All Forum Posts by: Marlon Long

@Brandon Turner I need to research a little further to be completely confident, but in a Subject to deal, the seller deeds the property over to you, and in that case, you can then go a put a mortgage on the property and use those funds to pay off the original mortgage.

interesting and creative idea. that helps free up myself to capitalize on other deals.  thanks.

@Account Closed thanks for the feedback. very much appreciated.

So I have a deal that I am evaluating. The owner just wants out of the property and wants what he owes on the mortgage. (35k) The property is worth about $65-70K fixed up.  I need to put about $25k into repairs.  I cant offer him 35K with the 25K rehab and make any money on this deal. So what I have proposed to him is that he could deed the home to me subject to the existing mortgage in place. I would take over the payments and put in the 25k in repairs and rent it out. 

My question is that once I have rehabbed the property and installed a new tenant, can i then go to a lender and refi the mortgage at 75-80% of the new value? Eccentially cashing out my investment and paying off the existing mortgage?

Have at it BP'ers, you always come up with the best advice.

Regards,

Marlon Long

A good mentor is worth their weight in gold.  Their experience will help ease the fear of jumping on the right deal. and also help solve the many problems that will most certainly arrive.  

I would take this time also to educate yourself as much as possible in whatever strategy you are pursuing. and network, network, network.

Book, I really think is good is "The Real Estate Rehab Investing Bible", its by the Fortune builder guys.

@Wesley Mitchell welcome to bigger pockets. this is a great community to start your journey into RE Investing. Much luck you into the future.

Hey @Tim Stover, please add me to your list. I would love to connect and learn from your experience and share mine.

@Mesha Graham, i have to agree 100% with @David Bokman. getting out there and networking is the best way to find all the resources that you need. Talk to people about what you are doing and the doors will start to open up. Attending a local REIA meeting or meet up is great because not only will you be able to find buyers but you will most likely learn a thing or two as well. Good luck on your journey. Cheers to much success in REI

@Adam Brugman PM me, I have a really good crew to recommend

I know this is late, but my encounter with NWA is recent and I had to share in hopes of being of value to someone here on the forum.

I just read thru 3 years of posts and responses of everyone's interactions with New Western Acquisitions.  I can say 1st hand that all of the negative feedback is absolutely warranted.  They prey on new investors and execute perfectly the "pump and dump" method.  I read @Tim G.'s post regarding how his friend was fighting to get her $20,000 EMD back. I just recently walked away from my EMD of $5000 because everything leading up to the closing table screamed RUN, RUN, RUN!!!!

I will never ever do a deal with them ever again just by how they operate. I will consider that that $5000 that i walked away from a very valuable lesson learned of the importance of due diligence. I ran my numbers and consulted with my contractors, but in the end, I realized that I was forcing the numbers to work and really not digging deep enough.

I had been analyzing deal, after deal, after deal and the itch to pull the trigger got too great and I moved on a deal with NWA in a really nice neighborhood in Philadelphia. But as i was getting all of my details together to present to my private lender, things started to uncover themselves. the rehab scope started to creep and the ARV numbers that I used were complete garbage because they were supplied by NWA. Not to mention the zoning requirements of the neighborhood wouldn't allow me to get approved for the rehab that I was planning without applying for a zoning variance.  Guess what that does to my rehab time table.   The biggest take away from the whole ordeal: -- only trust yourself in this business. You can always work towards building report with people and a working relationship, but trust yourself --VERIFY EVERYTHING!!!
-- Don't let anyone rush you into make a decision that doesn't involve their own money -- Stay positive, there's always tomorrow and the next deal