I'm having trouble finding the sellers profit based on the balance left. You got $52,415.31 but having trouble getting to it. What would be the equation?
Thanks for explaining! Would an attorney help to avoid the 'Due on Sale' with the primary mortgage holder? Also, how can the buyer deduct the interest from the primary mortgage and property taxes for their taxes? Thanks in advance!
An attorney can't help avoiding the Due on Sale other than writing up the agreement. Banks don't normally enforce this clause if payments are on time. At least, I've never seen a bank do it. Whoever has the deed and makes the payments will be able to write off the interest. Hope this helps!
Just subscribed. 👍thank you for the detailed break down. QUESTION: 2 parts - 1) If the seller has a mortgage in place, is there a benefit to buying Subject To the existing loan VS on a Wrap? 2) If you BUY on a wrap can you then turn around and SELL that on a lease option?
Thanks for subscribing. 1) If the seller has a mortgage in place... you must do a Wrap... which in almost every situation will be subject to existing financing. 2) If you buy on a seller finance (Wrap or otherwise)... You own the property which allows you to do whatever you want. YOU own it. You want the deed. 3) Hope this helps.
@@ChrisGoff thank you, that does help. At first I thought buying Subject To and buying on a Wrap were two different things. It sounds like buying on a Wrap IS Subject To, unless it's free and clear then it's Owner Financing. Did I interpret that correctly?
What do you do with insurance when the new buyer needs to obtain insurance in their name and the existing primary mortgage has the insurance in the sellers name?
Appreciate your cont .I'm a Lil confused. You say you wouldn't want to do a wrap in case a seller dies .. but, obviously before hand we don't know if a seller is going to die. .So is it better to Subto on all deals?
Appreciate the question. There’s always positives and negatives with everything we do and was just mentioning one or two. Overall, I would do a Wraparound.
Simplicity at its finest. Thanks
Appreciate that!
I'm having trouble finding the sellers profit based on the balance left. You got $52,415.31 but having trouble getting to it. What would be the equation?
We use a mortgage calculator in REIPro to determine actual numbers because it has to be amortized. Hope this helps!
Thank you for your excellent explanation
Glad it was helpful!
Thanks for explaining! Would an attorney help to avoid the 'Due on Sale' with the primary mortgage holder? Also, how can the buyer deduct the interest from the primary mortgage and property taxes for their taxes? Thanks in advance!
Thank you for your questions
An attorney can't help avoiding the Due on Sale other than writing up the agreement. Banks don't normally enforce this clause if payments are on time. At least, I've never seen a bank do it. Whoever has the deed and makes the payments will be able to write off the interest. Hope this helps!
Love the videos!! I'm in Powder Springs, GA; can you recommend a real estate attorney?
Thanks for the comment. Basic Real Estate stuff: www.slepianfirm.com/
Just subscribed. 👍thank you for the detailed break down.
QUESTION: 2 parts -
1) If the seller has a mortgage in place, is there a benefit to buying Subject To the existing loan VS on a Wrap?
2) If you BUY on a wrap can you then turn around and SELL that on a lease option?
Thanks for subscribing.
1) If the seller has a mortgage in place... you must do a Wrap... which in almost every situation will be subject to existing financing.
2) If you buy on a seller finance (Wrap or otherwise)... You own the property which allows you to do whatever you want. YOU own it. You want the deed.
3) Hope this helps.
@@ChrisGoff thank you, that does help. At first I thought buying Subject To and buying on a Wrap were two different things. It sounds like buying on a Wrap IS Subject To, unless it's free and clear then it's Owner Financing. Did I interpret that correctly?
@@AberrantArt That's correct!
What do you do with insurance when the new buyer needs to obtain insurance in their name and the existing primary mortgage has the insurance in the sellers name?
The seller can add the buyer as an additional insured. Hope this helps!
Appreciate your cont .I'm a Lil confused. You say you wouldn't want to do a wrap in case a seller dies .. but, obviously before hand we don't know if a seller is going to die. .So is it better to Subto on all deals?
Appreciate the question. There’s always positives and negatives with everything we do and was just mentioning one or two. Overall, I would do a Wraparound.
On a wrap do you get title of the property ?
Yes it will be deeded to you.
good information...... thankyou
Glad you liked it
Great info🙏
Appreciate it!
can you wrap an fha. loan
You can wrap any underlying financing. Just have your attorney draw up the paperwork.
Thanx
No problem
But why would the bank allow this.
The banks don't want to do this but better than the owner going into default. Banks want to payments made.