All Forum Posts by: Victoria E.

I'm not sure what each state requires. Below pdf, isn't all that clear about rehabbing work requires the certificate, but it didn't say that the park owner to be certified.  

https://www.dos.ny.gov/DCEA/pdf/manuf_Home_CertProgram.pdf 

I agree with @Wayne Brooks.  

You may find out this information - 

-How much she needs

-Find out the market value "as-is" condition, then May give her more than market value with seller financing with interest 5-6% is reasonable.  Like money in the bank with great interest rate! 

-Bring her amortization sheet, what are you willing to pay over the years.  

-Have her think of "lottery winner" whether million dollars, it's all gone in 3-7 years.  

That's what I will do!  

@Zachary Gallikundefined

for a seller financing deal, I always put this provision - You never know! 

"In the event, the note holder should ever decide to sell this Note before its maturity, Buyer reserves the First Right of Refusal in the purchase of the note and to match the purchase price of the note on an and all bona fide written offers."

I'm recently learning about master lease. I was negotiating seller financing with seller but it didn't go well, so I'd like approach him with master lease.

Would you advise on what I need to know about master lease?

What's the repair amount I should be responsible for and what's his?

Where can I find some contract/forms for this and what to record?

I'm in Los Angeles County. Thanks for your input!

~ Victoria

I'm a RE broker and I never been asked about seller financing offer. Same time, a lot of RE broker doesn't have much knowledge about seller financing where limited cash involved in and agent want to get paid.

Having said that, as you are buyer not licensed you can approach seller and show your offer and have the agent review with you, so you have shot at talking to seller and agent directly, not just thru agent who might not have much knowledge and shot you down.

It's all comes down to whether seller need immediate cash to move or not and what they owe or if it's free and clear.

You can cash refi out up to 75%LTV, I believe many lenders are offering that.

I would keep that $800 rent house as well... cash flow and more cash flow in 5 years after paying off. If other investment great then may acquire private money from family and friends and may give them good interest.

Thanks guys for your advises!!!

Great Saturday everyone!

I have a seller that have small loan took out last year at 6.5% and I'm trying to buy the property "subject to" and remained balance give him in cash. I haven't done this before and I don't know what's the best way to set things up as far as -

Is title under seller's name or my name? (due on sale clause issue)

--if it remains his name, then do I record option or memorandum?

--he gets tax deduction and it's good thing for them, right?

--I heard if house on "fire" then, insurance will pay who is on the title.

What if I want to refi out in 5 yr or 10yr and not able to hold of her to be okay to do so? What if I paid off in 20 yrs and how do I obtain the reconveyance?

Like I said, I'm looking for advise on best way to set up and pro & cons.

Thanks for your input!

I learned from my mentor that if it would cash flow even $100 or even break even, it's worth it to keep. With depreciation, you or your mom will have some tax break. Tenant is paying the mortgage payment and one day you will have free and clear house for your retirement that you can count on every month for the check in the mail. May consult with mom's tax person to see either you and your mom who can benefit the most on tax.