-Tony- 0 Report post Posted September 22, 2004 they are not the type to go look it up, but would they get any thing for tax purposes Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 23, 2004 No, they shouldn't. You're doing a sandwich lease. So, until the option is exercised there is no sale involved, obviously. When and if the option is exercised, that is between you and the homeowner. Your business between you and the t/b is separate and distinct and doesn't affect the homeowner in any way. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted September 24, 2004 I will be using a poa for closing not a double close. So wouldn't they need a hud 1 for taxes Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 25, 2004 Good question, Tony. But I'm not sure of the answer. I think the best source of information on this would be the title company. Share this post Link to post Share on other sites
socharming1 0 Report post Posted September 26, 2004 It is my understanding that whomever is involved in a closing ie agent, buyer, seller, you....will get a hud-1. I had a wholesale deal where oddly enough seller, buyer, myself and my agent sat in the same closing (for 4 hours, don't ask ). Everyone at the table got the hud-1, sellers saw what I was getting for my expertise, they didn't care because they paid ZERO and the buyers we're INVESTOR's and knew the score. Hud-1's are always necessary before any documents are signed because it tells exactly who is getting and paying what! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 26, 2004 It is my understanding that whomever is involved in a closing ie agent, buyer, seller, you....will get a hud-1.This is usually the case, but not always. Which is why I suggested Tony ask the title company.When I was in NM, for example, and I was in the middle of a sandwich lease where the t/b was exercising their option, the way the title company there set it up, there was no Hud 1 for me, and no way for either the homeowner or the t/b to know my numbers in the middle. In fact, the closing between the homeowner and I, and the closing between the t/b and myself, were two separate appointments. The homeowner and the t/b were never in the same room at the same time. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted September 29, 2004 Okay I was talking on the phone to my friend ...I mean one of my friends today about the house she is moving into (Mine RTO). Well a friend of hers walked in, he said I need to get him a RTO. She pops off "he has one in (Tells him the area)", does the realtor thing and hypes it up (which the county it is in is sought after). he asked the rent amount I told him (then took a hundred off cause he has helped her a lot but still just above market rent). He asked how much it was selling for she pops out a Price, then justified it (it was more than I was going to ask for) He asked how much I needed down. >>>Okay I will shorten this up<<<we did the how much well what do you want routine and came up with 15k (I would have settled for 7k but I didn't speak first ) but wants to see it first. To top it off he tells me if we do this I will be his mobile home partner (he started buying them with cash). he came in one day I was over there and said he just bought 2 mobiles. I have Lonnie Scruggs book (just bought it a couple weeks prior) and we got to talking shop. He liked what I had to say. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 29, 2004 So, if this guy likes the property, you stand to put $15K option consideration in your pocket, and be a partner with this guy on a few mobile home deals. Sweet. You never know how one thing leads to another. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted October 14, 2004 got a email from the owner last week stating they were going to let their friends stay......augg So I replied with if they didn't pay before why would they now yada yada yada.then how I will make the payments if he doesn't. My guy will be crushed blah blah blah. He is willing to put first last and one month security down wich would be money in his pocket. and so on. I gave he a few days to talk to her hubby, well I returned to work 2 days ago after 3 off. there was no reply, nor the next day. LOW AND BEHOLD they hubby called tonight. I think the almost 3k did it, it's back on. We talked about payment and they want me just to pay the bank (I worked with her and I wouldn't think twice about sending them the payment) So, there mtg is through wells fargo along with another I have...hmmm I could save a stamp and mail them both together Please excusse any spelling error and blame it on our fearless leader.... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 14, 2004 Please excusse any spelling error and blame it on our fearless leader....Sure, dump it on me....I'm your Daddy. (That's a reference to the Yankees-Red Sox series. You know, Pedro Martinez? Ahh, forget it. If you've got to explain the joke it shouldn't have been told in the first place)......But getting back to your deal, Tony........it's definitely on again, it appears. Way to plant a few seeds in the back of their minds, and then wait them out while they germinated. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted October 15, 2004 well I made it sound like they would get 2.7k, 900 is the first month. so I am out a little of the option 1.4k (his rent is 400 more then mine). So, 13.6k not to shabby Share this post Link to post Share on other sites
-Tony- 0 Report post Posted November 13, 2004 Another update, I get the keys Wed. I will list it for 185k (I mean 184.9k), cash is King. 2 other units are listed for 179.9k and 174.9k the first having about 200 more sq ft the second 150 sq ft less but a 1 car garage. Both of these use a loft for a 3rd bedroom, Mine is a true 3 bdrm. My agent friend will list @ 4% (one of the perks I negotiated while setting her up in a RTO. I should make a pretty penny on this one. I put maybe 2 hours in this deal and I will have to put new carpet in (carpet allowances are great) Share this post Link to post Share on other sites
Gary (MO) 0 Report post Posted November 13, 2004 Good job Tony! Share this post Link to post Share on other sites
-Tony- 0 Report post Posted November 13, 2004 The owner just called and I hinted that we might just get a offer to buy out right. I told him that at least he will not have to cover any cc the price is set and thats what he gets. He said yeah and you get anthing over I said right. He was okay with that but still thinks it worth 125-130k. Share this post Link to post Share on other sites
