All Forum Posts by: Jake Lemke

Would anyone in here familiar with subject-to transactions be willing to share their contract and the clauses they use?

I wholesale the majority of properties I take under contract, but in this situation I have a property where the seller owes about 195k on mortgage, behind by 10k on payments. Needs 3k max in cleanup and worth $265,000 - $285,000 as is.

It's currently a VA loan so it's likely assumable if I wanted to go that route also.

Any help/advice is appreciated. Thank you

If you don't have the cash or connections, you should wholesale this instead. I can sell this deal for you no problem if the numbers are what you say. I have multiple clients that will be interested and could close in 7-21 days. Message me more info

Hello to all investors and brokers in Oregon! I'm from WA and I'm a licensed broker and investor. I primarily run a large wholesaling operation in Washington state and have recently expanded into Oregon. I'm looking to connect with investor friendly brokers and investors in Oregon ASAP!

I have solid wholesale deals available in multiple counties that I need buyers for. Single family and multi-family.

Investors, message me! Brokers, let's work together! Bring some buyers to these deals.  

I also have a few deals we will not be closing on and need to refer them to a broker to take the listing. I'm looking for someone I can trust to work these if I give the referral.

Let's WORK!

@Joe Villeneuve this would not be a lease though, as it is being owner financed. I talked to my attorney today and he said it would be possible. 

Hello, I am a very active wholesaler and realtor out of the greater Seattle area, but new to the subject of owner financing. I have a deal I know I can't wholesale, but I have already got the seller to agree to owner financing or a lease option. I want to owner finance the home from him and then owner finance my interest to someone else (Pretty much executing a wrap). 

I am not sure if this is a possible way to structure a deal, but the numbers make sense. Here is the example

My Purchase: $270,000 owner financed (Home is worth about $330,000)

4% Interest only on 5 year baloon with option to cash out at anytime. = $10,800 / 12 = $900/month

Home Insurance = $2,100 / 12 = $175/month

Property Taxes= $3,700 / 12 = $308.33

= $900/Month + $308.33 + $175 = $1,383 / Month for ME

__________________________________________

Now here's how I would sell it:

Sale Price: $325,000 seller financed with 10% Down

$325,000 - $32,500 = $292,500 Remaining balance

$292,500 financed at 5% Interest on 2 year balloon amortized over 30 yrs + option to cash out at anytime

Principal = $9,750 / 12 = $812.50 / month

Interest = $14,625 / 12 = $1,218.75 / month

Taxes = $308.33 / month

Insurance = $175/ month

NEW OWNERS TOTAL = $2,514.58 / month

My total = $1,383

Cash Flow = $1,131.58 / month + $32,500 upfront profit from down payment + Difference between my sales price and remainder purchase price from the new buyer at the end of their balloon.

IS THIS POSSIBLE? 

Hi everyone, 

I am curious as to how many of you are using RVM strategies to bring more leads into your business. I am interested in the response rate you are getting and your costs.

Are you using scripts to drop thousands of voicemails at a time? Or are you pre-recording each one to match the particular deal? Let me know what's working for you!

Hello @Heidi Wilson,

There are some pros and cons in WA right now. As a licensed Realtor in Washington, I can tell you that our market has never been this hot and there are some quite insane offers being placed by buyers due to the lack of inventory right now. In my opinion, a big correction isn't likely to happen in the next few years unless there is a catastrophic event like a major earthquake or a volcanic eruption. 

Homes are still appreciating rapidly due to many factors and people are starting to flood the greater Seattle areas right now due to the home/rent prices in King County. Areas in Pierce county like Tacoma, Edgewood, Puyallup, Sumner, and Lake Tapps are areas that I can see having a tremendous amount of appreciation in the next few years. Hope this helps!

Let me know if I can help in any way. 

-Jake

Yes. You can do it if you have the deal under contract. Make sure to specify that it is an assignment of contract and that the buyer will pay all closing costs.

Zipyourflyer.com is used to send a preview of your deal to every agent in the area. If you want help from a specific agent to find a buyer for your deal just call a local office and ask to speak with an agent that represents many investors. You’ll find someone familiar with contract assignments and they’ll know what to do! Hope this helps.

Hello Matthew, Yes this is true. You can use a tool called zipyourflyer.com (I’m not sure if you can use it if you are not an agent and also not sure what states you can use it in). I am a licensed agent in WA and everyone uses these here.