 FSBO (by alice [TX]) Apr 20, 2018 6:12 AM
 FSBO (by AllyM [NJ]) Apr 20, 2018 6:32 AM
FSBO (by fred [CA]) Apr 20, 2018 6:42 AM
FSBO (by Vee [OH]) Apr 20, 2018 8:03 AM
FSBO (by NC INVESTOR [NC]) Apr 20, 2018 12:37 PM
FSBO (by Pmh [TX]) Apr 20, 2018 4:34 PM
FSBO (by alice [TX]) Apr 21, 2018 5:19 AM
FSBO (by alice [TX]) Posted on: Apr 20, 2018 6:12 AM
Message:
Have you dealt or know how FSBO and owner's financing?
Now, I got my property back.
I should let others to own the property and maintain the property, I will have monthly income from the "mortgage" payment to exchange the rental income.
Yes, I will do owner's financing. Could you share with me your experiences on this topic. Yes, the lawyer has to draw the paper work for this transactions. No, I am not a distressed owner.
Any suggestions? Thanks.
--136.62.xx.xx |
FSBO (by AllyM [NJ]) Posted on: Apr 20, 2018 6:32 AM
Message:
In NJ we are not allowed to do that. Not sure why --69.141.xxx.xxx |
FSBO (by fred [CA]) Posted on: Apr 20, 2018 6:42 AM
Message:
To be a LL is good, to be a lender is better.
Depending on the nuts and bolts of your Documents, you can earn double the loan amount over the lifetime of the loan.
If your borrower stops making monthly payments or starts to pay partial payments...you foreclose.
As a LL you have tons of responsibilities regarding the house and tenant, which you don't have as a lender.
So what possibly could go wrong? a borrower who would trash or burn down the place is one potential problem.
I was FSBO a few times, but never offered financing, because I had other plans for the funds coming in after the sales. Being a RE agent way back when I started, before I became a LL and developer, helped me a lot. --99.59.x.xxx |
FSBO (by Vee [OH]) Posted on: Apr 20, 2018 8:03 AM
Message:
Deeply research your state loaning rules, here in OH if they get past 20 percent or 23 months they are owners and this is not an eviction but a 18-24 month foreclosure if no extensions are granted by the court, not a good place for me - just sell. --76.188.xxx.xx |
FSBO (by NC INVESTOR [NC]) Posted on: Apr 20, 2018 12:37 PM
Message:
I second VEE's recommendation. In NC seller financing can backfire very quickly. In NC seller financing regs for residential property are stricter than a traditional lender. Unlike OH, we need o go through closing so they instantly become owners even on an RTO which translates close to 24 months to complete foreclosure.
Confer with a RE attorney before doing anything. --71.75.xx.xx |
FSBO (by Pmh [TX]) Posted on: Apr 20, 2018 4:34 PM
Message:
In TX not allowed to do so unless you own free & clear. In your circumstances when you have let rents slide 4 mos I would suggest you just sell bc you will be in worse pickle if you do owner finance and they don’t pay again for 4 mos...gets tricky real quick compared with simple pay or quit renters... --166.137.xxx.xx |
FSBO (by alice [TX]) Posted on: Apr 21, 2018 5:19 AM
Message:
Thank you for the info. I will take for advice.
p.s. the reason why the four months rent was because I was out of country for two months, and I was told that I, as owner, will be better to show in the court (with the attorney) when it scheduled a hearing. so, I can not.
No, I did not hire an attorney. It turned out I done every step right, I just need some confirmation, and no attorney willing to say that, it is kind sad, all they wanted is to have big retainer up front.
well, listen learn.
--136.62.xx.xx |
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