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All Forum Posts by: Jana Gruttner

Jana Gruttner has started 4 posts and replied 7 times.

Post: sub to, yes or no?

Jana GruttnerPosted
  • Residential Real Estate Broker
  • Plymouth, WI
  • Posts 7
  • Votes 0

The downstairs unit is 625 one upper is 325 and one is 400. 2 of the apartments have been rented for at least 6 years and the 3rd is about 1 year. My initial reaction was no deal, but didn't want to pass up something if I was being too cautious. I appreciate all of your input. It helps me make the decision.

Post: sub to, yes or no?

Jana GruttnerPosted
  • Residential Real Estate Broker
  • Plymouth, WI
  • Posts 7
  • Votes 0

According to the 50% rule... monthly total rent is 1350, I should expect 675 in expenses, then also PITI at 695. This leaves me at -20.00 per month. The way this looks, it is not a deal. Am I figuring this right?

Post: sub to, yes or no?

Jana GruttnerPosted
  • Residential Real Estate Broker
  • Plymouth, WI
  • Posts 7
  • Votes 0

i have a possible sub to deal. Seller owes 63,000. Comps out at 72,000. It is a tri-plex with all units rented. After PITI cash flow is $655. We are figuring 10% for property management. Which would bring a monthly cash flow of just over $500/month. Those of you who have done sub to, does this seem like a deal or should we walk away? We do have cash reserve in case of vacancy and would put money away until we had minimum of 6 months in a reserve. There are some repairs needed in near future, but thought we would repair when a there is a vacancy.

Thanks in advance for your advice.

Post: Subject to and Dodd Frank

Jana GruttnerPosted
  • Residential Real Estate Broker
  • Plymouth, WI
  • Posts 7
  • Votes 0

Does anyone know how Dodd Frank affects subject to deals?

Post: 1st time wholesaler

Jana GruttnerPosted
  • Residential Real Estate Broker
  • Plymouth, WI
  • Posts 7
  • Votes 0

Thank you all for your advice! It is very much appreciated. I am going to get some further information on this to find out if it is a deal. When I get all the info, I will fill you all in!

Again, thank you for taking the time to respond to me. It is such a big help.

Post: 1st time wholesaler

Jana GruttnerPosted
  • Residential Real Estate Broker
  • Plymouth, WI
  • Posts 7
  • Votes 0

I am just in the beginning talks with a motivated seller. He is 2 years behind on his mortgage. He has not been issued a foreclosure notice. From what he told me, the bank is willing to do a short sale and he would like me to talk with them. What can I expect when I talk with a bank directly? Is it smart to use the word wholesaler or investor? I have worked with sellers on lease options before, but this would be my first wholesale. I have no contracts signed with the seller, I am just gathering all of the information. I realize I have no numbers, so I am not sure this is a good deal for a cash buyer, but would love some advice on what to expect when talking directly with a bank.

Thank you!

Post: New investor in Plymouth, WI

Jana GruttnerPosted
  • Residential Real Estate Broker
  • Plymouth, WI
  • Posts 7
  • Votes 0

Hello all! I am excited to join BP. I have been using the site for awhile, having been introduced to it by my husband (investor partner). There is SO much great information on here! Thanks to everyone who contributes.

My husband and I have a goal to start a wholesaling business as well as flipping and building our own real estate portfolio. We have successfully flipped 3 houses in our area, but are now looking to build a business in other areas of real estate investing.

I am also a Realtor/Broker. I have access to MLS, if anyone is in need of an investor friendly Realtor, I would love to help you.

I look forward to learning more from BP and getting our business successfully launched!