They are an instrumental tool.By working slowly and steadily with a definate business plan, everyone can do well in real estate, but I am one who truly believes that that plan is a necessity.

@Brandon HallHas been instrumental in helping me.Amanda Han and Steve Hamilton have also answered a lot of questions for a lot of people.

Since not much has been said about this portfolio lender and they have been so instrumental in starting my investing career - I wanted to write up a quick review.Some highlights about this banks residential mortgage offerings for owner occupants:-Will finance for up to 4 family properties-10% down for 3 and 4 families, and I believe 5% down for SFH and duplexes-No PMI-Low closing costs ($9.8k for our $430k)-Competitive Interest Rates (Just re-fied a couple months ago for 3.49% 30 year)-They will consider your rental income as income even prior to two years of tax returns as long as you have signed leases.Anyway before I get people too excited, they will only lend in counties that they have a branch in, below is a list:New York: Albany, Columbia, Dutchess, Greene, Montgomery, Orange, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Ulster, Warren, Washington, WestchesterFlorida: Brevard, Charlotte, Hillsborough, Lake, Manatee, Martin, Orange, Osceola, Palm, Polk, Sarasota, Seminole, VolusiaMassachusetts: Berkshire CountyNew Jersey: Bergen CountyVermont: Bennington CountySo I was just at their Ramsey NJ branch last Friday, trying to get preapproved for our second investment property we are on the lookout for.

If other laws are not strictly followed, not only can the buyer claim the sale void, they can seek a full refund plus damages.It is highly recommend you learn more about the legal ins and outs of contract for deeds in general prior to considering using such an instrument for transferring real estate ownership.After having gained thorough general knowledge, learn the legal laws and implications in each state where you plan to use this method of transferring ownership.THIS IS CRITICAL.

A party of interest in the property that was sold at tax sale may assign his or her right to claim excess proceeds only be a dated, written instrument that explicitly states that the right to claim to claim excess proceeds is being assigned, and only after each party to the proposed assignment has disclosed to each other party all facts relating to the value of the right that is being assigned.

Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.I'm not sure what they use in Texas, but I imagine your loan documents would have a similar clause.  

The payment must be made before the deed or other instrument of transfer is recorded with the court clerk or filed with SDAT.Generally, the person responsible for your closing, a title company for example, is responsible for ensuring that sufficient funds are withheld at settlement and for paying the amount of withholding tax due to the Clerk or SDAT when the deed or other instrument of transfer is presented for recordation.In the case of a nonresident individual, the payment is 7.5% of the total property sale payment made to the individual.

Love the airport there flying in over the bay... there is an instrument approach that takes you over the spit and turns you back in.. and the burgers at the restaurant are nice.

Additionally, if you are attempting to use a 3 year balloon to circumvent a borrower's potential right to redeem the instrument - that may not work.  

As such, the instrument should point out which steps need be taken to give notice of default and how the termination of the right of redemption is carried out, otherwise known as foreclosure.