Great thread I'm learning and retaining all of everyone's mistakes!!

The indifferent landlord solicits and retains the best quality tenant(s) and sticks to their criteria.This question comes up a lot and at some point, somebody will likely make a sticky note about it.

This means that, in the Birmingham market and likely several others, you could invest in a solid B property that cash flows nicely and will retain value over time.

The loans are assets of the failed bank so they are either sold to another bank which also assumes the deposits or the FDIC retains the loan credit and collects the loan.

His office is in Melrose. rappalaw.comFULL DISCLOSURE - I retained Henry to be the broker of record for my company.  

As a result, the owners retained half of the deposit money ($550) on behalf of Justine's rental period.

When a lawyer sees a trust in one state who has a trustee residing in another state with beneficiaries that might possibly reside in a 3rd state or even in another country he stops in his tracks and asks his potential client for a huge retainer in order to proceed.  

You are fortunate he did not ask for a non refundable retainer to approach prospective sellers.

Show the seller what he will receive over the period of owner financing --if seller took back $100,000 @ 8% interest, interest only payments, paid monthly with a balloon at the end of 60 months - would look like this 8% x $100,000 = $8,000 a year ($666.66 a month for 60 months = $40,000 plus the principal balance in a balloon payment of $100,000 - so the seller get his equity of $100,000 plus $40,000 in interest) these facts can be very motivating.Seller needs to know about capital gains and the benefits of seller financing and installment reporting.Seller can use the financing note as a down payment or other real estate or sell the note at a discount.Seller can split the note - 4  $25,000 notes or 2 $50,000 notes - again these notes can act as down payments  deposits on other real estate, sold or retained as monthly income or given to relatives as gifts.When seller financing is accepted - you may want to consider the following agreements or clauses:Always build in a discount in the event you pay the note off early (big savings here).Always make the mortgage a First Subordinated mortgage - this means that if you refi - you can place the seller's mortgage in 2nd position - since a lenders usually wants to be in first position.Make that mortgage fully assumable with release of liability - that means when you sell the property, your buyer can assume it, and you are released from the obligation (this is good)When selling the property - you can do a wrap-around - meaning if your interest to the seller is 5%, you can wrap the mortgage at a higher rate - like 10% - that means you are making 5% on money you owe - this is sandwiching the mortgage (this is good - never stop negotiating)Build in a clause that allows you to walk the mortgage to another property with equal or greater equity - this is called substitution of collateral.

I’d also retain 51% control to avoid deadlocks