All Forum Posts by: Gerald David

Looks like I may just stay with wholesaling and looking for owner-carry options. At this point in my life, I do not have other exit options if a lender did ask for the note early. The last thing I would want to do is create a horrible situation for anyone regardless of my original intent.

K. Marie Poe thanks for the reply!!

Wayne Brooks you must be reading my mind!!

Could the "wrap"option have the dreaded "due on sale clause" triggered by some lender? Or is that just on "subject to" deals?

Is the likelihood of that happening something that I should be worried about? If I did find a buyer for a home that I have under contract in a situation like this, what repercussions would I be dealing with? What would the seller/buyer have to deal with??

I live in an area with a small population. I need to add more "tools" to help make deals happen. With that said, I'd like to add deals like "subject to" and/or "wraps" to my current tools of wholesaling/buy & hold.

My question: what are the differences are between acquiring a property "subject to" vs using a "wrap". Why would I want to do one over the other?

Welcome to the party Tucker Merrihew! Pull up a chair!

I'm all the down here in Medford. I know Portland well as my whole family lives in that area.

Keith Barton thanks for the additional information. I appreciate the advice and will put that advice into action ASAP!

Thank you Bill for your comments! I really do appreciate all your help and advice.

As to my contracts, I have "subject to" contracts from F2F but I'm sure those are Arizona contracts and not Oregon. Would it be in my best interest to bring those to an attorney for reference sake or just allow him/her to draw up new ones?

As to being efficient, I will endeavor to do my best to NEVER be a bother to anyone. Especially someone who might charge me by the hour!! Emailing sounds like a great way to communicate with an attorney to me!

I thank you Ned for your response. I forgot on "subject to" deals the buyer would pay the closing costs. I will not quibble over legal costs as well!

As to looking for experienced investors, I'm having a little trouble. Medford, Oregon has no wholesalers that I can find. From my time in construction over the last 13 years, I only remember meeting people who purchased conventionally for buy and hold.

I've talked to multiple realtors who cannot think of anyone to refer me to.

I have made contact with a few people in the Portland area and they are directing me to the right people.

As the closest REIA meetings are 2.5hrs away, a local realtor/new-investor has networked around and we will have our first informal meeting this Friday evening. I believe we might have 15 people attending at last count! I hope that this may lead to some good local contacts.

I'm wondering what specific questions I should ask when interviewing an attorney who might become part of my team.

Currently, I am targeting homes that I can either wholesale to a rehabber or "subject to" to a buyer who may be "credit challenged", but will refi in 4-5 years or so.

Also, since I'm sure I would use the attorney to close "subject to" properties, what is a reasonable fee an attorney would charge? Will they be willing to discount their fees if they knew any and all of my "subject to" deals would be closed only by that one attorney?

Is there an attorney that fits this mold in Southern Oregon?

Hey there Andy O!! I'm JD emailing from sunny Medford, Oregon! Welcome to the group!!

I grew up in Portland/Salem and my entire family lives up there! Go Ducks!

Look to purchasing a rubber pad for best results. It will give the carpet the best foundation possible and the rubber will insulate far better than rebond pad ever could.

If you are trying to put standard carpet on top of the hardwood, the backing of the carpet will scratch the hardwood!! Those scratches may have to be sanded down by a professional and that will cost some $$.

If you get an area rug, make sure you get a rug pad as even an area rug will scratch hardwood.

Is your type of hardwood engineered? Installed on slab, it should be. To minimize the expansion/contraction of the hardwood, you should ALWAYS keep the temp of the room in question at least 60 degrees in the winter. Keep the AC on in the summer as well.

Finally, if you're looking for flooring help, stay away from the big box stores as their knowledge is very limited at best. Shop at your local flooring dealer as they will have a TON of knowledge.