View Full Version : House for sale by owner in Murrieta....
No Bank Qualifying
No Credit Application
Owner Financing!
5% down or 3 payments plus closing costs
Huge Beautiful Murrieta Home - 3,400 sq ft on 1/2 acre
On hill with gorgeous view. Park across street.
Exclusive neighborhood. NO HOA
$760,000
$5,500/mo PITI
Down payment is flexible as I need this home to move!!!
Home is incredible and won't last with this financing option.....show up with a couple payments, and it is yours!!!
I have pictures, but before I send them - I need to discuss the owner financing to see if suitable for buyer.
Frank - 951-990-6779
Daytona100
11-29-2006, 08:19 PM
How much for taxes and insurance?
How much for taxes and insurance?
Actually, taxes and insurance are included in that payment. Let me correct.
El Prosecutor
11-29-2006, 09:02 PM
Do a search in the spam section for "full market value". There was somebody that had investors lined up to buy homes at full market value earlier. If you find it tell 'em I hooked you up!
caroftheweek
11-30-2006, 08:12 AM
Do a search in the spam section for "full market value". There was somebody that had investors lined up to buy homes at full market value earlier. If you find it tell 'em I hooked you up!
That is funny right there :argue: :) :rollside:
No Bank Qualifying
No Credit Application
Owner Financing!
5% down or 3 payments plus closing costs
Huge Beautiful Murrieta Home - 3,400 sq ft on 1/2 acre
On hill with gorgeous view. Park across street.
Exclusive neighborhood. NO HOA
$760,000
$5,500/mo PITI
Down payment is flexible as I need this home to move!!!
Home is incredible and won't last with this financing option.....show up with a couple payments, and it is yours!!!
I have pictures, but before I send them - I need to discuss the owner financing to see if suitable for buyer.
Frank - 951-990-6779
Wow nice financing. It would be perfect if it wasn't 3/4 million dollars. :rollside: Good luck sound like a deal maker for the right person.
Wow nice financing. It would be perfect if it wasn't 3/4 million dollars. :rollside: Good luck sound like a deal maker for the right person.
This one is on the high side of value. It is a great home. If I didn't love Canyon Lake so much, I would move into this house myself - it is a beautiful home. This is a home that has been taken over by my investors and this is part of what they do. They sell them with owner financing at 100% of value. They don't qualify anyone. But, there are more details - of course. :D
This home won't last long even with the high payment as there are a ton of people that can make the payment, but their credit won't let them get traditional fiancing. This is perfect for people with tax liens. The property is setup in a living revokable trust, so the property title is held by a trust and the tax liens and other liens doen't affect the title.
This property has a ton of room for boat storage, toy storage, and etc. and figured we have a few people on ***boat that have a couple toys?
Do a search in the spam section for "full market value". There was somebody that had investors lined up to buy homes at full market value earlier. If you find it tell 'em I hooked you up!
There are lots of people out there doing "full market value" strategies - and most are legit, but most are not safe in many ways. We mean what we say and we do it in a way that protects everyone and the title of the home. Also, my investors do some stuff behind the scenes with the lenders that the other guys have no idea or ability.
Do a search in the spam section for "full market value". There was somebody that had investors lined up to buy homes at full market value earlier. If you find it tell 'em I hooked you up!
Also, realize I have been on ***boat for a long time. Many many of the usual suspects know me pretty well. I do business with several of them. BoatFloating (Rocky) will vouch that this is a legitemate, yet creative real estate financing strategy.
The picture is a bit fuzzy, but still good.
http://www.***boat.com/image_center/data/500/290murrieta_home.gif
Some of you have asked why my investors don't buy this home. They did, but they bought the note. Now I am looking for buyers who need creative financing because they can't get traditional financing or just plain hate the normal mortgage/purchase process. We can close this transaction in about a week.
lucky
12-01-2006, 06:57 AM
This one is on the high side of value. It is a great home. If I didn't love Canyon Lake so much, I would move into this house myself - it is a beautiful home. This is a home that has been taken over by my investors and this is part of what they do. They sell them with owner financing at 100% of value. They don't qualify anyone. But, there are more details - of course. :D
This home won't last long even with the high payment as there are a ton of people that can make the payment, but their credit won't let them get traditional fiancing. This is perfect for people with tax liens. The property is setup in a living revokable trust, so the property title is held by a trust and the tax liens and other liens doen't affect the title.
This property has a ton of room for boat storage, toy storage, and etc. and figured we have a few people on ***boat that have a couple toys?
come on Frank , those doors are too tall for you :)
come on Frank , those doors are too tall for you :)
I use the doggy door on the side. :D
locogringo
12-01-2006, 04:51 PM
Good luck on it Frank...
I'll say it'll be gone in 3 weeks if you do your marketing correctly.
Daniel
Looks and sounds very interesting, maybe next time. That is just to steep for my blood. Do you ver get anything smaller or are they all high dollar homes?
kanedog
12-01-2006, 11:40 PM
They bought the note and you want a buyer to buy what?
They bought the note and you want a buyer to buy what?
The house. Technically, it is a triple net lease where you get all the write offs of home ownership. I split the profit of the sale of the property in 3 to 5 years. If values have not come up by then, then we just hold on a little longer. The new "buyer" can refinance the house into their name at the end of the lease, or we can sell it - buyer's choice. The title of the house is held in a living revokable trust. The resident becomes a beneficiary in the trust. Side note...all of your property should be held by a trust, but your normal living trust does not provide protection against judgements, liens, lawsuits, and etc. This is a living trust that is beneficiary directed. The trustee is a 3rd party non-profit corporation that all they do is manage trusts. The trustee has minimal fiduciary responsibility and is only to do what the beneficiaries direct him/her to do. There are usually 3 beneficiaries. The seltor(original owner), the resident, and the remainder beneficiary (this is me - and I get all the benefits in a default, but also brunt the majority of the risk). I hold the remainder beneficiary position with an LLC (Equity Factor LLC).
I need someone to actually make payments on the note as I am the one guarantying the payment - that is who I am selling the house to. The sale of the note is a completely different thing. But, the original owners of the house have added security that I have investors that buy the loans of the homes I am selling this way because these investor depend on me to handle the payments.
Looks and sounds very interesting, maybe next time. That is just to steep for my blood. Do you ver get anything smaller or are they all high dollar homes?
Yah, this Murrieta home is on the high side of payments. But, I do get smaller homes. In fact, I will go look for a specific home for people. They tell me what they can afford, and I go looking for people who want/need to get out of a home that might be having trouble. There are basically an infinite number of people in this situation. I normally charge a locator fee in this situation to make sure the buyer is truly serious, but I refund the fee to them at the close of escrow or if I can't find a home in 3 weeks or less.
The house. Technically, it is a triple net lease where you get all the write offs of home ownership. I split the profit of the sale of the property in 3 to 5 years. If values have not come up by then, then we just hold on a little longer. The new "buyer" can refinance the house into their name at the end of the lease, or we can sell it - buyer's choice. The title of the house is held in a living revokable trust. The resident becomes a beneficiary in the trust. Side note...all of your property should be held by a trust, but your normal living trust does not provide protection against judgements, liens, lawsuits, and etc. This is a living trust that is beneficiary directed. The trustee is a 3rd party non-profit corporation that all they do is manage trusts. The trustee has minimal fiduciary responsibility and is only to do what the beneficiaries direct him/her to do. There are usually 3 beneficiaries. The seltor(original owner), the resident, and the remainder beneficiary (this is me - and I get all the benefits in a default, but also brunt the majority of the risk). I hold the remainder beneficiary position with an LLC (Equity Factor LLC).
I need someone to actually make payments on the note as I am the one guarantying the payment - that is who I am selling the house to. The sale of the note is a completely different thing. But, the original owners of the house have added security that I have investors that buy the loans of the homes I am selling this way because these investor depend on me to handle the payments.
Very nice strategy, I never thought about the remainderman on the trust affecting the insulation from judgements/liens etc. very clean arrangment.
Very nice strategy, I never thought about the remainderman on the trust affecting the insulation from judgements/liens etc. very clean arrangment.
Yes - pretty hard to get a lien against someone's interest in a trust if their interest may not be their interest in the long run. And it is important to make a remainderman a corporation of some type so the death of the remainderman does not screw up the deal by forcing into probate.
I am involved in irrevokable trusts (charitable lead, remainder, and ILITs) and the irrevokable guys always talk about how living trusts don't provide adequate asset protection. I took this structure of a beneficiary directed living trust to my irrevokable attorneys and they now have a new opinion - they had never seen this structure - and they thought it was genius! :D It is important to use a 3rd party trustee that is greater than arm's length away. But, because it is beneficiary directed, you don't lose choice and control like you do with irrevokable trusts. Although, I always like to say that there is nothing irrevokable about an irrevokable trust - just tax consequences. :D
Chipster27
12-05-2006, 06:54 AM
...And it is important to make a remainderman a corporation of some type so the death of the remainderman does not screw up the deal by forcing into probate.
Interesting concept as long as you can put someone in the property that realizes what they are buying in to.
I can understand the positioning of the reaminderman to avoid probate, but what risk is there in the corporation going out of business, wouldn't that be the same as "death" for a human?
Interesting concept as long as you can put someone in the property that realizes what they are buying in to.
I can understand the positioning of the reaminderman to avoid probate, but what risk is there in the corporation going out of business, wouldn't that be the same as "death" for a human?
The buyers are fully educated on what this is before signing anything. Most have no problem with it as they were not going to get into a house any other way, or atleast not without the protection. They could go go a lease option, wrap, and etc. like many people do - but they are exposed to many more problems as well as the seller- and they legally can't take the tax write off of the property without the home being in a trust.
Not the same. Even if the corporation goes out of business, it is still not dead and a corporation does not get hit a by a car in the middle of the night and just die all of a sudden. Look at Enron...still alive as the assets are still being sold off as we speak. If a corporation was going out of business, then they would have fairly advanced warning and could transfer their position to another corporation or to an individual, or even another trust. A trust can hold a beneficial interest in another trust as trusts are very similar to corporations.
locogringo
12-05-2006, 09:45 AM
You've learned well grasshopper Frank. I would have been hard pressed to say it any better.
Good yob!
DB
Chipster27
12-05-2006, 05:16 PM
Has anyone ever thought of buying the "equity" in someone else's home. Scenario would be as follows:
Home is worth $500k
First is $125k
Second is $200k
An investor comes in and pays off the second for $200k and owns part of the house. The original owner no longer pays the second on the property, and the investor now has a 40% ownership in the house. The investor would get his money when the house was sold or maybe after XX years the home owner can buy the investors 40% back at the current value.
Don't know if it would work, but from a 40,000 foot level it would amost work like buying stock in a company.
I'm sure there are a few people out there that are over leveraged and would take advantage of an offer like that.
I am willing to do a tax lease on this property - which means you move in with first and last payment. You get the write off of the mortgage in place, you also pay all the taxes and insurance and you handle the minor maintenance in the property. Then, in 1,2, or 3 years....you just walk or renew the lease. Many people out there want a write off, but don't want to own.
I am willing to tax lease this property at $4,700/month and that includes all taxes and insurance. Move in with $9,400 bucks. It is ready for occupancy right now!
Let me know if you want to see it.
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