byoon

I have used Psek.com. My friend started the company, the rates are very reasonable, and I have never had problems. He sold the company but the new owner has kept up the same great service. Hope this helps.

Yes, you said exactly what I was thinking. The obligation part. Thanks Michael.

I didn't know you knew about Land Trusts! I'm very interested in learning more about this method of protection. Spill the beans, Michael! At the very least, you can point me in a direction, can't you? Thanks in advance! BTW, on a separate note, Oh, I see the folly of my ways. A pure option would prevent you from overextending yourself, is that right? As opposed to a assignable purchase agreement... Well with the proper clause, I suppose it amounts to the same, but why make things difficult. Some feedback on this thought would be much appreciated. Good luck to you Ernie!

I am not an expert but i think the simplest way is: 1. Have the Seller sign an assignable purchase agreement with you for mortgage amount plus $10,000. 2. Assign the agreement to the buyer for $9000. Walk away with 9,000 and let them close on the house for $126,000.00 (assuming it is worth at least that) Since I don't have my own deal, I thought I would add my 2 cents. Feedback on this structure is appreciated. Thanks

Much thanks. Disagreeable policy tho

Wow, thanks for the support! It seems sub2's are more involved than L/O, and it might take me a while but I'll be the next sub2 pro! I'll keep the questions coming, and hopefully...*drum roll* share some stories and deals with you soon! Again, thanks.

Can someone explain to me how subject to deals are different from L/O? I have the Manual, and it is by far the simplest method, at the same time, I would like to be completely armed with knowledge so I can best help the Seller. And I wouldn't want to miss a great deal!

Very encouraging words. Thank you.

My girlfriend's family has a rental building under personal name. They want to transfer title to an LLC they just established. The Department of State says there are taxes involved. Specifically, 100% of the value of the property divided by the number of members equals the amount of the tax involved in the transfer of the property to the LLC. Can anyone confirm, deny or elaborate on this? I have never heard this before and was wondering if any of you more experienced LLC users could shed some light on the subject. Thank you Edited, Sorry, Perhaps this is better placed in the Tax strategies forum, my advance apologies

When you "get the deed" in a sale, not an L/P, you don't really get the deed, right? You are getting the contract for deed signed by the seller?

Such as? The deed isn't getting into the buyer's hands until all the t's are crossed and the i's are dotted. It's done at the closing, and follows a logical and legal progression to title transfer. See above. <{POST_SNAPBACK}> I see. I think I was confused. Strangely, these answers cleared some things up for me. Thank you Michael.

Thank you Michael. Glad to see you guys are still swapping knowledge. This leads me to a second question. What kind of protection does a seller have? How do they know the grantee will not run off and do something silly with it? This leads me to a third question. From what I understand, a bank will need deed before they can consider any financing. In the siging of documents from homeowner to buyer/investor, where does the deed signing fit in? Thanks in advance.

I have a question about deeds. I always thought deed conveyed ownership (transferred ownership) A lot of my reading/studying has come across Warranty deeds as the method to convey ownership. Does a Homeowner signing a warranty deed to the deal maker transfer ownership of the property?

gratze

Yes, sir. I'm trying to establish a relationship with an attorney to take with me on my road to wealth. How can I get him involved so I can save out-of-pocket expenses in return for future business (ie closings) thrown his way? Much thanks in advance for your wealth of knowledge and willingness to share it, Michael.