Managing Your Properties

What are the best policies and procedures when it comes to managing your properties? Are you getting tangled up in the words? Every time there's a hiccup in the business people run like flies. nnIf you’ve made a lot of money on the lease purchase (and not sure how to circumvent this) you should think about selling it in an all inclusive trust deed. Another option is you can sell it on a wrap around mortgage, in other words you can accomplish almost the same thing. The bad news is- you don't get appreciation, the good news is-you get a bigger down payment. And, even better news (in Texas) is, you can take it back on as an all inclusive trust deed in about the same time you can evict somebody out of it. nnNow realize you are giving up your rights to the property when you sell it on an AITD. But in exchange for equity in the property now you're getting equity in the mortgage. nDon’t get confused. Many people may think you should close it with a professional, get a wrap around mortgage and then, you’ll have the ability to sell off, but at that point you're exchanging the deed in escrow for the period of year.nnBut here’s what you have to remember. You are deeding...you are going to deed the property to the trustee on an AITD-there's three parties. Keep in mind, you will not own the property, you'll own the mortgage. That's the difference between this and lease purchase. On the other hand none of the expenses involving the property are yours. They're all your buyers; taxes, insurance, maintenance-no longer your problem. nnYou're selling it with owner financing and your all inclusive trust deed replaces a wrap-around mortgage. So they pay you and you pay the underlying mortgage.nnNow of course you can always put a tenant in there if you want to without the lease option deposit. If you have questions specific to your state or questions on specific legal issues, you should contact an attorney in your state to answer additional questions.n