All Forum Posts by: Demetria Sanchez

@Jerryll Noorden

I actually started my website and the same model you implemented is where I’m heading towards. I would love to pick up the pace and learn what system or how you went about building your site to match your goal. Please message me so we can discuss this in depth if you don’t mind. Thanks.

@Wayne Brooks

Right. I told him this today. Hopefully he gets the issue fixed. Definitely a learning experience. I thank you for your knowledge as well.

@Wayne Brooks

From my research he has a conventional loan for $610,000k

And the judgement lien is for $540,000

The house is worth currently $617,000.

His hopes were to find someone to purchase the home and l to work out a lease purchase agreement with the new buyer. After discovering that he had a judgement lien , that changed a lot for me. I originally came across his information as a lead since it came up as a pre-foreclosure. I don’t see this being beneficial for me which I told him the best option to me would be to work with the creditor on a payment plan.

To me it just seems like a lot as a real estate investor , especially still new to this industry to go through. As much as he doesn’t want to lose his house , I don’t believe he has many options.

@Wayne Brooks

Thank you. I told the home owner to consult with a real estate attorney. That’s definitely his position. He has a notice of sale on the property from the company who has a judgment lien on him.

His idea was to possibly sale his home but it seems like the only option he has is to work something out with the creditor.

@Joseph Firmin

Thank you!! I told the homeowner to consult with a real estate attorney.

Hi everyone ,

I have a question. I’ve never dealt with this situation and more than likely I won’t pursue it but I want to know out of curiosity how this will play out.

I have a client who has a judgement lien out against his house in Georgia. My question is , if he has a mortgage on the house , how will the creditor be able to take his house? I have no knowledge of how a judgement lien will work with a existing mortgage. Any insight will help. Thanks.

@Jason Ackerman

1. Find a few comps( at least 3-4) in your area that sold within the last 6 months - 1 year. (Base your comps on sq footage and other things such as , beds/bath, home style. Look for comps within the same neighborhood or .25 miles out)

2. Take the sold price of each comp and divide it by the amount of square footage. (Do this for each comp)

3. Add all the comps per square feet and divide them by the number of comps you have. Let’s say you have 3 comps and there price per square feet add them up and divide it by the number 3 (example :100+200+300 =600/3 = the average price per square feet 200)

4. Then you will multiply the average price per square feet times the square footage of the house you are looking to invest it. This will give you your ARV. I do wholesaling so I do this a lot when determining deals.

Hi @Jason Ackerman,

Are you asking about how the ARV is determined like what all needs to be done in order to calculate the ARV?

@Sierra Potts

No worries. I was once in your shoes so i totally get it. But you are correct regarding the seller not being disclosed to the cash buyer,but also be mindful that depending on the state you’re located they may not acknowledge assigning a contract. Most investors are aware that as a wholesaler you are getting the property at a discounted rate and giving it to them with your fee on top. In the event you are not able to assign your contract this is where double closing would be a exit strategy you can use.

Double closing is the A to B , B to C transaction. It does require you purchase the property and resell it to your endbuyer. There’s a few ways this can be accomplished.

As far as a script , to be honest with you I don’t have a set script that I follow because every situation is different but I do have some key points that you can keep in mind.

1)When assigning a contract make sure your home seller is aware that you won’t be the person financing the deal. I refer to my cash buyers as “financial partners” because technically they are the ones with the money.

2) Look up different contingencies to put in your contract.

3) if you plan on double closing look for a attorney or title company who’s investor friendly

@Sierra Potts

By the way I apologize about the grammatical error. I’m responding from my phone and auto correct is kicking my butt lol.