All Forum Posts by: Benjamin Blackburn

 Hey Ola, What parts of Houston are you currently focusing on?

I have a property I’m thinking about taking down as a sub2. I’m dealing with the father of the deceased owner.

1. Since the mortgage holder is now deceased, can I still take over the mortgage? Like, what does the mortgage company do when people pass away?

There is a will but my title company said that we can still do an Heirship of Affidavit to speed things up since the Will hasn’t been probated yet.

I’m just scared that since the original mortgage holder is deceased now, the bank is going to wonder who’s paying the mortgage now.

That's so awesome! You're killing it out here. My wife and I only have 1 single rental right now in Humble. Looking to acquire more and sprinkle in some OF properties as well. 

My partner and I have a wholesaling company and a about 3 months ago a light bulb came on and we realized we need to start keeping some of the properties that we are selling to other investors. So the plan is to now start cherry picking from our inventory and start building wealth for our families. 

Rentals are great and they will always be the main goal. But I feel that the Owner Finance route will be for that "Right Now" type cash flow that could provide financial freedom for my family now vs the rental's "long play". So that's why the plan is to sprinkle to OF in there as well. I've binge listened to a lot of mitch's podcast and trying to fully understand the private money sides of things. I get the gist of it but need to understand fully before I start pitching it to potential lenders. 

Currently we have about 3 PML that lend on our wholetails and flips but they aren't looking for the longer type notes... Only the short quick ones. 

So that's where I'm at. Sorry for replying with such a long book, Lol.

Thanks, I'll definitely check them out and get in contact. I notice you're in houston as well. Do you specifically focus on owner finance?

Thanks a ton. That makes tremendous sense in regards to the lawyer not really representing me if I were to rely on the title company.

@Danny Webber Thanks a ton. Yes I actually use Capital Title right now for everything.

@John K. Thank you very much for your response. I’ll look into that now.

I've been researching a lot lately on Owner Finance Investing. In a nut shell... I plan to use private money to take down properties, turn around and sell the property at a higher price and rate to an end buyer who typically couldn't qualify for regular lending through a bank. Basically the Mitch Steven method.

In regards to the Dodd Frank act. From my understanding, it's there to protect the consumer for not getting into something they can't handle... Is that correct?

Obviously I will be doing the ethically but to make sure I'm protected, do I simply just need to make sure I'm going through a title company for everything? Or are there other things I need to be sure to look out for? I'm in Texas btw. 

Any information would be highly appreciated. 

Thanks

I think that's a great idea of diversifying your strategy. I feel like that would be my route as well. I have one rental and definitely working on getting more... But I'm needing to have that "Right now" cash flow as well. So I'm working on educating myself on the ins and outs of owner financing. In a nutshell, do you mind explaining Dodd Frank? I will be doing my own due diligence but would love to hear it from an investor them self. Thanks

Yeah I like his no BS approach. Have you followed his teachings and went and invested in owner finance deals?