All Forum Posts by: Josue De La Torre

There is a home that has 3 payments due on their mortgage of 950 and is backed about 3k on taxes. The owner owes 95k.

The home is 2,100 sq ft and needs little to no remodeling. The seller just wants out of the house and is willing to take a loss. 

I can get into this property subject to BUT my question is can I owner finance this home if it is not free and clear? Also, can I owner finance this home if it has a lien? 

MANY THANKS! 

With a power of attorney in place, you could potentially sell the note in the event of a due-on-sale clause. I know of a few note buyers but in touch with one only. 

I did just that instead of going through a title company. A real estate attorney suggested filing the deed and doing a quick sale if I wanted that. 

I did just that and am still waiting on the excrows agent response. 

Fot some reaosn it feels like a slow process. I really appreciate the tips! 

I recently made a “subject to” purchase but the escrow agent is asking me if I’m still doing an assumption or if the seller is refinancing under her name. 

What would be an adequate response? 

This is my first transaction under these circumstances.

Any help would be appreciated! 

Joel, 

Thanks for the reply and confirmation. I started picking up the phone and met some good lenders and met up with them. It’s looking more yes than no!

Stephanie, 

I have gone to one so far and and am due for a second one. 

Sadly a lot of them are simply to give you a sales pitch but you meet people regardless. Thanks! 

For fix and flip, yes. 

And yes, I Just received title commitment on another. 

How is everybody doing?! I hope life is good and business is moving upward for everyone. 

I just wanted anyone's 2 cents on this: 

I have a deal lined up where the property has the foundation and framing only. I have a specific estimate of how much materials and labor would be to complete the home AND OF COURSE, the market value. 

I do not have sufficient capital/ do not want to use my own capital to complete the fix. I want to expand my network and find hard/private money. 

I have personal relationships (2) that could be potential lenders BUT I would want to show them a portfolio of at least two flips before offering them an investment opportunity. So far I have one deal done but it was not a fix and flip. 

With clear and accurate numbers, could I potentially go to a hard money lender to get some funds fronted? 

ANY SIMILAR EXPERIENCES OUT THERE??  

Hunter, 

It is unfortunate that your contractor had you chasing after him to finish the job. It has been a month since your last post and I hope the rehab is complete. 

I'm about to venture into my first fix and flip. Well, it has the foundation and framing done only so it's a more than a fix I'd say. I have one deal under my belt but this home was in prestine condition and on the brink of bank repo so fixing and flipping is new to me. 

The contractor is my partners dad and had remodeled my business front and done several fixtures to my home. Still any tips or suggestions form your part would be great. 

Best regards man, 

Josue