, Who is the current owner and often times the address of record for the owner if it differs from the property address. On this site you can also get the legal description and parcel ID or tax ID (which are the same but different states call it different things). You can use the property owners name, legal description, or parcel ID or combination of these to search the county public records. Again google search for county official records or registrar of deeds. Search for the property with the info you obtained for the appraiser site. You are looking for a lis pend document type this is a document recorded in public record that states a lawsuit is pending. Almost all information about property is public record and can be found on these 2 sites. If your county charges to view the documents recorded then you can probably go to the recorders office and search and view there for free. 

@Beau Alesi have you searched county records to see who own the property? you would find this on the property appraisers site. If it is not bank owned then you would want to do a county records search to see if there is a foreclosure suit pending. if it is bank owned then they will eventually list it for sale but you might have to wait for that. 

@Jahneeva Arnold Yes you would want to up the price to your cash buyer. This is tricky because you will likely need to pay off the taxes before you can close. Unpaid taxes can cloud title so you will want to get the non refundable cash escrow deposit upfront from your cash buyer so you can clear title then do the double closing or assignment. 

@Sharls Alexander Start by deciding where in Florida you would want to property to be. 

@Samuel Cardenas I have a banker friend that essentially told me it was impossible to get a heloc from traditional banks for a residential property titled into my LLC. I found some private lenders that will do a refi but have yet to see a heloc option.

@Chase Woodard I recently completed realestateexpress.com course work. I will sit for the test here in Florida in the next 30 days. It was simple enough it is just a ton of reading. I found a groupon and a discount code for it so it was a killer deal. 

@Pete Sloa assuming the courts side with you and state that the previous owner was properly notified then you are now responsible for the 1st MTG. If they side with him then you may have more time in court on your hands to get your money back. 

@John Mangiameli Yeah they might count it as profit. Really it is a perception game. Are they making $87,500 in cash every year? no but it is a good looking number and they are selling a system or image or something. I typically find that these guys are using terms like cap rate and NOI to make there deals seem that much better hoping that the people listening don't understand how they got to their numbers and take them at face value. they want people to pay for their training or system education materials. I have a general rule I live by, if the person telling me the number is not a fiduciary working for me then I don't believe a word they say, I run the numbers myself. If they are a fiduciary I believe them and run the numbers to check.

@Mike A. See if you can figure out where they are registered and give them a gift from the registry. It will feel more personal than throwing him a couple bones. You definitely don't need to do this but if you want to because you think it is a valuable business relationship then go for it.