All Forum Posts by: Chris Silvas

very interested to see what happens as far as the title company

That sounds great @Jairus King! You will have to give a summary of the situation and the subsequent solution after it's all said and done. Keep me posted man. I'm glad to hear someone is actually doing it. 

I actually had offered to rent the place from the guy and try to make a spread by subletting. Interesting concept. I agree what happens when you try to sell. Very tricky stuff. 

Any other insight?

I was thinking the same - with clear title why couldn't it get done? Of course, much more info is needed. 

Several of those questions I would have to figure out. He is married, have not done title search. Yes, I do have the $13k, no shady stuff lol

Thanks for the reply @Steve Vaughan

If I left any pertinent info out, just let me know. 

Came across a pretty sweet situation for a sub2. But he's in Ch.13 bankruptcy and so is the house. His attorney says he can sell at any time (not sure what would happen to any proceeds he would receive). Can I essentially have the property deeded to me like a regular sub2 deal, or does the bankruptcy break this deal? P.S. I completely understand I need to speak with a RE attorney and that nobody on here is "giving legal advice". I just want general thoughts or possibly anyone who has had experience with this situation. 

Scenario:

- Owner doesn't want anything but to be relieved of the pmt

- Equity about 17% 

- Payment $1500

- Potential Rent $1750

- ARV $190K

- Repairs $3.5k

- Arrearages $10k

- Loan Balance $145k

Thanks in advance BP community. 

I'm looking to start a property preservation company and begin building relationships with some local banks. I understand that every state may be different (I'm in Texas by the way) but GENERALLY what are some requirements that banks look for in a PP company? A particular license? An LLC? Etc. Also, does anyone have any good tips for building relationships with the banks? I plan on going to talk to a few branches but any advice or insight is appreciated. Thank you in advance BP community.