All Forum Posts by: Alejandro Flores

So next week I will be going to knocking doors on pre-foreclosure houses  (2 months before the auction is what I can find) that are newly built ( little to no repairs) I'll explain to them what options they have to solve their problem. Then I'll present the option that could be one of their best solutions. That I can take over the mortgage payment(mirroring the note) and pay the back payments that the owner owes. Saving their credit and saving them from foreclosure. I'll create a wrap using a specific contract that a Real Estate attorney will provide that fits with the law. Then before I agree to everything (closing) I should have found a retail buyer that can owner finance the deal, if not the next option would be a short sale or terminate the contract. To the retail buyer, I would ask him to put a down payment and make the monthly payments (which it will be a little higher than what I owe on the wrap) and I will give them a beautiful 2010 4/3 house. Let's say he agrees, then I would re-sell it to him/her (retail buyer) use another contract I imagine from the attorney. Then use a loan service company to make things easier, and make sure the payments happens till it's paid off. I imagine that's is how it's done if not let me know. 

I would also like to partner up with an investor that has done this before a "Wrap Deal" to make sure I'm walking the right direction. If I find one which I will, I'm willing to give a very good percentage of the downpayment. 

Since in texas you have only 21 days to work on the house that is going off to auction. Is there any way where you can postpone the auction date to have enough time to work on the property? The strategy that I'm using is Assignment of mortgage payment and wrapping then owner financing the property to the end buyer.

Thank you so much @Guy Gimenez I will partner with a experince investor 

wow! thank you for letting me know! I wouldn't have known this. Since I'm from Houston, how would you go about finding the right lawyer for this wraps? @Greg H.

So @Ellis San Jose , the wrap is what will keep it from sending the extra cash flow to the first seller, right? I mean by the Service Loan company sending the original monthly payment to the bank and the extra to me.

Mr. @Ellis San Jose I can't thank you enough for this very organized and explain information that I needed. Thank you.

On Assignment Of Mortgages Payments Sale Wrap, creating a creative finance strategy, I know you would mirror the note/ mortgage and pass on the deed to the end buyer. The end buyer would then put a down payment then also give a bit more of the monthly payment of the original loan, creating money flow.  But the question is as the investor how and what contract is used to sell the property to the end buyer? Since in Texas you have to hold on the property for 3 months. But I know investor that re-sell properties right away. How is that done? Do you sell the property right away creating another purchase agreement? Double close? or what?

Will do sir, and thank you! @Dan Logsdon

@Gunnar Sevart Thank you!

Hi Bp community, my name is Alejandro Flores, I'm a 20-year-old guy that lives in Houston Tx that for the past year I have been reading and taking as much knowledge as I could in Real Estate Investing industry. I'm fully dedicated to this route that I'm heading towards even though my friends and family don't believe me of what I could do. On the second week of February 2017, that's when I decided to start the business of real estate investing. On that week I created "Newsteller Properties", created a social media, a website, and printed business cards. The next week I started marketing. First Started to create a buyers list by sending 50 letters and out of those 6 agreed to be on my buyer's list, and will still keep adding more. For the rest of February, I have been sending letter and postcards to Probates, Pre-foreclosure with equity, and owner absentee in and out of state. Sent 400 letters/postcards this month is what I sent and got no calls from motivated sellers. My goals for this month (March 2017) is to get calls in, and hopefully get a house under contract and to finish getting my Real Estate license. Working as a wholesaler soon later a rehabber. My motivation is showing my friends and family that I'm capable of achieving what I tend to do, and with the help of the Bp community I hope to prove them wrong.