All Forum Posts by: Josh Kindlesparker

I understand I own the property but I do not own the debt. If they file bankruptcy I will loose the property or am forced to refi or cash out.

I love the response Monica, so much i bought your book on Kinlde. It was a great read. Very in depth on the short sale process and the stages depending on the loan and lenders. Taking a property subject to and then fix and flip like a great plan.

The reason I am considering the subject to current financing is that I have 7 conventional mortgages. I am having a very hard time getting a loan. This was just an option I was considering and the "GURUs" hardly ever tell you the bad. Wanted some information from real people.

Thanks.

If I buy a property "subject to" from a seller in Preforeclosure. I make up the back payment of $7500. What if the seller then files Bankruptcy? What protects me, if anything, from loosing the property and cash?

Is there any way to protect myself. I plan on selling the property with a lease option. I do not want to loose my money or my buyers money.

I was contacted by a local landlord that is retiring and wants to liquidate his portfolio. He currently has 384 properties. He will sell in lots or individual properties. I have worked with many landlords and the max I have liquidated is 27. In the previous dealings I have used options. I am looking for opinions on how to structure the deal/s. I am not a realtor.

Here are a couple ideas:

Become a paid consultant or employee of the seller and charge a dollar figure per property liquidated.

Have my attorney draw up a fee agreement that the end buyer must agree to. Similar to a bird dog agreement.

Option 384 properties. I am looking for something more efficient.

Just need some pointers so I handle this situation correctly

I got a call from a lady wanting to sell her house.
She thought it was free and clear except for delinquent taxs. $2000
She will sign the deed over to me for$100.
I researched the property at the Court House and found out
National City charged off her account. They did not want to spend
the money to foreclose, I am guessing. Dyke Oneal Inc. purchased the bad
debt. They have had it for over a year and nothing has been paid. Owner
did not even know about it. She has given me permission to handle this
debt. Dyke Oneal Inc has been faxed all the paperwork to release all
information to me.

Just looking for some input on how to handle this debt.
The lower I can get the debt the more money is made.

Thanks for Any Info,
Josh