I am thinking about buying a 450k house with seller financing. The rate is 5% with 100k down payment. I have to refinance within 4 years and payoff the seller and than the title will transfer under my name. Is this a good idea? Any risk if fraud?

like
Posting as :
works at
You are currently posting as works at

I wouldn’t allow them to hold title. If they want to issue you a note, they can still be a lien holder and transfer the title to you.

like

I would suggest doing a special warranty deed with vendor’s lien, a promissory note, and possibly a loan agreement spelling out the terms.
I think you really need to have title in your name while you’re making the payments - you’re leaving yourself too vulnerable without something on record.
The deed with vendor’s lien protects the seller in the event you default but it allows for title to be in your name (and for you to get a title insurance).

like

100% don’t do this without having title in your name.

like

As long as you think you can make the payments and then payoff the balloon (with cash or refinancing) in time. Just .ale sure you e got no prepayment penalty.

I'm about to do something similar on part of a property.

5% is good rate for owner carry today. I'm at 6%.

Hey help me understand…who gets that’s $100k and who gets it when you refinance

Why not use a regular bank or mortgage company?

Related Posts

Does anyone here use dividend income to live off or fund parts of lifestyle? I’d like to get started now and hopefully have nice cash flow in some years

like

Buying in the DMV (DC, MD, VA) area. Of course the market is crazy and offers are going well over asking price. I know a strategy is to overbid by a lot just to get you a seat at the table and hope that the house appraises for much less and talk them down. Have people been successful with this?

like

Coworker got fired because they stole my clients! We have a policy stating that the realtor who initiated the contact should be the one closing the deal to give them a fair chance. I feel bad but they should have read the policy...

like

Do you guys mind paying the higher short term capital gains tax? Is that a reason not to sell and lock in a profit?

like

Guys need your suggestion here.

Please help me with my decision.

I am 32 divorced and I have decided to not marry again also i don't have any other other responsibilities /loans etc.

Currently earning 18 lpa and I am planning to buy a car which is worth 16 lakhs. Should I go ahead or should l lower my budget as per my current salary package

like

First time investor in the US. Any suggestions on books / blogs to read to get smart. Where do people typically invest given all the client related policies in place for consulting firms?

Can anyone recommend a tax strategy accountant familiar with rental properties in the Atlanta area? I’m on the audit side before anyone makes any comments about me being an accountant lol

likefunny

How old are you and how much do you have in Savings? I’m 25 and I’m pretty broke

like

If anyone wants to sign up for wealthsimple cash you get 25$ when you use my code $lizt

Thoughts about the real estate crash in 2021?

like

Living in Van. Previously lived in Toronto. Obviously rent prices are high as is cost of living. Generally go out and spend more often living in a city. Boyfriend and I on good salary but not saving much due to the above. Before we move home to our own country, we’d love to spend a year close to Vancouver where rent is cheaper, temptation is less, to save. A commute to Vancouver 1-2 times a month needs to be possible (his job). That can be a flight if it’s not crazy. Thoughts? Recommendations?

likehelpful

I am in my first year of my professional career (graduated law school 2019) and I am slowly educating myself on personal finance. I have saved $50k in my regular savings account/911 fund and contribute 10% to my 401(k). What should I do next?! Pay off student loans aggressively or start investing?

like

Investment suggestions - First generation immigrants from India; we live in Florida and make around $550k per annum. Please suggest options to generate wealth (apart from stocks & ETFs)

like

Is QEF inclusion dividend or not? Sometimes, I see QEF inclusion reported on Line 11i and sometimes on Line 6a. I think we can rely on Sec. 1293(c) but I think it’s not foolproof. My hunch is since QEF regime is tailored to treat the PFIC similar to domestic mutual funds, we should not treat the QEF inclusion as dividends. Any help is appreciated.

like

How does carry work at the publicly traded MF? Are you awarded just stock?

like

Buy NAV while it’s dipping. It’s a diamond in the rough I’m telling you. Most undervalued coin in the market. Research it!

like

Really need advise and opinion from folks who have done rental property investments:

Have $100k cash saved over 3yrs. Should we split into multiple investments or add some more cash and buy a cash property?

Details in comments:

like

My agent recommended a mortgage loan officer from a bank. When you use a loan officer do they shop lenders for you or are you restricted to their bank? Are they same as mortgage brokers that charge?

like

Anyone here live in a very small HOA (2-3 units)? How do you do monthly dues? I’m in a two unit HOA and we both contribute monthly. At this point we have a substantial amount of money in our account. Wondering if we can either stop paying or just cut it to minimal annual expenses

like

More Posts

What are the chances of exiting Deloitte as a SC in a t ech role and landing in a equivalent role in MBB?

New to consulting and was wondering whether companies require you to get a security clearance? Does this just vary based off of if you work in commercial or federal? Do you have an option to choose?

like
like

Out of curiosity, why do some guys walk with their pants pulled down that their underwear shows while walking, in the subway, buses etc?

likefunny

Welcome to the bowl for synechron. We will discuss in and out of everything happening throughout the organisation. Feel free to ask any questions/doubts.

like

SaaS account managers - is it possible to hit quota in current environment? ERP, CRM, etc.

like

Who is in the dental field?

like

Making a lot of money relative to the average but feeling poor? Median after-tax income was ~$55,000 in 1981 and was ~$73,000 in 2020. Using a Bank of Canada inflation calculator $55,000 in 1981 is equivalent to ~$165,000 today, which would put someone in the top 10% of earners today. But in 1981 the median family had that extra money. Who can I blame?

Post Photo
like

Anyone have trouble getting in contact with Deloitte’s immigration team? They never seem to respond over email. Is there another way to reach them?

like

What are folks who were going to get married in india this year doing? Reschedule ?

like

Hi friends,
Am looking for some material or interview questions for a BA in life insurance domain.
Can somebody please help?
Thanks.

Need 12 likes

likeuplifting

Santy Paws came early and he could not give less of a crap

Post Photo
likefunny

Selling NWT Gucci pink Supreme IPhone SE/7/8 case.

Post Photo
like

It’s a classic case of making plans then regretting them when they approach... any decent and easy Halloween costume ideas for a young buck?

like

Looking for recommendations on books for personal finance and investing?

like

What color is your stethoscope?

like

Stop. Doing. This.

likeupliftingfunny

Additional Posts in The Real Estate Bowl

How to overcome fear in scaling real estate portfolio? I have couple of rentals but worried about risks in scaling so trying to play safe.

like

First time home buyer here. We were have been pre approved and our lender suggest a 10/1 ARM. Should we be worried about an ARM? Background: we do not have kids but plan to start in 2-3 years and plan to have a few. This will not be our forever home. Most likely will love here for 5-7 years and then find a bigger home.

like

I want to buy a house, I don't have much cash at the moment but around 80k in stocks (mostly $VGT). My original idea was to liquidate half of my portfolio for a downpayment on a 350-400k house, however with the market getting smacked around I would rather not sell right now. So I'm looking at using margin -- has anybody tried this before? InteractiveBroker is quoting <3% for margin 20-50k.

like

Please advise: Have an offer for my positive cash flow rental property that’d net me ~$50K. Reasons I don’t think I should sell 1) I don’t need the cash in the near term 2) I will not be able find an alternate investment better than this to put my cash towards 3) interest rate on this is 3.5% and I won’t be able to finance a property at that rate any time in the near future.
Reason to sell 1) what if there’s a crash next year or rates go back down to attractive levels to scoop up good deals.

like

How much does it cost to evict a tenant and how do you prepare for this scenario in advance?

like

Buying in the DMV (DC, MD, VA) area. Of course the market is crazy and offers are going well over asking price. I know a strategy is to overbid by a lot just to get you a seat at the table and hope that the house appraises for much less and talk them down. Have people been successful with this?

like

Can anyone recommend a tax strategy accountant familiar with rental properties in the Atlanta area? I’m on the audit side before anyone makes any comments about me being an accountant lol

likefunny

After getting an accepted offer my buyers agent informed me that there is an additional $595 administrative fee due to his brokerage for admin services like doc storage and office supplies that I am supposed to pay. We purchased a home last year with a different agent and company and did not have to pay this fee. Is this common practice for buyers agent to push their brokerage fees to their clients? Isn’t this why they are getting paid thousands of dollars in commissions? Any insight is helpful

like

Really need advise and opinion from folks who have done rental property investments:

Have $100k cash saved over 3yrs. Should we split into multiple investments or add some more cash and buy a cash property?

Details in comments:

like

My agent recommended a mortgage loan officer from a bank. When you use a loan officer do they shop lenders for you or are you restricted to their bank? Are they same as mortgage brokers that charge?

like

Anyone here live in a very small HOA (2-3 units)? How do you do monthly dues? I’m in a two unit HOA and we both contribute monthly. At this point we have a substantial amount of money in our account. Wondering if we can either stop paying or just cut it to minimal annual expenses

like

Our realtor pitched us the idea of Owner Financing to sell our home in Arizona. I’m not familiar with this process, so anyone have tips, suggestions, red flags, personal experiences? I’m open to reading what’s on your mind!
Thanks in advance!

like

If I found a house on the market, sent it to my realtor and asked if we can go see this property, he responded said it would probably be tomorrow, seller says it probably won’t pass inspections for financing so I say okay forget it because I think this realtor won’t be any value add since this is an investment property. He does go off and lists things that need work. Will he have probably cause to collect a commission if I go directly to seller with an offer?

like

Hi all- I’m new to real estate investing. What are some books/ reading materials you would recommend to learn about selecting the right investment property, things to look out for, laws etc.?

like

Hello 👋 starting to look for my first condo (NYC, Jersey City) and learning the process of home buying. How much of your total savings did you use for down payment + closing, and how long did your process take for you?

like

I started lowballing and it’s working

likehelpfuluplifting

Anyone familiar with professional rate mortgages?

like