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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Record your deed and evict.. Posted by Ward-CA- on April 24, 2003 at 6:49 AM In Reply to: CA Law - Lease Purchase Contract & Eviction posted by CJM (No. CA) on April 23, 2003 at 11:23 AM : Hi Ward & Everyone : I was going to try to subto this but another investor (don't know how savvy) suggested I try to short sale it. I am still studying the 2 niches---would be willing to learn on this or maybe flip it to someone. : guy owes 255k on nice house in Clovis, Ca (Fresno area) : AT 10.5 INTEREST!!! : also owes 12k back pmts & 7k cr card lien on house : so now we're up to 275k>>> : Comps which are all smaller are at 270k in Jan '03 : I haven't seen the house : The guy isn't going to make any more pmts---willing to just walk away. : Please let me know what you think. : Much appreciation, : Mel : : He's willing to just walk away with some pocket change. =================== Mel, This deal sucks without a lot of ingenuity and hard, hard work by someone who knows how to make a silk purse out of a sow’s ear. I much prefer getting something that has a decent profit in it from the get go. Keep looking. : Property was in foreclosure : Paid $3000.00 to reinstate loan : Have a deed for the 3k : Have a lease purchase contract : Have a memorandum of agreement : Have not recorded any docs yet : Tenant will not leave the premises : Tenant is the brother of the owner : Has lived there rent free for 9 months : What can I do??? =•=•=•=•=•=•=•=•=•=•= CJ, You won’t be entitled to do anything until you get on title. So I’d record that deed you’ve received from the owner/brother. Once that’s done give the interloper a 3 Day Notice to Quit for non-payment of rent. He’ll probably ignore your 3 Day Notice and you then can proceed to go to a landlord/tenant attorney and file an Unlawful Detainer action against the freeloader. Will probably take you about a month and about $750 in attorney fees and court costs. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward & Everyone : : I was going to try to subto this but another investor (don't know how savvy) suggested I try to short sale it. I am still studying the 2 niches---would be willing to learn on this or maybe flip it to someone. : : guy owes 255k on nice house in Clovis, Ca (Fresno area) : : AT 10.5 INTEREST!!! : : also owes 12k back pmts & 7k cr card lien on house : : so now we're up to 275k>>> : : Comps which are all smaller are at 270k in Jan '03 : : I haven't seen the house : : The guy isn't going to make any more pmts---willing to just walk away. : : Please let me know what you think. : : Much appreciation, : : Mel : : : He's willing to just walk away with some pocket change. : =================== : Mel, : This deal sucks without a lot of ingenuity and hard, hard work by someone who knows how to make a silk purse out of a sow’s ear. I much prefer getting something that has a decent profit in it from the get go. Keep looking. : : : Property was in foreclosure : : Paid $3000.00 to reinstate loan : : Have a deed for the 3k : : Have a lease purchase contract : : Have a memorandum of agreement : : Have not recorded any docs yet : : Tenant will not leave the premises : : Tenant is the brother of the owner : : Has lived there rent free for 9 months : : What can I do??? : =•=•=•=•=•=•=•=•=•=•= : CJ, : You won’t be entitled to do anything until you get on title. So I’d record that deed you’ve received from the owner/brother. Once that’s done give the interloper a 3 Day Notice to Quit for non-payment of rent. He’ll probably ignore your 3 Day Notice and you then can proceed to go to a landlord/tenant attorney and file an Unlawful Detainer action against the freeloader. : Will probably take you about a month and about $750 in attorney fees and court costs. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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