In today's podcast we will continue with some daily questions.

As we continue our 5 Daily Questions Series, you will hear more valuable questions from other Real Estate Investors and some of my own students.



Show Notes
In This Show, We Cover:


* When figuring out which zip codes to market to, should small/rural zip codes be automatically ruled out?
* What should the normal procedure be for canceling the purchase of a property? Found out last week a house has $200k in liens that the seller did not mention. Other than telling the seller over the phone, should I also send the seller the title search?
* What is the best way to close a Subject To deal? Can you get title insurance and close through a title company? Have not yet found a title company that is Subject To friendly.
* I have a deal in the works on a property in which the owner owes $17k in liens and wants $10k walkaway money. I would like to ask the owner to take $10k (which he needs) and carry-back the price of the liens until the property is re-sold by me. Or perhaps I can offer something like a pay-back in 90-days or until the property is re-sold, whichever comes first. This all seems advantageous to me as the buyer, but my question is: is it even legal or ethical to carry-back liens on a property?
* So normally when buying a pre-foreclosure (or any house), one gets a payoff (which includes pro-rated interest, any fees, etc.) from the lender and it is paid in full at closing. I have heard of investors getting the deed and paying off the 'principal balance' as opposed to the payoff. What risks, if any, are there to the investor-buyer? Why would one do this? Would the bank still have a lien worth $0? Would they or would they not cancel the deed of trust/mortgage?





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Please send questions you would like Michael to answer to support@bsffacademy.com and he will answer them on one of his upcoming podcasts!

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