All Forum Posts by: Dante Nava

AND THERE'S OUR KICKSTARTER! You're a genius Justin! There's enough people on this site that I'm sure $5 or $10 from everyone should be able to buy at least a small bus and fix it up and tour it. Who's in?

For 30k you could probably buy a bus and turn it into a real estate cruise of your own, just offer someone doing deals to split the proceeds. Just an idea.

Welcome @Lance Dewberry !

You've come to the right place. We were all there at one point or another to one extent or another.

Step 1: keep reading on this site (and others) and listen to the podcasts, I know that's technically two things but still.

Step 2: Apply what you learn. If you learn a bunch and do nothing, nothing will happen. Start doing and it'll happen, as it happens more often it should get easier (at least that's what I'm told). :)

Step 3: Be patient and persistent. Typically it takes a while for marketing to start working, don't worry about screwing up your first few potential deals

If you keep doing those things, along with finding a Real Estate Investors Association, or some other REI group, in your area, you'll be on the right track.

I hope this helps, I know it's vague, but your question is a huge one. Good luck and ask a lot of questions, the more you learn, the better and more specific they get.

-Dante

P.S. Make sure to put up a photo on your profile, people are more inclined to help.

@Jonathan Rexford THANK YOU! This is the MOST complete explanation I have seen or been given of how these actually work. I'm sorry it's taken me so long to get back and thank you!

When you do these do you use a lawyer for all of the documents every time or is this something you can keep in a drawer (so to speak) and recycle every time you do one of these? I really appreciate you taking time out of your day to post the answer above, hopefully this isn't taking advantage now. :) Thanks in advance!

-Dante

It's like a unicorn isn't it. Did you ever get any help? Yes, you can assign them, but if the seller's credit is in tact, you probably shouldn't assign the contract.

So I need to go talk to a Title company, not a lawyer? Would they also have the contract I give to the seller? I've heard I should get a power of attorney so that I can work with the mortgage company.

The seller is just walking away. I'm helping her move, that's about it. As far as work, there is a little patching, painting and I'm going to close off a wall to turn a 2/2 into a 3/2. Those sell for $10-$20k more in the area.

Hi everyone, I was wondering if there is anyone here that either buys in or is familiar with Hendersonville, NC. It's Near-ish Asheville and Charlotte. I have a motivated seller, no contract yet. They either sell or give the house back to the bank. Anyone interested or with info, I'd greatly appreciate it. Thanks in advance!

You know... if the numbers still work out as a rental, there's no real need to be giving him any money if you're taking it sub2. You might not get the equity, but (conservatively) if your rent can be $400 more than the payment, you are looking at about $4,800 a year in cash flow minus vacancy and capital expenses. You could lease option it and have some cash reserves built in as well. This also assumes the guy was telling the truth about what his payment is.

Thanks @Jeremy Marcotte, I have. It's a 30 year fixed.

So, I've got a perfect opportunity for a Sub2 deal (the seller is totally on board), but I don't know what I need to do to make it happen. My local REIA said go talk to a lawyer, so I've got a few calls out.

Everything I've read reminds me of the South Park episode with the Underparts Gnomes:

Step 1: underpants

Step 2: ???

Step 3: profit

I'd really appreciate it if someone could let me know what to expect and/or what to look out for since the process details are rarely explained. Thanks in advance!

-Dante