living at grow vrs auto extinguishers

[Dr. G]

so im looking to get the grow outa my house

id rather have people over and i just dont like living with that much drugs

so what i was thinking is getting a cheap rental (try to find terrible LLs)((terrible as in absentee))

and then set it up with like 6kw and a bunch of those auto fire extinguishers

i was just wondering what peoples opinions about not living at the grow

itll be less then 20 mins drive from me

 

[dtfsux]

Fuck a rental

It is SO easy to buy property now. Look on craigslist for owner financing, drive around look for homes FSBO (for sale by owner) and see if they will let you take over payments. Google "subject 2 financing"

If you arent going to live there, make sure the property has some privacy where it can not be seen. Nothing in a sub-division where it would be obvious you are not home

I think the fire extinguishers are overkill. If everything is wired right, and cleanly, you should not have any problems

 

[Kalicokitty]

id rather have people over and i just dont like living with that much drugs

Can we change that to "Cannabis" and not apply the Goverments generic fits all term of "drugs" that lumps it in with heroin, crack, meth, etc....
Sorry, personal pet peeve there.

It's a renters/buyers market right now, you should have no trouble finding something nice and cheap.

 

[Dr. G]

thing is im about to buy this house i cant get another loan

but i dunno i havent looked into buying a place fsbo do i need money down?




and whoever said to change it from drugs get off your fucking high horse its a DRUG get over it and gtfo of my thread if you have no usefull info

 

[csedge]

Harsh response but deffinitly not hard, I use a different were my meds are at but some one else lives there. No problem at all little different situation though

 

[Kalicokitty]

thing is im about to buy this house i cant get another loan

but i dunno i havent looked into buying a place fsbo do i need money down?




and whoever said to change it from drugs get off your fucking high horse its a DRUG get over it and gtfo of my thread if you have no usefull info

The GF's a realitor, so I actually know the answer to your question about buying with no money down, but I have to "GTFO" of your thread, so good luck figuring it out on your own and finding your new "DRUG HOUSE"

 

[dtfsux]

If you take over payments, the loan doesnt even go in your name. It takes a little digging through the haystack to find someone who will allow this. Basically it is someone who is about to loose their house, and instead of a foreclosure on their record, they allow you to take over payments. You own the house, but the loan stays in their name. You get all the documents needed to make payments , discuss the loan with the mortgage company etc.

Only money needed is for closing costs, and arrears

Owner financing is usually done by investors, sometimes who have taken over the house using the above method. They sometimes require a credit check, but dont really have the resources to report a new loan on your credit.

You dont need much down. I saw one the other day, 2500 down, 900 a month.


I have been talking about this for years. I am surprised more growers don't catch on. The real estate market is great now. Banks are selling property dirt cheap, tons of deals. The commercial guys need to jump on it, and start making money elsewhere.

 

[whodi]

ya but a lot of those types of houses are in subdivisions

can try craigslist in your area.. look in the real estate for sale category of your area and type owner financing then search

 

[Vermonster]

depending on the market where you are investors like owner finacing too so get a two family someone does not want to bother renting anymore, rent the top unit to a trusted maybe down on his luck friend @ a great rate(karma points) don't tell him what up but have him look after our property in a general sense; maybe don't charge him rent make him the super.... and rent the ground floor to some hippie phantom, get the paperwork(lease ID etc.) and make sure you have it in order if someone comes looking for him.....your renters gonna need a few accounts too, good luck. if you were able to buy as a company you may even get a call regarding you suspcious tenant if your lucky.....this is just something i always thought might work, never actualy tried it. There are so many distinctive factors to every situation, use your head i guess is the only good advice.

 

[Strainhunter]

If you take over payments, the loan doesnt even go in your name. It takes a little digging through the haystack to find someone who will allow this. Basically it is someone who is about to loose their house, and instead of a foreclosure on their record, they allow you to take over payments. You own the house, but the loan stays in their name. You get all the documents needed to make payments , discuss the loan with the mortgage company etc.

Only money needed is for closing costs, and arrears

Owner financing is usually done by investors, sometimes who have taken over the house using the above method. They sometimes require a credit check, but dont really have the resources to report a new loan on your credit.

You dont need much down. I saw one the other day, 2500 down, 900 a month.


I have been talking about this for years. I am surprised more growers don't catch on. The real estate market is great now. Banks are selling property dirt cheap, tons of deals. The commercial guys need to jump on it, and start making money elsewhere.

No.

Doesn't work like that.

1) The loan HAS TO BE assumable.

2) Even IF it is assumable (most are not!) the person "taking over" still has to qualify following FHA or Fannie Mae/Freddie Mac guidelines.


Unless it is a private loan, but those are written on "different pages".
.

 

[NiteTiger]

No.

Doesn't work like that.

1) The loan HAS TO BE assumable.

2) Even IF it is assumable (most are not!) the person "taking over" still has to qualify following FHA or Fannie Mae/Freddie Mac guidelines.


Unless it is a private loan, but those are written on "different pages".
.

Or you can do a wrap-around Land Contract on the existing mortgage. Land Contracts always make a big comeback in down markets.

 

[dtfsux]

No.

Doesn't work like that.

1) The loan HAS TO BE assumable.

2) Even IF it is assumable (most are not!) the person "taking over" still has to qualify following FHA or Fannie Mae/Freddie Mac guidelines.


Unless it is a private loan, but those are written on "different pages".
.

I suggest you google "Subject 2" financing and google REI Forums. This technique is used by hundreds, maybe thousands of investors

How many houses have you assumed the mortgage on? Me personally, I have taken legal possession of TWO houses using this method, w/o the lender even knowing. Both were closed by an attorney. Title came to me or my partner, mortgage stayed in the sellers name

TECHNICALLY, most, if not all residential mortgages have a "due on sale clause". This means if the property is transferred to anyone, the bank/lender has the right to call the note. BANKS ARE NOT IN THE BUSINESS OF OWNING HOUSES. IF YOU PAY THE NOTE EVERY MONTH, THEY DONT GIVE A FUCK. THEY WILL NOT FORECLOSE ON A PERFORMING NOTE.

You do not have to qualify to the lender, since the lender has no idea what happened. There are certain steps and procedures to make sure you are on the contact list with the lender, all statements go to you, escrow overages get released to you etc.


You really want to cover you ass? Use a LAND TRUST. The seller is the Jones family. Create a trust called "Jones Family trustt, 123 Maple Street". Put the house in the land trust, then transfer control of the trust to you. the bank can NOT use the DOS clause for putting the property in a trust, there are laws that allow for estate planning etc. The bank has no legal right to see who controls the trust. IF the bank looks up public records, the house belongs to "jones family trust" but they dont know who controls the trust, and have no way of finding out.

Again, remember that banks do not really care who owns the house if the mortgage is being paid. Banks have a ratio of how much money they can lend versus how many properties they own. The more houses they own, the less money they can lend.


I have been talking about this for years, I have done it, and I just don't understand why people don't look into it.

Here's the cool thing about doing this in a trust. If you have 3 properties, each a grow op, and each one is in a trust, LEO has no way of knowing of any of the other houses should one get busted. That's not factoring in utilities, that would take some more creativity

 

[good drown]

its not as easy as just getting a rental spot. since you wont be living there, your neighbors will notice that you are never home, and come every day or 2 for an hour.

 

[Vermonster]

seems like non investor driven subject 2 deals are hard to find in my region. you have any resources for finding them?

 

[dtfsux]

no doubt about it, they are not easy to find.

One way is to do a full blown marketing effort. Mail postcards to homes that have foreclosure proceedings. Another is to post on local community boards. I had luck with that once.

I certainly am not saying they are easy to find.

You could also go through neighborhoods, talk to neighbors, find vacant properties, try to contact the homeowner etc.


EDIT I am familiar with the process and real estate investing as a whole. It took me a week or so to find my last house.

 

[ronbo51]

If you want to set up a grow indoors you should move to Maine. The laws are very forgiving. Up to 99 plants is a misdemeanor. I just went up to my house, which by the way I just sold to a grower, and it was shocking how many abandoned homes and buildings there are. Everything is for sale cheap. The real kicker for me is that I own my home free and clear so the "deal" is only between us. No bank. In the above board world it is way more complicated to buy something. Cash is king but if you whip out 10K anywhere the FBI gets called. If possible buy now. Things will never be better for buyers. Well, maybe if shit really collapses and interest rates go to hyper inflation then things might get cheaper. Good luck

 

[Strainhunter]

If you want to set up a grow indoors you should move to Maine. The laws are very forgiving. Up to 99 plants is a misdemeanor. I just went up to my house, which by the way I just sold to a grower, and it was shocking how many abandoned homes and buildings there are. Everything is for sale cheap. The real kicker for me is that I own my home free and clear so the "deal" is only between us. No bank. In the above board world it is way more complicated to buy something. Cash is king but if you whip out 10K anywhere the FBI gets called.

...

The only way around the above for someone buying your property (presuming it was more than 10k) is the sales price being less than that magic number.

Anything more and a paper trail WILL BE REQUESTED, latest in your and the buyers next tax filing.

I should mention...if your property was sold for less than 1/3 of the tax assessed value...you still will be in for an audit in one or the other form.

Hope things work out for you.