Want to get back in the game!

[houston investor]

I got into REI in earnest 2 years ago after being laid off from an IT company. I read all the books, went to several seminars, even formed an LLC. I had a lot of cash from my severance and ended up using my own money...big mistake for a rookie in my opinion! Anyway, I still have 2 alligators that I need to do something with before I get back in, and I want to learn more about lease/option and owner financing. I have a grasp of the basics but need help with the details. 3 questions for you:
  1) Can you do an owner finance with an existing mortgage in place?
  2) Where can I go help with the above techniques?
  3) I'm looking for a mentor in Houston, and will split profits on deals I find, including my own. anyone interested?

Thanks!
Mike

PS. If you are wondering what I've been doing latey, I got my RE License a year ago and have been working with Keller Williams.

[tedjr]

Yes you can owner finance with an existing mortgage in place. You can give them a deed and they will give you a note and deed of trust. Make sure that the documents spell out the fact that there is a  mortgage already on the property. An attorney will be able to do this for you. I can help you with the papers too. Be glad to help too with the mentoring also

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile