Another Sandwich Lease question about payments

Comments(4)

• 
  Allon16th February, 2003

  Hi! I have always had the payments made by my management company (MarkB Properties?). Send the mortgage company a notice that you are managinig the property, send them a check and the balance to the Seller.
  
  Allon

• 
  Askasalesrep21st February, 2003

  You can also set this up with a loan servicing company, that way you eliminate handling anything.
  
  You can do this by simply finding a loan servicing company, let them know your plans, Have the owner sign a release of information form that allows you to contact the lender and send them payments via any means you want.
  What they do is ad your name to the owners file,, that allows you to gather informantion and make payments.
  
  Then have the loan servicing company receive the payments and distribute them to the lender and then deposit your end into your account..
  
  It's quite simple and works real well. It also helps in putting the deal together, this way the tenant-buyer doesn't think something is crooked along with the seller.
  
  Thanks

• 
  Askasalesrep21st February, 2003

  Second question,
  
  You write this in the terms section of the lease option....
  
  The terms should include all payment requirements up front, be nice when explaining this to the tenant-buyer....
  
  You can also set up direct deposit with the loan servicing company and have your payments from your tenant-buyer direct deposit....Faster quicker and more convenient..
  
  Also they will notify you (upon your request) if your client is late. 1 day - to - 10 days at that time you can drop by your tenant buyers house to see whats up...
  
  Sweet, sweet.....

• 
  AZNEWGUY26th April, 2003

  I've found 3 or 4 properties where a L\O is possible, owner financing on 1 of them.
  Like you I would like to do a sandwich lease. Any ideas on how I would approach the seller with this?