All Forum Posts by: Account Closed

@Kalvin Seidl congrats. You are apart of 90% of americans that do not qualify for a traditional mortgage. ;)

Seriously though, many ways to purchase. I just worked with a client their on a sub-to deal. I love the area and some serious Gems in St. Paul.

Conventional wisdom would tell you “partner up” bit I would advise in this market to do quicker transactions etc. vs buy-hold that you are wanting to do rn....

We still haven’t seen the financial effects of CV.

But to yr point... you don’t need a partner or a bank ;) Plenty of ways to buy a home. It all starts with a motivated seller.

@Marianne Lopez-Henthorn Tuscon, AZ. Land to build. Properties to BRRR. CA CLOSE, FLAGSTAFF CLOSE. NICE AIRPORT.

@Jay Hinrichs maybe he can even Sub-to owner-finance them out ;). Make a dp and some trailing cash.

@Brandon Coleman you should be good. Home Depot/Lowes credit cards for 5k each for materials and a Cap 1 Credit Card for 10-15k and you are ready to rock.

@Brandon Coleman BRRR. With 40k in MS you can do it easily if you have a W-2.

@Wayne Brooks

He can evict or foreclose with this clause. His choice.

But- if he doesn’t pay the mortgage, then of course he is screwed. Same as if I didn’t pay my bills.

I am not sure what your point is besides in the event he doesn’t pay the mortgage. If the tenant/buyer doesn’t pay, easy, foreclose/evict. But still pay your bill.

The beautiful of selling sub-to/contract is that you receive a big down payment, and monthly spread. Evicting/Forclosing is an opportunity for another big down payment.

@Wayne Brooks

Conversion Clause to tenancy clause solves this.

And if you dont find a buyer? Then what? 

I am assuming (correct me if I am wrong) that you want to get a loan on the property to purchase yourself, then resell sub-to? 

@Marian Smith you have 5 doors. Case closed.

@Darius A Newman always find buyers first in this type of “wholesale deal” man... always. The rest will take care of itself.

Side note: To you and all wholesalers. If you went in, proposing to purchase yourself, without the ability or intent to close yourself, you fraudulently represented your intention and the bank if they wanted to would have a recourse against you. Just an fyi.