All Forum Posts by: Aj Ulloa

Hi, BP fam! I'm contemplating joining Austin Zaback's FlippinSimple mentorship program. Has anyone gone through or currently in the program? If so, I'd love some feedback, as I can't seem to find many student reviews. As with any mentorship program, they are costly, but want to make sure it's providing value before I decide to join. Thank you! 🙏🏽

-AJ

Thanks, Ken! Here you go:

1. Did you use an escrow company for closing. Yes, I used a very reputable title company.
2. Did you borrow money from a secondary lender (person) to cover closing costs. No.
3. Is the loan you took over SubTo plus the amount you borrowed from the second lender, greater than the ARV (what the property would sell for today) My total purchase price was >ARV.
4. Did you have a title report run. Yes.
5. Was it bought by using a Quit Claim Deed or a Warranty Deed. No

6. Was the Deed recorded.

7.Has the seller notified their lender that they have sold. I don't believe so, but I know they cancelled their insurance policy.

Thank you, both. No Pace Morby disciple here, I mentioned Entry Fee b/c that's what the wholesaler called the downpayment on the marketing.

Okay, I appreciate the feedback. I'm going to consult with an attorney asap and call the wholesaler.

Hi BP fam. I'm a newbie investor and recently closed on my first investment property and it was a SubTo creative financing deal. I have a few concerns re: insurance and hoping you all can give me some guidance here.

Timeline:
1. 10/30/23: I closed on the property
2. 10/31/23: The wholesaler gives me login details to the sellers mortgage and insurance to take over payments and switch insurance to my LLC's name.
3. 11/3/23: I call the seller to confirm the property has insurance and they mention that the policy ended on 10/28 (before we closed), but is still insured until 11/21.
Considering the sellers notified the insurance company to cancel the insurance, I'm assuming the bank was additionally insured and was notified that the policy was cancelled.

Questions:
1. Does this mean there is a risk of the lender calling the loan due? If so, how likely is it? I'm assuming a foreclosure would be on the sellers record, as they are on the mortgage? And I would lose my entry fee?
2. What is my best move here, as I don't want to have the bank to call the loan due?

Any help is greatly appreciated!

-AJ

Thanks for all the great feedback, everyone! You all mentioned a lot of blind spots I had. Much appreciated! I’ll keep you all posted and hopefully come back with more questions. Thank you! 🙏🏽 

Hi, fam. I'm a newbie investor and found a SubjectTo deal here in Texas. I'm super keen to dive into the deal (it'll be my first investment deal), however, I've never done this before. 

Is there anything I need to be aware of in this deal? 
Should I use my real estate agent on this deal, even though I found it? It may be worth having him along for the ride to make sure it's a clean deal.

Should I consult with an attorney?

Do I still get an inspection period in SubTo deals?

How much earnest money should I commit to?

If the loan is an FHA loan, am I meant to move into the home?

So many questions lol. Any help is appreciated, cheers.

-AJ

Oohhhhh, great point. Thanks, Ryan!

Hey, legends! Has anyone signed up to the Out of State Investor Academy, and if so, how do you like it? I'm considering it, but it's a newer academy, from what I glean. I'm a newbie considering investing out of state, so was wondering if an academy like this would help.

Or will BP Pro plan give me everything I need? Cheers.

-AJ

Really appreciate this, Michael!

What's up, fam?! I'm learning to analyze deals with all of the killer calculators BP Pro offers.

SO. MANY. QUESTIONS. lol

How has everyone learned how to use these calculators correctly? Thanks in advance!