All Forum Posts by: Joseph Ilg

I use such websites as trulia.com, realtor.com, realtor.org, yahoo real estate, zillow and others to keep me update with the most current real estate information. Are there other sources and/or websites that you would recommend? Thanks for your .02 before

Ok, that makes sense, thanks. So, whats your role in the game of real estate? Are you an investor, broker, realtor....? How long have you been involved with real estate and whats your assumption as to what the housing market will be in the future (in general)?

In reference to purchasing "subject to"

"Some techniques teach to hide the ownership of the property by placing the property in a trust and selling the beneficial interest of the trust. This is an attempt to avoid triggering the due on sale clause (which is found in most conventional mortgages)."

If I were to purchase a property subject to existing financing, I am ultimately taking control of the title and the property while making loan payments that are still in the sellers name. Now, if i was a jerk, I could not pay the mortgage and this would further destroy the credit of the seller because their name is still associated with the mortgage payments. Is there any contracts or documents that investors need to provide to the seller which will insure them that I will make the payments and provide a win win for both parties?

When purchasing or placing a property under contract, what "subject to" or contingencies should one use to protect themselves and to allow for a smooth transaction? Also, how do these factors cause a favorable outcome for the wholsaler?

I have learned to focus on vacant, run down/distressed homes when wholesaling properties. Does this include REO properties/foreclosures as well? And if you can wholesale these properties, is the process the same as it would be dealing with the owner of a property?

I hate being the low guy on the todem pole asking questions that probably should already be understood up to this point, but I need clarification on what seller/owner financing is and how it effects both the seller and the buyer and basically how it works? What are the circumstances that seller financing would be an appropriate move in a deal? If anybody has the opportunity to assist....thank you much

Well I would have to say it is a good time because, when you wholesale, your assigning that purchase contract to an investor. Now, if the deals worth it, an investor will scoop it up. Now its up to them whether they will hold onto it for long term rentals since the market is not very good, or take on the responsibilty of selling it for a quick flip. I think the market is irrelevant if their is a true deal present! Just my opinion...

That has crossed my mind before Jason and good point. I myself are very new to the wholesaling business but I believe once you establish a fully functioning operation behind wholesaling, wholesaling should be a quick and easy process! Its starting out which makes it a bit difficult.

I also would like to address how to contact absentee owners. Have any of you investors out there contacted absentee owners to further build upon your buyers list? If so, how do you go about retreiving such a list for a particular area and what were the results?