20 April 2007 | 2 replies
Im assuming your talking about taking over the payments subject to the exisiting loan.so let me break it down to you....1.sales contract with subject to existing loan clause on it.2.create a land trust conveying the property into the trust and your company or good friend as trustee.3.have seller sign a warranty deed to trustee showing seller still holds 100% beneficial interest.4.have seller sign an assignment of beneficial interest (ABI) naming you the sole beneficiary to the landtrust.5.you would file the "warranty deed" at the county clerks office but hold on to the "ABI" for future use when selling the property DO NOT FILE THE (ABI)!
29 April 2007 | 25 replies
In the worst case senario imaginable you sell the property and break even.
30 April 2007 | 19 replies
Like say you get electrocuted replacing a plug face, or fall off a ladder and break something.
30 April 2007 | 16 replies
Mike-Can you break down what the expenses are that comprise the 50% of rent figure that you use?
4 May 2007 | 4 replies
Its roughly the same process for a builder or developer that's taking a big chunk of land and breaking it into lots, or for a condo conversion where a multi-unit building is broken into individual single family units and sold separately.The added value is that its easier to get a loan on a fourplex (residential financing) than anything bigger (commercial financing.)
25 April 2007 | 2 replies
If you have a contract with the seller and they break it then you can sue the seller for specific performance, damages, and possibly the buyer for breach of contract.Be aware that as a birddog, a Non-Disclosure contract is most likely not legally enforceable in a court of law.
30 April 2007 | 4 replies
At the moment it is priced under appraised value, and right at break even plus commissions.
2 May 2007 | 14 replies
Even though it might break down to that, you can't go by that.
4 May 2007 | 3 replies
I spoke to one of the building inspectors and he said that they get a big rash of calls after parent visiting day for people trying to break leases.
22 June 2007 | 10 replies
I recall reading a post on here that breaks it down in greater detail.