FIRST $0 DOWN DEAL!!!!!! (Long post) - Posted by David (NV)

Posted by MaryN (CA) on November 03, 2004 at 13:14:54:

How about a land trust? The beneficial owners are not disclosed.

Mary in CA

FIRST $0 DOWN DEAL!!! (Long post) - Posted by David (NV)

Posted by David (NV) on November 02, 2004 at 12:58:45:

First thanks to everyone who contributes to this site. I’ve learned so much just reading the posts over the last 2 years every couple of days.
We are currently having a glut in the resale market here in Vegas. 3000 homes were available in Aug and now it is about 15000. As such, the builder I work for has 3 homes that are complete that are not yet sold. The best one is listed for 339K. I bargained sales down to 291K with no closing costs and no money down on 100% financing, interest only. My credit is tops, but being an employee I can’t buy it as an investment. Thinking back to my Carlton Sheets book, I brought in a partner with equally sound credit and income. She will purchase in her name and I will manage as a rental for a year or two. Expenses will be divided between us.
After closing what do we do to get my name on the title as a 50% owner? Are there any legalities we are not considering? Though I completely trust her, I intend to visit a lawyer prior to closing and have papers drawn up securing my stake in the property. Any further advice??

Re: FIRST $0 DOWN DEAL!!! (Long post) - Posted by Mike W

Posted by Mike W on November 04, 2004 at 16:44:29:

Option 50 percent interest after partner takes title in their name.

That will cloud the title so they can’t resell to anyone else. Your name is NOT on title. You have protected yourself. You don’t need to be on title.
You have all the upside, with no liability.

I’m in Las Vegas, too. Contact me and I can walk you through it. Very straight forward deal.