All Forum Posts by: Account Closed

@Fade Aromolaran

With these type of numbers, why not buy sub-to, and then just refinance after a few months? Can you not qualify for traditional financing?

@Fade Aromolaran

Dude what are you doing on BP? Dont lose the deal.

At least have her sign an LOI so you have something on paper outlining general terms. And cut her the check. Figure out the minor details later. Lock it up.

@Fade Aromolaran Land Trust. If you want to scale sub-to. Set up land trust. Its a bit expensive but I sleep better at night. I only have 8 of these though. Not 20+.

Ideally. You have equity in it to where you buy sub-to for a short period and refi out down the road.

But—- If the places are underwater etc. or the ability to add value/increase equity is not there thats when I would utilize the Land Trust.

Also- you do not NEED a title co. for a sub-to deal or any RE transaction. You can just file the docs at the courthouse. Just make sure you get a title report to be safe.

Hope this info helps 👍🏽

@Donald MacMillan cool.

You dont add yourself to the mortgage, but to the account. Do this: add a clause in your agreement that in order for you to pay them, they have to provide an updated mortage statement from the previous month. That will save you some headaches.

Also, just get their login info to access their mortgage online. This will save you you time as well.

@Donald MacMillan at the signing of the contract you have yr name listed to the account in order to access the info, or, like many people do. You just get the online account security information and check that way.

Question: why is seller not cooperating?

@Shawn McCormick perfect answer sir 👍🏽

@Lawrence Cersosimo easy answer: Yes. And then yr brokers asap right after.

Of course, this is how I got my first duplex. 3010 Countyline Rd Saint Joseph, MO ;) Shoot me a DM and I could clarify even more.... But---- it is only one way to make $ 

I would recomend getting an RE Liscense as well, and then your brokers so you can do yr own thing!  

@Cody Smith put it all on minimum payment if interest is less than 6% ... let inflation pay off your debt for you. 👍🏽 Start investing asap.

@David S.

Do not do turn-key rentals, property management co's mostly suck. Do not do BRRR (you dont have time) and definitely do not do syndications, the guys running them 9/10x have no skin in the game and charge ridiculous upfront fee's etc.

Best thing to do is partner with an experienced guy, (someone who is doing deals in your area). 50-50 split. You bring the money. He brings at least 25% of the money (has skin in the game), and gets the deal done. This would be the ideal situation.

But—- if you want really passive income. Buy sf retail properties at the average joe can afford (hopefully at a discount). Mark them up 10-20% and sell them subject-to /owner-finance on 3-5 yr balloons. Require 10% down etc.

Hope this helps