Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jade Reynolds

Jade Reynolds has started 2 posts and replied 2 times.

I came across an off market property that owes 125k on loan, seller motivated, comps are $115k-$140k. It would not be a good wholesale deal seems like so I want to try a subject to deal for myself. I have never done this but pretty excited to try to get my 1st rental property with little to no money down. I think i understand the structure of it but not the execution. My questions are:

Will the seller ask his lender if this is legal/doable? 

Will that answer bring confusion and cause him to decline my offer?

If he accepts, how do I execute?

After closing do I pay mortgage payment directly to seller or mortgage company?

What do I write on the contract?

There is a property that I want to wholesale that is up for auction. ARV is $160k. HOA just acquired this property in October from previous owner that was going into foreclosure. He quit claimed it to HOA. So HOA now owns it. Auction still happening in January. Hoa says they can quit claim it to me for $5k BUT I want to wholesale it. So would my buyer be responsible for the previous mortgage balance of $126k? How can I make this work in my favor and make some money? Also how would I market this roperty to cash buyers? What do I need to disclose?