All Forum Posts by: Stephen Dillard

I would like to have a meetup in south jersey for any wholesalers and realtors who wholesale. We can meet at a diner in the area and talk about the market and who has what working. Please reply back if anyone is interested. Just sharing info and meeting area dealmakers. I'm putting in this saturday morning but it could be anytime next week when people start responding to this.  I'm just looking to get going. Lol

Hello

I have been on here for years but just decided to turn PRO since I'm trying to do this full time now. I have been wholesaling bank owned and hud homes but I am now getting more into finding motivated homeowners. I am a licensed REO realtor with NAID access so if any Investors need bidding on HUD, I can assist with that. I am also listing new bank owned everyday and I have many properties I haven't even listed yet. I would like to get together with any wholesalers or realtors who invest in this area and talk about pooling resources or just find out what's working for you around here. Just looking to connect. Reach out anytime.

Can you wholesale a lease option to an investor?  

I've closed a few HUD homes this past year and I have done it two ways.

1. Double close "transactional funding" expensive plus two sets of closing costs. I would only do this if my fee was at least 10k. If your looking to make anything lower, it will really eat up your profit.

2. Add your buyer to the hud contract, not difficult, just means getting it approved by hud, which normally doesn't take that long. Then "quit claim" yourself off of the deed after closing at the title company. You would have your attorney draw up the "quit claim" and by signing it, you are removing yourself from being an owner and having any claims to the property. It is best and easier if you use an attorney familiar with the process and has worked with the same title company that you closed on the property with before.

Wholesaling HUD homes is not difficult, a lot of paperwork but if you stay in communique with the HUD agent, they are pretty straightforward. I have tried to buy in an LLC and then sell the LLC to the endbuyer before but most endbuyers want to buy it in their own LLC or name, just my experience.

Just wanted to give my thoughts, good luck.

Hello Kenny

I'm also in the South Jersey/Philadelphia market. I have 2 wholesale deals available in Delaware County right now so feel free to reach out to me if your looking to add some buyers to your list. I'm always available to share what I've learned and learn from other people in the business.

I've always just took my fee from the buyer. What I would do in your situation, and I'm sure someone else on here might have better advise, is to contact a real estate attorney and have them draw up a small contract/agreement between you and the seller. That way you can give it to the title co. and they can add it to the sellers side of the hud statement. That way it can be paid at the closing table and you don't have to take the chance of being screwed by the seller after it closes. I would definitely check on that though, because you don't want to come off as a realtor without a license. Just my thoughts. I am a realtor as well as a wholesaler and I wouldn't want to accept commission from a seller unless I had the actual listing. All deals can be done, just a matter of putting the right pieces together. Good Luck

Are you getting paid from your buyer as well?

I've been interested in learning to do subject to deals. I would think that it is uncommon for people to agree to that kind of transaction, but many people are performing these deals all across the country. When I proposed this to the owner, they were willing to discuss it. I thought that I could get a little more insight from other investors on this site. I was actually wondering how a "subject to" really worked. Is it a transaction that usually takes place where you are taking over the mortgage of a property without paying anything to the owner or have you paid an additional amount to the owner on top of the existing mortgage. I guess I should just pay for a course in "subject to" or buy a book and get it straight from the experts.

If you have 4 units that bring in $1000 per month each and your mortgage payment is, lets say, $1700, how do you come up with $2000 net?

Im not willing to overpay for a property.

Just wanted to get some thoughts on a situation I came across, thanks for the input.