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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] personal residence....Ward..help :-) Posted by zachary on May 31, 2003 at 7:51 PM Ward I have a couple of questions for you but first the situation: I am talking to an owner who is in foreclosure with his condo. After running the #'s every which way I've decided that there is just not enough equity for my turn around and sell it. Due to agents fees, a prepay that won't be up for a year holding costs etc..... This is however a good candidate for taking as my own residence and walking into a situation with imediate equity. here are my questions: 1. Fist of all civil code 1695 does not pertain to buying it as my personal residence right? 2. therefore I can give him less money than 50% or what the courts would find fair? this easily explainable to him once I show him we'd be upside down if we tried to sell right away. 3. this is the big one: I'd be taking this sub2, paying current and living there. who get s to write off the interest? seem like I would as the owner and the person making the interest payments. I'm hoping you have some insight with this... 4. heres another big one. I'm not INC'd yet so can I be the trustee and also be the beni? I think I can here in california and trust will still hold water? Here's how I would do it with no money out of my pocket: Take sub2 via lant trust. Borrow 20K from friend/money person at 10% interest only for one year. Use 20k to pay current and give him 4k moving money. 20k form friend would be recorded as second. pay 1st monthly, pay second monthly, pay hoa dues monthly. refi in one year and pay off 1st and also 2nd to friend. If this is possible I will walk into 25k-35k equity right now. And pronbably anoth er 10% in a year (25k) #3 & #4 of my questions are big one to make this work....any insight? thanks Zachary Follow Ups: Thoughts On Condos SeanW 8:17 PM, 05/31/03 (0) Just check out possibility of a pre-payment penalty.. Ward-CA- 8:17 PM, 05/31/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward I have a couple of questions for you but first the situation: : I am talking to an owner who is in foreclosure with his condo. : After running the #'s every which way I've decided that there is just not enough equity for my turn around and sell it. : Due to agents fees, a prepay that won't be up for a year holding costs etc..... : This is however a good candidate for taking as my own residence and walking into a situation with imediate equity. : here are my questions: : 1. Fist of all civil code 1695 does not pertain to buying it as my personal residence right? : 2. therefore I can give him less money than 50% or what the courts would find fair? : this easily explainable to him once I show him we'd be upside down if we tried to sell right away. : 3. this is the big one: I'd be taking this sub2, paying current and living there. who get s to write off the interest? : seem like I would as the owner and the person making the interest payments. I'm hoping you have some insight with this... : 4. heres another big one. I'm not INC'd yet so can I be the trustee and also be the beni? I think I can here in california and trust will still hold water? : Here's how I would do it with no money out of my pocket: : Take sub2 via lant trust. : Borrow 20K from friend/money person at 10% interest only for one year. : Use 20k to pay current and give him 4k moving money. : 20k form friend would be recorded as second. : pay 1st monthly, pay second monthly, pay hoa dues monthly. : refi in one year and pay off 1st and also 2nd to friend. : If this is possible I will walk into 25k-35k equity right now. : And pronbably anoth er 10% in a year (25k) : : #3 & #4 of my questions are big one to make this work....any insight? : thanks : Zachary 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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