Ask Ron 2012-03-16- with Nelson Fielding

15 Responses to Ask Ron 2012-03-16- with Nelson Fielding

1. Allen Waters says:

   March 17, 2012 at 9:42 pm

   In Texas you can do an ACTS deal by using Subject to instead of L/O. Also there is a lawe firm in Texas by the name of The Torok Law Firm that can do your closings. I think they are in Austin.
   Al Waters

   Reply
   • Debbie says:

     March 19, 2012 at 8:39 pm

     Thank you Al! Ron is addressing this question on Ask Ron this Friday also.

     Reply
2. Linda Michaels says:

   March 23, 2012 at 1:32 am

   Thanks, Nelson!

   Reply
3. Tracy Day says:

   March 24, 2012 at 7:28 pm

   Thank you.

   Reply
4. Jeff Clayton says:

   March 28, 2012 at 4:57 pm

   Allen,
   Thanks for posting re: Texas and ACTS. I’m in Houston. On Ask Ron 3-23 he stated in TX do ACTS as an AITD and just assign that arrangement to the end buyer for even more of an assignment fee.

   What are your thoughts on that?

   Either way, Sub To or AITD we’re getting the deed from the Seller. With AITD we’re conveying the deed to the buyer now.

   With Sub To we can lease/option it to tenant/buyer and keep the deed for now until they want to buy, right? But in that scenario we’d have to be concerned about not running afoul of the “Lease Option” Texas law and the $100 per day statutory penalty if we screw up, right?

   Reply
5. Quentin/Kristina Freeman says:

   April 1, 2012 at 4:24 am

   Thanks Nelson, great info as always.

   Reply
6. William Young says:

   April 2, 2012 at 4:37 pm

   What is an AITD? Some kind of trust deed, I suppose, right?
   Thanks,
   william

   Reply
   • Quentin/Kristina Freeman/Mohammed says:

     May 13, 2012 at 5:11 am

     All Inclusive Trust Deed

     It is one mortgage that includes in its balance two or more underlying mortgages — pretty much another term for “wraparound mortgage”.

     Reply
   • Jeff Clayton says:

     August 16, 2012 at 3:59 am

     Quentin is correct.

     I use pictures in my mind to understand things.

     To understand an AITD I think of a 3 gallon milk bucket (I’m a country boy) turned upside down on the ground with a 5 gallon milk bucket turned upside down over the smaller one. The 5 gallon bucket in your wraparound AITD and the 3 gallon bucket is the original note and mortgage or deed of trust.

     Reply
7. Rachel Harris says:

   May 21, 2012 at 10:40 pm

   Thank you for explaining things so well.

   Reply
8. James Noullet says:

   July 11, 2012 at 10:02 pm

   Thanks another good lesson.

   Reply
9. John Rogers says:

   August 20, 2012 at 5:19 pm

   Thanks Nelson, more good info.

   Reply
10. Cresencio Mandujano says:

    August 30, 2012 at 5:40 am

    Thanks Nelson,

    Reply
11. Tom Parris says:

    January 12, 2014 at 12:50 am

    I am working on an ACTS deal in Texas, and the only worry is that the owner has an ARM Mortgage and the rate might go up in 6 months…….do we just write that into the contract….that the new buyer will have to pay the new amount?

    Reply
12. Tom Holyfield says:

    November 8, 2014 at 10:31 pm

    thanks Nelson

    Reply