Jin Kilomana
What instrument should I use to secure loan through property
Hi. I am lending friends $30k to buy property and I want my loan to be secured by a promissory note (with a due date I can choose later with 1 month notice) which is secured by a deed on that property. There will be n...
Patrick Wood
Investing seed money: what financial instrument to use as a bucket
I am new to real estate investing. My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -&g...
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Private Money Contract
Can anyone tell me a quick cheap place to sign a private money agreement with someone. My friend has 100k he wants to lend me but wants something in writing first, interest and balloon payment etc.
Mike Hartzog
Extending an Open Ended Loan
Has anyone done an extension on an open ended loan? I am familiar with the concept, but not so much with the nuts and bolts of how to get it done. I believe there needs to be a new note and security instrument. Not...
Lisa Musa
Trustee's power in Florida Land Trust
Under Florida statue 689.07 does a property held in a Florida land trust with a Deed in Trust as the recorded instrument have to specifically have written in the recorded instrument (deed in trust) the powers given t...
David Andrews
Due on sale clause question when quit claim to LLC?
I am thinking about transferring my rental property in UT to my LLC. The credit union's (PFCU) Note and Deed have the following clauses:Note:If all or any part of the Property or any Interest in the Property is sold o...
Andy Mirza
Do not buy NC notes with LNA
We were in the bidding phase of buying a NPN in Charlotte, North Carolina, when we discovered that Lost Note Affidavits (LNA's) only work for the entity that last had possession of the note. The right to enforce the p...
Brandon Stewart
Lease Option Sandwich on Trustee Sale?
I'm hoping someone can help me understand this since I'm just starting out.I found this house on Zillow that was listed for around 250 days. I looked up the address and the property taxes and school taxes are not paid...
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Recording Fee
I recorded a "Deed of Trust with Assignment of Rents" yesterday at the Los Angeles recorders office and the recorder said $70, I said, wow, that seems like a lot for a 4 page document, how come it's so much, he sai...
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Note Assignment
If sell a note to somebody, does the lenders title policy and hazard insurance have to be changed to cover the new note holder, or does the coverage somehow automatically transfer to the assignee?