Comments on: Three Ways to Manage Cash Flow on a Wrap-around Mortgage

By: cherryl

cherryl — Fri, 12 Mar 2010 02:01:47 +0000

I agree, we should be aware from risk. If we are new we should get a good real state attorney doing some process with out property to make our money put in place and safety.

By: Mia Bella

Mia Bella — Thu, 11 Mar 2010 14:23:51 +0000

This definitely can be helpful tips due to the huge Melt down in the housing market. I don’t see values going up until we get main stream America back to work.

By: cherryl

cherryl — Mon, 08 Mar 2010 08:55:14 +0000

I agree,we should be aware from risk.If we are new we should get a good real state attorney doing some process with our property to make our money put in place and safety.

By: Augie

Augie — Thu, 04 Feb 2010 17:13:56 +0000

I am not an attorney and never give legal advice. What you’ll find pretty standard is that most realtors can handle a simple purchase and sale agreements. If it is a private transaction and you are new, a good real estate attorney can be very valuable. Once they have done one or two for you, you can simply negotiate your deals and fill in the blanks yourself then forward the paperwork to a title or escrow company to handle the closing. When it comes to more sophisticated paperwork like notes, mortgages, options etc. I always recommend new investors consult a good real estate attorney.

By: Augie

Augie — Thu, 04 Feb 2010 16:40:28 +0000

I agree. Everyone involved should be aware of and understand all aspects of the transaction. A HUD Settlement Statement needs to be prepared and the transaction closed be either an attorney, title company or escrow agent depending what is customary for your area. This is not a DYI transaction.

By: mortgage info

mortgage info — Thu, 04 Feb 2010 13:57:55 +0000

If you were to deal with a tenant buying the property it can be a risky process and all precautions should be put in place safeguard your money. Also make sure on a legal standpoint that this is legal and what contract you are creating the opposite party is all drawn up properly so that you will give what money is owned and receive what money is owed to you and everybody is happy.

By: Augie

Augie — Sun, 17 Jan 2010 22:20:43 +0000

A good real estate attorney is a valuable member of your team. Once they have prepared a set of documents for you study them, understand them and at some point you may become comfortable enough to do your own paperwork. In some of my home study programs, I provide sample paper work along with forms audio that describes how each form is completed. The key is to first understand what it is you are trying to accomplish and then do it. In the beginning, get the best talent you can to work with you. It is worth the investment. when it comes t wraps and other non-standard transactions, I still prefer to use an attorney to prepare the paperwork, handle the closing or both. In my market the paperwork can also be done by the title company.

Good luck and happy investing!

By: RobFonner

RobFonner — Sun, 17 Jan 2010 21:18:03 +0000

As a noob to real estate investing, I understand the numbers but as far as writing up the contracts, would you let a real estate attorney handle these details?