All Forum Posts by: Ben G.

@Shea McCavit feel free to call or email me.  My contact information should be in my profile.  Or you can send me a PM.  I'd be happy to send you my next deal.  I very rarely have any inventory because I try my best to price my deals to sell immediately. However, I do have deals come available weekly.  

@Zachary Clough I haven't mailed in quite some time.   Focused online right now.  

@Bill Gulley you sure are a knowledgeable guy and I appreciate you sharing that knowledge.  You sure know how to make a guy feel stupid as well :)

I guess I've just always seen the word lien used instead of encumbrance. If that means, I have to drop back down to basic real estate education, then I will consider that. 

@Brian Gibbons

The Ch 13 bankruptcy is still open.

Foreclosure was filed on the house, but was reversed when they were approved for a loan modification in the bankruptcy.

The payoff amount on the house with BOA is $97,000

The ARV is $125,000

The PITI payment is $600 that's with a homestead exemption on taxes.

The rental rate comparables are $1200

The house needs no more than $5,000 in work,and one could may is move in ready should you choose to keep the paint color and clean the carpet. Mechanicals in great shape.  Build in 2005, nice suburban neighborhood.

Motivation to sell is that they had to pickup and move out of state immediately because the husband's company promoted him. 

@Matthew Kreitzer thank you for the feedback.  Your language is a little foreign to me.  Would you kindly be patient enough with me to explain what exactly that means in terms I may be able to understand better?  

Are you saying I wouldn't be able to purchase the house Subject to with the Chapter 13 still open?  

@Bill Gulley

Does anyone know the legal implications of buying a house from an owner who has filed Chapter 13 bankruptcy and the bankruptcy is still active?

Would the seller be able to transfer title to the subject to buyer?

What happens if the subject to buyer makes money from the sale of the house? Would those proceeds go to the bankruptcy debts?

The mortgage was modified in the Chapter 13 bankruptcy?  Could this make it difficult for the seller to sell the property subject to?

@Don Harris I know you are doing JV lending, but are you venturing into Hard Money now as well? Look forward to seeing you at the Meetup tomorrow.

@Christopher Manus if you're ever in need of another lender with lower rates please let me know.  I have referred lenders to my cash buyers in the past, and I have used a lender myself to close rather than assign.  

I may have a an opportunity that you're interested in.  Also, I encourage you to come to tomorrows Meetup!  You'll get to meet Shawn and I in person, and the pizza and drinks don't hurt either :)

@Christopher Manus look forward to seeing you at the Meetup along with @Shawn Holsapple and @Account Closed 

What sort of wholesale deals are you looking for Chris? Rental or Owner Occupant Flip?

Get a down payment and sell the property on a lease purchase contract. That way if they don't purchase the house you still keep the downpayment, and you basically get a higher quality tenant with some skin in the game to motivate them to purchase the house.  

...and no need for rehab! Sell it As-Is

@Jake Thomas you sound like a smart man!  Seems like a great strategy to implement.