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Craig
Warner Properties Inc
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What to do first when buying
Wednesday, April 16 2008 11:55 AM
I have a 3 pl-ex the owner is willing to hold the mortgage on his equity for 5 years at 6%. Purchase price agreed on is $125,000 which is FMV at today's prices. I will rent the apartments out and share in the profits between the owner and myself for 5 years then purchase the property with my own mortgage.
What is first thing I should I should do? Should I have the owner create the Land Trust with me as a beneficiary? Or can I help him file the forms so I don't act as a lawyer. I do have a non profit New York State corp as the planned trustee.
I have purchased the basic course and have the contracts. Just a little gunshi and the first transaction.
Craig Warner
www.NY-IBuyHouses-Cash.com
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