All Forum Posts by: Jay London

I am not an attorney or judge and most of you are not either I'm sure. Ee all can quote law as WE interpret but It all boils down to this: 

Until someone files a complaint on what your doing and cause that action to be seen by a judge and defended by attorney's to get a true ruling in your state to set case law (if it hasn't already been done) then really not one of us has the right to tell another person what he can and can't do to make living. As long as everything is disclosed in the beginning to the seller and buyer of what your doing (I believe) it's going to be hard to find a person guilty. Now we all know that there are several (a whole hell of alot actually) of less than honest people out there trying to wholesale and messing it up for the rest of us. Do the right thing, be honest with people and follow through with what you said you will do and the wolves will leave you alone. 
Just my 2 cents :) 

First off I want to say that cutting back F&D will be a huge thing and I think we all in the real estate business will capitalize on it. As for it going back to the 2005 time I'm pretty sure that everyone learned from what happened. All the predatory lending won't happen again. There will be a few risk takers but all the stated loans seller carry backs and other creative stuff thst was done i dont think will happen again. I coukd be wrong. I'm pretty confident that banks won't go that far again. I borrow a couple million a year from banks and the regulations make it very hard. Deregulation of F&D will definitely free up lending and spike the economy for sure. 

Yes appfolio is for property management. A person asked about one for property management 

What were your numbers? I'm just down the road from you and what marketing is working best for you here in OK? 

Is your buyer getting financing or is it cash. Normally when I go to closing when the buyer gets financing I have to sign a disclosure that says me and the buyer have no outside agreements other than what's disclosed on the HUD.

Those of you saying OK is landlord friendly I assure you it all depends on the Judge. I use to own a C21 Franchise and we managed over 15p rentals. The judge will first review your lease then listen to the tenant cry and complain. Unless you make a good case I assure you the judge will decide in favor of the tenant if they make a good enough case. 

What I would do is if they attempt to hold bills out of rent then they have violated the lease and I would file eviction on them for rent do and let them plead thier case to the judge. 

Subject to's is NOT a rookie game. 1st if you aren't able to make good on your end of the deal you could mess up someone else's credit and is this case also cause that soldier to loss their VA loan benefits. Be careful with sub-to's.

If you want to do it right and not get sued, You need several disclosures with doing sub-to's so NO it's not just pull a contract out of you pocket. You need a contract that all parties understand that you a buying sub-to with out any guarantees. You need a power of attorney to contact the mortgage company and insurance company. You need to do a normal closing so there are no title issues and the correct deed is filed. There's plenty of courses out there that teach it. Books also. Educate yourself before doing. Sub-to's are a lot more indepth than wholesaling. You actually have to be responsible and have some built up cash for expenses.

Most sub-to gurus say rule of thumb is don't buy unless there's 20% equity in the home.

My advise is find someone in your local market (real estate clubs) that are doing sub-to and ask questions.

Good luck

Hire you a builder!!! They know the in's and out's of city government, have access to good trades and suppliers. They will also keep you in budget. Building is not a newbie business. Just my 2 cents. As Steve said above, the headache that your going to encounter is not worth the savings.

@Nick Patterson I have the same question as @Kranti K. Where you getting your financing for all those deals.

Yes I'm going to make a few calls and see who the other investors are using. I'm sure there's a title company that understands what we do and doesn't scream RESPA just because they don't understand. I'm a Broker also and I assure them that I wouldn't jeopardize my license to do illegal stuff, but they don't understand so if its outside the norm then its wrong in their eyes.