All Forum Posts by: Hesron Gomez

Also, who pays for title and attorney? Seller, buyer or me? Lol. Thanks!

@Bill Gulley

"You need to obtain an option from the seller with the agreement of the property being sold subject-to with a wrap financing agreement. Then assign your option with lending terms tentatively agreed. Get the seller to accept the buyer, perhaps with your guarantee, after the real buyer is accepted then collect you fee and step out of the way allowing the seller to close with that buyer. Cleanest way, not so easy but it depends on seller's motivation too."

This would be my first deal, and I really don't want to be attached to the deal after closing. So I think the above option sounds best for me right now.

Thank you so much for taking your time to explain this to a newbie like myself, just need a little more help. Would you know if there's an example of an sub2 contract with an option in BP? Is an option just an addendum to the purchase contract? So if I'm understanding all this right, the wrap financing agreement is a different document done by an attorney? Once all this is done, then I assign the sub2 contract to collect my fee?

I'm sorry Mr. Gulley, I'm just really green but really eager to get moving on my first deal.

Then assign the owner finance purchase?

Hello fellow BP investors,

I need some clarification, and would appreciate any help. My question is, can a seller owner finance a property he still owes? The seller is moving to a bigger property after living in the property in question only for a year.

I'm wondering if maybe I can assign the owner finance contract, or sandwhich the property owner financing it to someone else?

Please help!

Welcome to BP @Scott Sutherland

Welcome TJ. This place is an awesome place to learn, you just have to take advantage. I would search for the area where you live in, and start seeing what other investors are doing and saying about that area. Try to network with them. The founders of this site have done a great job at creating an environment where people help each other out, and I'm sure more than a couple of investors will sit down with you or have a phone conversation. I've had this experience, and you can check my profile to see when I got started.

I'm no expert, but I will reply from my short experience.

1) Read and listen to:

http://www.biggerpockets.com/renewsblog/2013/08/15/wholesaling-business-lamar-cannon/

http://www.biggerpockets.com/renewsblog/2013/08/29/flipping-wholesaling-plan-sam-craven/

2) You're not in the business of finding buyers for the sellers. You are looking to acquire or control the property (assignment, purchase, etc) and sell it to your buyer. So you come across a Real Estate Business Entrepreneur. This is another good way to get burned with sellers, when you're not educated. A lot of them will have tons of questions because you are not a Realtor. This site is another great resource to get educated. Have you checked this out?

http://www.biggerpockets.com/real-estate-investing

3) This is where my experience really comes into play, and my advise is NO! At least you shouldn't trade money for someone else's time. What you should do is to use this site and find investors in your area, and try to exchange your time and resources for their time and knowledge. This site has everything you need to get started in RE.

4) My limited experience just allows me to offer the already given advice. The only thing that I'm seeing clearer and clearer, is that this business requires time, lots of time, because it should be a long term business. What makes it different to other venues, is that this industry's pay off is worth what you put in--something that cannot be said about other industries as often.

Good Luck TJ!

Andrew, I'm in Kyle, TX and if you're open to having some of these conversations over a "phone conference" with the tenants or potential tenants, give me a shout. We can maybe work something out.

As a matter of fact, if anyone needs help with this issue and you're okay with "phone conferencing" we can maybe work something out.

thanks for the link @TroyFisher !

I'm really looking into getting out of the rat race and have come to the conclusion that RE is the way out because it's a proven method. What I need is more education (Thanks BP!!) and people to network with. I'm not looking to join a REI Club just yet.

I want to be around people that understand the business and who will be encouraging instead of telling me that this will never work for me. True mentors who are not looking necessarily to make money out of me, but rather make money with me.

Willing to start by offering some drinks at your favorite bar in Austin, TX or Restaurant for dinner.

Do you know what people are paying for rent in the area? From A-D, how would you qualify the area where the properties are at?

And like Wayne said, the other thing is to know how much is owed for each property. Once you get this information, you can have a better idea of whether you can wholesale the deals, or control them without having to buy them yourself.