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.

I'd like to be the first to say Congratulations, and that I find your done deal very inspiring. Thanks Mark Ben

Thank you very much for your answers, to you both. Just to let you know my status, I am procuring an attorney here in NY to review the contracts, and secure future closing arrangements. Of course I will let you know of how things are going, as they come along. I'm being bombarded by different RE strategies at the moment (seller financed, foreclosure, subject to, rehabs because I am continuing my education) , but I have decided to go the L/P-L/O way due to its low capital needs and relatively lower level of associated risk. Thank you. I hope to have post-worthy recounts very soon! PS. Speaking of closing, whose attorney do we use?

Hi. Nice package, very informative and helpful. I see it all before me, now I just have to bring it into my lap. I do have some questions though after my first initial reading (I'll be reading this over and over and over until I can do it blindfolded with one arm tied behind my back, hopping on one leg, and that pen between my teeth). 1) I thought that notarizing must be done at signing in front of both parties, is this correct? 2) I am a licensed RE salesperson, how will this affect my negotiations and interests in the properties that I am seeking to control? (newly licensed, 5 weeks new) 3) Can we take the word of the Seller that title is free of encumberances other than the listed ones? Will we be needing to include title searches in our due diligence? Do Property Profiles include title abstracts or are abstracts to be out-of-pocket expense to be recouped later? 4) How do we use MLS/Profiles to get comps? (I work in rentals in Manhattan of NYC) Are we looking at asking prices or actual purchase prices? I think these are more than enough questions from this newbie. If you could answer them, It'd be great. I'm sure I'll be quite the regular on this board. Thanks much, Ben