All Forum Posts by: David Sohn

If a seller refinanced a house at around 220k and has about 120k left in mortgage, but the house also appreciated to 450k, how do I structure a subto/seller finance deal?

I'll subto his existing mortgage and pay off the 120k. But as for the seller finance, would the loan to the seller be the difference between 450k and the refinance number of 220k? Or would it be the total equity - so the difference between 450k and remaining mortgage of 120k?

I'm trying to structure a deal for the seller but the real estate agent won't submit my offer to the seller because they don't think the offer is beneficial for the seller. But I just want to start the conversation so we can negotiate the terms so it's beneficial for both parties. But because the seller won't share my offer to the seller, me nor the agent knows what the seller wants. (sorry just venting)

Hello, after the lawsuit are buyers representation necessary and required?

I'm working on a creative finance deal with a 50/50 subto/seller finance deal. Would it be necessary in this case? 

Hello BP,

My name is David and I am new to real estate investing. My partner and I have recently begun our real estate investing journey and are wanting to do fix and flips / buy and holds in the DFW area. I have 0 experience in REI but I have done a lot of research in the area. My partner on the other hand has been in the construction business for several years and has been running his own construction business for the past 2-3 years. He's worked with both residential and commercial real estate so we are confident in our rehabs. We are looking for a private money lender who has done a few deals, who is willing to work with us in the years to come, and who will also provide us their opinions/insight/knowledge.

Our goal is to start off small with SFH then after a few deals we would like to go into small multifamily properties (4-12 units) and eventually get into large multifamily properties.

Please message me if you would like to continue this conversation! We are very eagar to start our first deal ASAP.

Thank you,

I've already started looking at different markets. But how's the market in Florida? 

 At this point I just need to start because I've been in analysis paralysis for awhile now. I can learn on the way and hopefully make minimal mistakes :)

 The property has been on the market for a year now so I don't know if there's some reason no one has purchased it yet...

The property is actually in Westmont, Illinois.

I recently started wholesaling, and unluckily I decided to pick Illinois as my market, before knowing that I need a license to wholesale more than 1 property a year. Nevertheless, I was in the process of signing a contract and learned from the agent that Illinois is an attorney state, meaning I need an attorney to close.

I found an attorney and he said if I back out of the contract after the inspection period, I COULD get sued. I thought if I back out of a contract after inspection the worse that could happen would be that I'll lose my earnest money.

Could I get a second opinion on this?

Thank you

 Hello Noah, Thank you for your insights. Is your lender in the DFW area as well, I'd love to talk to them and pick their brains as well?

1. Is it possible to get a property using my parents HELOC (with their consent of course)? And if so, I'm assuming I could make them my partner as if they were any other investor right?

2. Since this will be my first property, would you recommend me going this route? Because I will have to pay two debts, the conventional loan and the HELOC.

3. To go around with the problem from question 2 I was thinking about getting a property with cosmetic issues and fixing it up. Then after holding it for ~6 months I'll refinance it to pay off the HELOC first to get away with one of the two debts from this deal. Am I logically thinking this correctly or missing a few steps?

Thank you!

Hello BP Fam. New member here.

I'm thinking about buying my first 2-4 plex within the next 2 years to house hack in.

I realized that I need at least 3 lines of credit and was wondering what would be the best credit cards to start owning and why. I have a discover card already. Credit score won't be an issue since mine is around 780. 

Thank you