All Forum Posts by: Joe Mazur

@Wayne Brooks good tip about the 2nd mortgage. Thanks

Hi @Richard Frazier. Welcome to BP. I'm a wholesaler in the Detroit market, mainly working in Macomb and Oakland county. Don't have many buyers in your area so hope we can work together soon to expand our reach!

Hi Everyone,

When doing a subject-to deal, do the taxes get reassessed to the assessed value?

A coworker contacted me and she wants to sell her house and is relocating due to job change. She wants to use the proceeds to put down on the new property so needs to sell quick. I was going to give her an option for a cash offer that will probably be a bit too low for her but also an option for a subject-to the current mortgage, and then rent the property out. The taxable value is much lower than the assessed value and was wondering if doing a subject-to will force the taxes up to the assessed value. If so, this would add an extra $2500 per year in expenses. I'm sure this question was posed before, but I couldn't find it anywhere. Any help is much appreciated.

Hey Faylynn. First, of course I have to say that I'm not an attorney so definitely talk to an attorney for any legal advice. There are multiple avenues to find purchase agreements. I had an attorney draft up a purchase agreement for me. But you can use a standard Michigan Real Estate PA by searching the web for it. Then you can use a assignment contract to assign the PA to your end buyer. 

Hi Anton. The others that posted offered some great advice. I would agree with the sticking close to home. 

And I know you mentioned possibly some interest in wholesaling. My focus is on wholesaling in the metro Detroit area. So if you ever have any questions, please feel free to PM me. 

Joe

Hey Ashley. I'm a wholesaler in the SE MI area. If you ever wanna chat or have any questions on the topic, feel free to PM me. 

As for your question, I'm not an attorney so don't take this a legal advice. But I have heard that some closing underwriters have started to not close on wholesale deals if you don't have a real estate license. This is one of the reasons I do have mine. However I do know some wholesalers in the area that do not. So I would not say it's required (again not legal advice) but if you did have it, it may be less scrutinized by the law. 

PM me with any more questions. 

Joe

Hey @Ralph Noack. Welcome to the community. I wholesale in Metro Detroit, not so much in the city but suburbs mostly. As @Patrick Squires said, there are definitely a lot of threads in here on this topic. Take advantage of the knowledge from those if you can. If you have any questions that I can possibly help with, feel free to PM me anytime. 

Joe

Hi @Michael Nestor. Welcome to the investing community. Im a wholesaler in the SE Michigan area.  I also have a full time job and work around it so not really able to provide mentoring. 

However, I can definitely answer any questions you have. Don't hesitate to PM me if you have any questions and I'd be happy to answer them. 

And like the others have said take full advantage of the REIs in the areas. There are a number of them. Check Meetup.com for which are available. 

Joe

Hi @Dennis Pressey Jr. I'm a wholesaler in the Metro Detroit area too. Been in the biz for a couple years, got buyers everywhere in the area but mostly in Macomb and Oakland counties. PM me if you want me to talk to any of my buyers on these. 

Hey @Brian Jannert. I'm a wholesaler in the SE MI area, so probably not close enough to meet face to face. But if you ever wanna chat or have any questions on the topic, PM me anytime.