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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Work makes you lucky Posted by Greg Del Vecchio on June 03, 2003 at 6:01 PM As a newbie, I am high on enthusiasm and low on experience. I am content right now to do my research at the recorder's office about 16 hours per week and talk to home owners at week 11. My note I leave (when the homeowner is not home) is effective and I have been received, warmly, almost all the time (I have a technique for that, thanks to Ward). With that note, I've gotten called by owners 5 times this past month. All have solved their problem with a new trust deed and that is ok. I did get lucky this week. While knocking on doors, an elderly widow who lives in the 6 bedroom house next door shared with me that she wants sell it. She owns it free and clearand wants move closer to her daughter. I am making an offer on her property for 375K (FMV 400k) before she lists it and (if successful) will move into it myself. I will offer her 200k (obtain a 1st TD) in cash and a straight note second for the balance, due in 7 years. She has the title in a trust and she is both the trustee and beneficiary. My question is this: should I NOT use an escrow and use an ABI to take title? She does not need all the money and I told her that she could take her (one time up to 250k) 200K without being taxed (in Calif). My next question is, I want about 40K out of the deal in cash, how do I structure that? Thanks for understanding the long post Greg Del Vecchio Follow Ups: Congratulations Greg............ Bill H 7:09 PM, 06/04/03 (0) Re: Work makes you lucky john-CA 10:07 AM, 06/04/03 (1) Re: Work makes you lucky Greg Del Vecchio 12:07 AM, 06/04/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : As a newbie, I am high on enthusiasm and low on experience. I am content right now to do my research at the recorder's office about 16 hours per week and talk to home owners at week 11. My note I leave (when the homeowner is not home) is effective and I have been received, warmly, almost all the time (I have a technique for that, thanks to Ward). With that note, I've gotten called by owners 5 times this past month. All have solved their problem with a new trust deed and that is ok. I did get lucky this week. While knocking on doors, an elderly widow who lives in the 6 bedroom house next door shared with me that she wants sell it. She owns it free and clearand wants move closer to her daughter. I am making an offer on her property for 375K (FMV 400k) before she lists it and (if successful) will move into it myself. I will offer her 200k (obtain a 1st TD) in cash and a straight note second for the balance, due in 7 years. She has the title in a trust and she is both the trustee and beneficiary. My question is this: should I NOT use an escrow and use an ABI to take title? She does not need all the money and I told her that she could take her (one time up to 250k) 200K without being taxed (in Calif). My next question is, I want about 40K out of the deal in cash, how do I structure that? Thanks for understanding the long post Greg Del Vecchio 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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