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Finally, after you've held the property while it appreciated invalue, you are ready to sell [link widoczny dla zalogowanych] and cash out.
We have title, but the seller's name stays on the mortgage loan.
That was it! [link widoczny dla zalogowanych] An easy way to pocket $1,357.00 that too manyinvestors leave on the table.
By_________________ (and signed our own name).
Pay To The Order Of: John J. Seller, Paris W. Seller c/o TheAuthor's Investment Corp.
Here's something most investors overlook when buying "sub to"and why they lose around $1,000 each time they do a deal. Weoften buy properties "subject to" the underlying mortgage. Thatsimply means we give the motivated seller a little money (if heis really motivated no cash is needed) and take over [link widoczny dla zalogowanych] thepayments of the loan that's already in place.
On a recent deal we received a check from a lender for theimpounds in the amount of $1,357.00. Yeah!.. Happy dance!
If you would like to [link widoczny dla zalogowanych] learn more about buying "subject to" lookhere...
On the back of the check, we signed the name of each seller.After those signatures we wrote:
Sometimes they will honor your request and sometimes they won't.
This a popular way of buying property from motivated sellers. Itallows the investor to buy many properties with very littlecash. It also places a severe responsibility on the investor tostay current with the mortgage payments. You must be a goodlandlord and some the rent payments rolling in.
Those new to real estate investing often fail to take actionbecause they don't have much cash. The truth is that the verybest investors got their start when they had little or no money.
Then we signed our company name and again (By______) and then wesigned our own name and position in the company.
More importantly, instruct the escrow officer or attorneyhandling the closing of your sale to ask for the impounds. Theywill give the pay off instructions to the lender and the lenderusually will follow [link widoczny dla zalogowanych] those instructions without question.
Was that trouble? No! Remember we had a separate Power ofAttorney for each of these individuals. We took the check andthe POAs to our bank. We explained the situation and here's whatthe bank officer had us [link widoczny dla zalogowanych] do...
When you have found a buyer and you are arranging the close,send the lender a request that any balance in the impoundaccount be sent to you or your company. Always send along copiesof the Powers of Attorney so the lender knows you have theauthority to make the request.
Was [link widoczny dla zalogowanych] there a catch? The check from the lender for the impoundfunds was made payable to the two original sellers whose nameswere on [link widoczny dla zalogowanych] the loan. It looked like this...
You generate income to make the mortgage payments by quicklyleasing the property. Lease payments pay make the mortgagepayments.
Here's where most investors fail to pick up that one thousanddollar that is just [link widoczny dla zalogowanych] waiting to be claimed.
Now YOU will never walk away from that extra thousand or sodollars!
When you start at the bottom you have to work harder andsmarter. You have to make every penny count... and in doing soyou learn how to put together the most profitable deals.
When the investor sells that property they often are [link widoczny dla zalogowanych] not awarethat they can get a check from the original lender for the cashthat has accumulated in the loan's impound account.
When you buy a property "subject to" the underlying mortgage,always get all the owners of the property to sign a LimitedPower of Attorney giving you control of anything having to dowith the house in the future. That way you don't need theircooperation later, when they've left the area and can't found.
Right now one of the very best ways for newbies to get [link widoczny dla zalogowanych] startedis to [link widoczny dla zalogowanych] buy property buy taking over the payments of an existingloan. It's called buying "subject to".
That is the money collected monthly [link widoczny dla zalogowanych] by the lender to pay thetaxes and insurance. It often adds up to around a grand or [link widoczny dla zalogowanych] moreand it's easy to get if you know [link widoczny dla zalogowanych] what you're doing.