All Forum Posts by: Cody Lewis

OK, so when looking at pre-foreclosures you have a few types of strategies to work with:

Short Sale (some equity)

Subject - To (low equity, possible upside down)

Wrap (some equity)

Fix and Flip (mid to high equity)

Wholesale (high equity)

If you are looking at a subject - to, the key is having a strong knowledge of the entire system AND a rockstar title company. You can always ask around for referrals, or just call your local title companies and ask them if they can handle doing subject-to's. It's a great strategy and most importantly CAN work with upside down houses. That's really crazy when you think that you CAN make maybe $10k on an underwater house. 

Later today I am contracting (knock on wood) a guy that owes $170k after a loan modification on a house with an ARV of $160k. Is it going to be tough to finish the deal... yes, absolutely. But I may very well end up monetizing a house that is 2 weeks from foreclosure, and $10k upside down. Or I may spend a lot of time and get zip for it. That's the fun, I just don't know yet!

J,

The short answer is yes.

As far as what title companies will and won't do I must admit I am really confused.... it was my understanding that they hated assigning contracts? So if they also hate the simultaneous close what's left? The back-to-back close? I don't really understand how wholesalers could be pigeonholed to just the back-to-back especially considering banks want you to wait 24 hours between closings.

Any help to clear this up would be appreciated.

Hello all,

I apologize for starting yet another thread looking for a wholesale contract, but I have a few questions that I felt warranted a new thread.

I am looking for a wholesale contract that I will use to 'simultaneous close' my deals. I do not wish to assign for a few personal reasons. Now I will fully disclose my intentions to the original seller and need to make sure I have correct wording for this. Also I would like to use the end buyer's money to finance the original deal. Third I would like a 48 hour first rights clause to match any offers, to show the seller I am bringing value to his property by marketing to my buyer list while not 100% tying it up. And finally I need a basic escape clause if my buyer falls through.

Though I am not sure if anyone has this 'ideal' contract I was hoping I might be able to piece it together.

I was hoping I could use the following in the contract with original seller:
"Seller is aware buyer may sell this property prior to the close of escrow for a profit."

And this for my contract with the end buyer:
"Buyer is aware that seller is selling this property for a profit and may use the buyers money to fund this transaction."

Thanks in advance for the help!

Welcome Billy. I am actually located in Euless as well. My partner/father-in-law owns 15 rentals in the mid-cities and if you ever want to get together I am sure he could share tips.

Thank you Al and Jon. Just finding some time to really check out the resources available here and I am just blown away with what a positive vibe this place is giving off. I am really excited about some of this possibilities that BP can bring.

Hello all! My name is Cody and I am partnering up with my soon-to-be-father-in-law to do some rehabs/wholesales and continue to build on his rental business. The two of us are very similar in that fact that neither of us have ever met a stranger. And I would love to sit down and grab a drink if anyone out here in DFW is up to it. Just let me know.