All Forum Posts by: Dustin Mathenia

@maxwell Lee 

From what I've read on the subject looks like Dallas is at the top of the list and that's where I'm hoping the decide to go mostly because I'm planning on investing in the DFW area anyways but you are right it' all speculation at this point and the big boys will buy all the best stuff before us normal folk find out where they decide my plan is simple buy what I can as close as I can that can at least float itself as a rental and hope for the best lol

I was contacted yesterday by a woman looking to sell her house. I asked all the usual questions found out she is 4 months behind on her mortgage. She owes about 213k on a house that is probably worth 295-305k . Depending on what it looks like on the inside. I am going to go look at it tomorrow I'm not sure if I should try to buy it myself with hard money which would be very expensive .whole sell it which I've never done and (really not a fan of whole sellers because all the ones I've meet are straight out of a seminar trying to show me "deals" that are no better than what' on the mls and often times on the mls ) sorry for the rant ... I would really like to get the house subject to even if I had to hand the woman 10-15k it could still be cheaper than hard money but could I still flip the house at this point ? Would I have to pay the 4 months back mortgage? Should I contact her bank first to make sure they know what' going on ? I've never done a subject to deal but I understand how it works and If she was intereted I would just explain it to her disclose everything up front and then just contact a real estate attorney to draw up the paper work ..what do you guys think 

@jay hinrichs 

Couldn't I just ask my gfs aunt who's doing all the paper work to make sure all the proper disclosures are in there ? She was a realestate agent for the last 10 years now works at a title company.

So my partners in this where all really worried about not using an agent and after getting an offer from someone without an agent no one knew what to do. I tried to explain to them I have a network of a million real estate professionals giving me advice but they still felt unprepared . Their plan was to ask there "friend" of 20 years who is an agent for advice on what kind of paper work we would need. He wanted 3% of the deal 4500$ to do the 10 minutes of paperwork. I was livid they have been close friends for over 20 years and he' upset we didn' use him in one transaction ridiculous! Turns out my girlfriends aunt actually works at a title company I called her and she told me all we have to do is come in and she'l take care of everything. I don' know if I'll ever use a selling agent if it' really this easy to sell a house especially in this market there aren' a lot of choices in my area of turn key properties. Sorry for the rant .

Update: The couple came yesterday to see the house husband loved it she made an offer of exactly what we wanted on the spot we negotiated a little on closing agreed that we would pay 1000$ and they would pay the rest out of pocket we are supposed to sign papers today do you think we could just walk in to a title company and they could do everything we need to get this deal closed ?

@Jay hinrichs 

Thank you for your quick response . I'm definitely not getting my hopes up but the couple seems pretty legit they are buying there second house as an investment for her parents. Thanks for the info I'll definitey go there today just in case 

Ok guys I'm having pictures taken and will be listing the house soon if I need to ...I did one showing from someone who contacted me from my fb market place post (I have an entire thread on marketing on fb)...anyway person seems motivated said she has to show her husband then they will put in an offer . I'm not counting on that to actually happen but if it does what would be the next step we would have to do she has no agent to put a legit offer together and I obviously don't have an agent either do we start with her lender or a title company ? I lead her to believe I know what I'm doing but I need help once again thanks my fellow bp family I couldn't do this without you 

Update! So finally finished the flip went back to all the people interested on fb let them know about an open house this weekend there was one girl who seemed pretty serious when I first posted said her sister was looking for a place in pixley (the town the house is in)  had a pre appoval letter and wanted to see it asap . So I sent her a message told her of the open house asked if she would like a private showing . The sister and mom met me at the house today both loved it said "I have to show my husband tomorrow if he likes it we will put in an offer" I am excited about that don't know how this usually works but I doubt it goes one showing offer close but would be awesome of that's what happens:)...

Ok guys if this offer is good and I accept what' the next step there are no agents involved do I go to her lender or a title company I'm assuming there is some paperwork involved I have no idea any help would be greatly appreciated thank you 

@Nghi Le thanks for the reply. I'e looked at some hard money lenders never heard of interest that low I think 12% 3 points is the lowest I've found but but that gives me hope to keep looking. 10% 2 points sounds awesome actually leaves some room for profit .where do you usually find your deals ?

I am about to list my first flip I am splitting the profit on this flip with 3 other people so I can't afford to use a listing agent . I have never sold a house myself before any help would be greatly appreciated. Do I need an attorney for anything or will the bank, title company and buyers agent take care of most of the paper work?