All Forum Posts by: Long Bui

 Property is in Katy TX, and I am on the Deed and title as co-owner. However, it started to get a bit tough since he is no longer in communication with neither me nor the seller and he is living in the house. We have no ground even do anything even i have a buyers line up now.

I was a PMP on a deal and i gave my partner 3 months' worth of the mortgage in advance to stabilize the property. We bought the property via SUB2 and he has never made a single payment to the mortgage company. I came to find out 2 months after and he ghosted me. The seller and I are working together now to foreclose the house from myself and the partner so the seller can get the deed and title back so they can transfer it to me. Right on the foreclose sale date, the partner filed chapter 13 and stall more time. we came to find out that he has been living in the house the entire time as well. We need HELP.  

Hi investors, Im looking for some insights about how does the Rochester rental market do in the current market. From your experience do you think this market is gaining strength lately? Would it be consider as an appreciation market yet or just more like cash flow type of deal (since housing price is still fairly affordable)? If you are currently in the market of Rochester, I would love to connect with you. Which area of Rochester would you investing in. I am more on the cash flow team, but would also trying to get something for our future generation as well if possible. All input would be appreciated, btw I am using DSCR loan, with 20% down and interest is about 8% a piece with credit about 695, so Lenders welcome to join in this post. Currently i have 2 potential properties that I would like to get my hand on in 14606 area.

Thank you so much!!!  

Calling all of the experts here for HELP!!!

My current situation is the middle man (LLC A) bought this property from John (original owner) about 2 years ago with sub2. LLC A is finally done with it and wants to sale. That is when me and my partner (LLC B coming in. I did TC and realized that John is 72 yr old and wonder what would happen to the property if John would have … (May he live forever). The contract between LLC A with John, they just did contract of the Deed, which is the deed, title are still under John. I dont like that therefore i change the contract to transfer the deed into LLC B and being hold at escrow and if LLC B ever miss the payment, deed get back to John (or whoever at that time being). Title will be transferred at the time mortgage is satisfied. I assume that you have done more sub2 deals more than i can count and with your exp how would that sound to you? What else can i do to protect myself in the long run?

I would love to connect with local attorney in Madison County IL if not IL in general who handle subto contract. 

I can come up with a few ways to protect myself but your contract is 1 thing but legalize that is another thing. Would like to seeking legal advice and potentially become long term business partner with someone who has exp and has done subto before. 

Thank you 

Thank you for all of those questions to help me clarify my path. I would want to buy and hold/ rental (to help reduce my w2 income as well as cash flow). Based on my very limited understanding I would want to leverage my first time home buyer to buy at least a duplex though i would really like to get my hand into a triplex to increase the cash flow while living in 1 unit for a year (lot of tricks and tips here to not have to live in there for a full year which i would like to learn more as well) and lease out other unit(s). I am completely new to this, so as of now im based on the MLS for browsing. I do have an agent that is helping me on the side to find deal but for a person like me; completely fresh of boat, I have no idea what to look for and extremely nervous to pull that trigger.

Sincerely thank you for all of the inputs …   

I have been living in Hudson Valley for about 10 years and ready to press the start button for my first house/ duplex/ triplex… to eventually turn it into a fully rental property. I would very please to learn from all of the experts in here about which area is good for a potential investment property with low risks. Many thanks to all investors here for your input, time and effort.