All Forum Posts by: Tyrell Rutledge

2000 is the quote I got from old republic title in mustan and eagle title in yukon. Thank you for the reference sir!

I appreciate your feedback guys. Maybe I just need to pony up that 2k. It's family and they said there was nothing outstanding after the mortgage. But I would like to have the easy resale option so I'm not backed into a corner on my strategy. 

I just got another quote for a traditional title transfer and it was 2000$ for an 84k$ purchase. How does that sound to yall?

I have a verbal agreement on a sale price on a SFR here in Yukon, ok. I want to pay off the existing mortgage and the seller with cash so I can brrrr the property. This is family and I know the only lean is the existing mortgage so I would like to do a quit deed if possible. What kind of paperwork do I need to come up with and how would this process go down? Thanks ya'll.

@Reuben Gathright man I bet that guy is a treasure trove of info. Thanks for the name.

I'd be interested to just go set in on one of these sales to see how everything goes down. Do we have any oklahoma members who actively work the sherrifs sales or county tax lien sales? I'd be interested in tagging along to see your process and will even do some ground work or research for you. If properties are in my area I can get additional photos etc. 

As I understand it you will need credit also when you attempt to purchase a property you are doing the lease option on. If I were in your shoes I would try to find the highest paying hourly job I could to build my base.  If you have no education I'll just throw it out there 711 has signs that say they are hiring for 14-15$ per hour. If you are extremely real estate motivated and driven,  I'd consider getting my realestate license for your day job.  I have seen several postings on craigslist offering to educate and mentor new agents. On your living situation, I'd shoot for the duplex house hack, it's free to call banks and find out if they can qualify you for a loan. Personally I'd rent as my worse case scenario. 

 Rob they told me I should just  figure on 6 months.

Bank of Oklahoma keeps their loans in house and they offer 80% ltv on cash out, 85% on standard refi. This property is in yukon, mustang schools. Upside to this deal is even if its tight I Getting to help family, and if I leave a couple thousand of my reo budget in my deal I think this is still beating the heck out of putting 20% down of a turn key property. 

If I am unable to assume the loan due to FHA restrictions (I'll find out today). This will be funded with a personal loan from family as my short term money with very favorable terms. Also good news is my bank will refinance at 80% ltv. This is a home in my neighborhood I will be able to have big savings doing most of the work myself with friends and family backing me up.

Sitting down working on the numbers I am more timid about holding costs than anything right now, speed is definitely key.