All Forum Posts by: Jacob Elbe

I agree with Shawn M. And Sam B. I've purchased out of state and still have never been there. Use the same property inspector and they usually offer a discount on the follow up inspection. Plus they know where the issues were the first time!

Gabe Gordon Good find in Beech Grove! I don't own there yet but have been looking at a few in that area. How did you finance this deal? Looks like you got a good deal there too! All of the conventional lenders I've worked with won't lend that low. Do you use a local lender? Thanks!

@Bruno Tavares 

I just saw this thread but wanted to give my two cents as someone that has actually purchased property through HomeUnion!  I bought my first true investment property through them and it was a smooth and easy process.  They helped me narrow down what market to look at and eventually a specific property that I was comfortable with.  Like @Account Closed and others have said, they don't own the properties, but help investors find investment properties. That used to be just turnkey properties, but now they also list properties off the MLS in different markets. They use analytics to help identify good potential investments and then they have an employee in each market, usually a local real estate agent, that knows specific neighborhoods, etc. They now also provide asset management so the investor doesn't even have to deal with the property manager anymore. This is why they now charge an annual fee. It's definitely a little different from other Turnkey providers I've seen. I think it's a better fit for those investors that want to invest as passively as possible. I've enjoyed working with them so far and will likely continue to work with them to find deals as long as I'm living in areas that aren't great cash flowing areas. I've bought two properties through them now and am looking at another one now.

I hope that helps!  I was VERY hesitant to move on the first property because I was overseas with the military at the time and couldn't find much(any) information on HomeUnion online.  After talking to a few of their employess I became comfortable enough to move forward and I've been looking for more properties since!

@John Ahlert 

I didn't see anyone ever really answer your question so I just wanted to jump in as an investor that's worked with HomeUnion in the past and still work with them.  As far as an easy way to get started in Real Estate Investing, I think they're great.  I bought my first true rental property through them and it was great.  They helped me narrow down my search to a specific market and turnkey provider.  They also answered any questions I had through the buying process.  I've since purchased two properties through them and they both provide great returns.  I've very happy with both properties!

They've recently been going through a lot of changes so that they're not working with Turnkey providers only anymore.  They now use their analytics to identify solid investment properties in multiple different markets and have local experts to help sift through properties and help investors find what they're looking for.  

They can obviously explain what they do and how a lot better than I can, but don't be afraid to give them a call.  They are good at what they do and are willing to walk you through the whole process.  If you want a specific introduction to one of their employees let me know.  I don't work for them, but have been very happy with their services so far!  Good luck!

Thanks @Raymond B.

@Lin Vanderhook , Unfortunately my sister-in-law wasn't comfortable with a subject to sale because she and her lawyer had never heard of it. Apparently they were not very concerned about keeping the property in the family in the end. So long story short, I'm buying another rental in Cleveland instead and they're selling it at market value!

Also, if I did purchase it Subject To, how would her debt factor in? The loan is still in her name, so could creditors come after the house? Or is the property exempt once I have the title?

To clarify, I'm interested in the property as a rental since selling would not be an option (the whole keeping the land in the family thing). So I agree with you Bill that I'm only interested in the $100k to $120k range. It's currently her primary residence, but she plans to move out of the area.

I recommended that she keep it and rent it, but they don't think they can handle that and want out.

I'm interested in looking into the Subject To, but how would her debt play into this if the mortgage stays in her name? Would I be at risk of her creditors coming after her house down the road? Could they still put a lien on the house even though I hold the deed?

Thanks again all!

Chris, thanks for your reply. I do agree that the land should stay in the family. So I would not plan to sell the property unless something drastic happens down the road. My wife and I will inherit land connecting to this property some day, so our plan would be to keep it and eventually combine it with our land.

For now, I would rent it out, but not to my s-i-l. It is currently her primary residence, but she will not stay in the house. They want to move out of the area.

Thanks for your reply!

So, sorry for my ignorance, but I'm new to Subject To. How does a subject-to contract work? Do I need an RE attorney to write the contract? I understand that I take over the payments and get the title to the property and her name stays on the loan. Then what? How do you get their name off the loan later? Do I refinance, or have to buy it at some point? What is the downside of buying Subject To? Is there a problem if they go into bankruptcy down the road? I tried searching BP, but is there a good reference I can read about buying Subject To that gives a simple overview?

Thanks so much for your replies!

So, sorry for my ignorance, but I'm new to Subject To. How does a subject-to contract work? Do I need an RE attorney to write the contract? I understand that I take over the payments and get the title to the property and her name stays on the loan. Then what? How do you get their name off the loan later? Do I refinance, or have to buy it at some point? What is the downside of buying Subject To? Is there a problem if they go into bankruptcy down the road? I tried searching BP, but is there a good reference I can read about buying Subject To that gives a simple overview?