All Forum Posts by: Jerilyn D.

@Marlene Michael 

Welcome to BP, Marlene! I am a newbie investor in Peachtree City. This site is such a wealth of information, and a great place to share ideas/questions and network. I'm just getting started, and have been so amazed with how supportive this community is.

Welcome! : )

@Tom S. - My husband and I both have good credit, but my husband's name is on a loan for a property that he owns with his mother and sister ( a whole other conversation...don't get me started ). This messes up his income to debt ratio. I have decent credit, but I am a stay at home mom, with no income.

@RIchard Roop - I would definitely be managing the property myself, as it is close to my residence and I have the time and experience ( I managed a residential loft building in San Francisco in my former life ). I understand the numbers are thin. I guess I was just hoping that I'd be able to make it work, as it is a good loan, and seems relatively easy to take over the payments ( not having to qualify for the loan ). 

@Miguel Maria -  It sounds like you think it's a decent opportunity for me : )

Thanks so much guys, for your advice/input. I appreciate it very much!

Hi fellow BP members! First of all, a BIG thank you to all of you who are active on the forums. I have learned so much from reading the wealth of information that you provide. It means so much to a newbie like me. Thank you!

Ok, so I'll try to keep this short and concise. I stumbled across what I believe to be an opportunity, and would be so grateful for any and all thoughts/concerns.

I have an acquaintance who is facing foreclosure. She is 2 months behind on her mortgage, going through a divorce, and wants to walk away from her property and move on with her life. She has already relocated. The subject property is vacant. There is essentially no equity in the property. She owes 120k. The property would sell for approximately 125-130k ( fixed up). The property needs approximately 10k in rehab work. The existing loan is a 30 year fixed at 3.875%. The monthly payment including taxes and insurance is $808.00.

I am thinking that this may be an opportunity for my husband and I to purchase " subject to" the existing loan. It could benefit the seller by saving her credit, and benefit my hubby and I by allowing us to purchase without a significant amount of money down ( just catching the loan up and paying the late fees, etc.), and we would not have to go out and get a loan.

I have several questions: 

1) Does this make any sense at all?

2) I think this particular property would rent for approximately $1100/ month. Is purchasing " subject to" a poor strategy when it comes to buy and holds?

3) If the due on sale was executed, is there typically enough time given for my hubby and I to go out and get a loan? ( we both have good credit). I wouldn't want to hurt the seller in any way. What are my options if the DOS is initiated?

4) If the loan is in the sellers name, at what point can we eventually put a loan in our name and alleviate the seller of any responsibility?

5) If buy and hold is a poor strategy for this property, is there any other ways that I can make some money on this while creating a win-win for all parties involved?

I appreciate any feedback very very much! I am very new to this, and am trying to cover all of my bases before I make too many mistakes.  : )

Congratulations, Jason!! Thanks for sharing! You give a newbie like me hope : )

Hi Pyrrha!

Welcome to BP! I am a newbie myself, from Peachtree City,GA. I am also planning on purchasing two buy and hold properties this year. I'm thinking that maybe we can bounce ideas off of one another throughout the process. I think it's amazing that you're teaching Spanish to children of Navy service members--it speaks volumes about you! I hope we can stay in touch, and I wish you the BEST in your REI endeavors : )

@Tim Herndon -

Thank you so much for the great advice, Tim! I appreciate it : )

Hi Fellow BP'ers!

I am relatively new to this site, new to investing, and new to the state of Georgia (Can I be ANY greener? Lol!). I sold real estate for many years in California, and am licensed here in Georgia. I am trying to get my feet wet in this investing arena, and am trying to set myself up for success. I am in the process of hanging my license with an investor-friendly brokerage here in Georgia (Thank you! @J Scott ). As of right now, my goal for this year is to purchase at least one "buy-and-hold" property, and fix and flip at least 2 properties. I believe that there also will be some wholesaling involved, as I'd like to create a steady flow of income over time. I made an appointment with a real estate attorney for early next week, and I am hoping that you seasoned investors will help me devise a list of important questions for the attorney to answer. I know that it's important to ask the attorney if he has experience with contract assignments, double closings, etc, and I know it's important to know his fee schedule, but beyond that I am hoping that you will all help me out. I appreciate your input!! : )

@todd shampoe,

Please don't do it. $12,500 is a lot of money. Instead, why not seek out a successful, seasoned investor in your area, and see if maybe he/she will see you through your first couple of deals in exchange for something. For example, if you are interested in wholesaling, maybe you can offer up 50% of your profit off of your first couple of deals in exchange for their expertise and "hand holding"? At least with their guidance, you will have a strong chance of your deals closing, you will learn a lot in the process, and it's a win-win on both sides. ; )

Thanks for the welcome@Brandon Turner !

@J Scott - I appreciate the info so much. Thank you!!

As actively licensed and having an employing broker, you should be able to join the local re board. As far as submitting bids on properties, you may write and submit bids on your behalf, you just need to disclose that you are a licensed real estate agent. If writing residential contracts is new to you, then I think it would be a great idea to find a local realtor whom you like and whom you can learn from, and partner up with them on your first couple of transactions, and offer to split the commission.