All Forum Posts by: John Gagliano

I am thinking about doing a subject to. One issue with the deal is that there is $8,700 is delinquent payments owed to the mortgage company. Here is my question: Can I do the subject to and then negotiate a forbearance/modification with the mortgage company? Or will I have to pay the $8,700 to the mortgage company up front? This is a single family house with 30K in equity, in good shape and will get $1200 a month in rent. 

I have an opportunity to buy a house which is going into foreclosure. I did my survey and CMA; the house has a present value of $70K and needs $40K in repairs. After the work is done the ARV of the house should be in the $139K range which would give me a profit of around $25K (I am estimating 4K in closing and silent costs). Here is the problem- the owner owes $89K and the house is worth 70K. On top of that the house is not very habitable as a rental because the owner let the house get run down. The question is how do I structure the deal to make it work out for all parties? A "subject to" will not work because the value is up side down, or can it work some how? Can I do a "subject to" to get control of the house and then do a short sale? Or just do a short sale? Or????? I am looking for that creative solution, who has it? And thanks for the input!!

Conceal carry with a license is the only way to go. I have my license and I am a full time conceal carry person. Most states require training to get the license but ongoing training is a must too. Going to the shooting range monthly is very important because having the gun is one thing, but knowing how to use it is another. Having a gun is accepting the responsiblity that comes with it. Hunter Groover and Chris Jurgens have it on the money. One other thing, if you are going to carry please look into Conceal Carry Liability Insurance. 

The law office of David Birdsong. David was also the president of the New Orleans Real Estate Investor Assoication. 504-780-9202. His office is on Vet's and Melody Dr. in Metaire. David is a great guy.

Maz: New Orleans real estate is HOT! So, you need to think outside the box. If the properties are that good you may need to look for a "buy and hold investor partner" who is going to stay in new Orleans. You can structure the deal in different ways; like get bought out in two years or Refi cash out or long term hold without having to manage the property.....?? Think....."How To"......Not......"How Not To".    

Hello Hollie S from New Orleans

I am from the Covington area and work the north shore most of the time. But 

from time to time work a deal in New Orleans. In fact I am looking at a house in Mid City as we speak. Partnering on deals is a great way to start and learn the business. Let me know if you have questions. This is a great business if you have the nerves to over come the tough days. And by the way there are many more good days than bad. Rock On!

Regarding offers: Every offer should be contingent on "partner approval". This advice comes right of Robert Kiyosaki's book Rich Dad Poor Dad. And if Mr. Kiyosaki recommends it, it must be good advice!

Mike you are why BP is a great place to be. Just had a meeting with one investor and going to the next later today.  

Thank you Robert, looking forward to the education!!

Signed a contract to buy 8/31/15. 1400 sq ft three bed two bath home. CMA/ARV of $170,000. Contract price $113,000, house needs 15,000 in repairs. Solid profits. Funds needed because my money in tied up in another flip. This house was too nice to let go.