All Forum Posts by: Julian Sanchez

They are still interested but looking closely at the numbers they are not what the broker had originally stated in his OM (as always never go by Anything a broker puts in an OM).

Thus current revenue would not cover the monthly debt at the terms we had originally agreed upon; so we're back and forth on the negotiations

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Quote from @Don Konipol:

@Eduardo Beltran

In a wrap mortgage the deed is transferred to the buyer at the time the wrap is created. The wrap actually wraps around an existing superior lien. I think you may be confusing a wrap with a contract for deed. A contract for deed is a type of property transfer in which equitable title is passed but legal title remains with the seller, or whomever owns the contract for deed. The contract itself will specify when legal title is transferred.

If legal title is transferred, than a lien holder has the right to initiate and foreclose if the mortgage provisions or deed of trust covenants are violated. In most circumstances, the borrower is granted a period of time to correct the violation.

With a wrap mortgage legal title was already transferred to the borrower at the time of the creation of the wrap...usually. In a wrap when the underlying mortgage is paid off the wrap part ends and the remaining loan is now in first position. Almost the same effect can be achieved with the assumption of the first and a seller financed second. The wrap however gives the seller more control and if the seller wrap is at a higher interest rate than the loan being wrapped, the seller will earn the differential on the wrapped portion.

40 years ago we did subject tos, assumptions, wraps, contract for deed, all the time. Now, with low low interest rates on new loans, they’ve become somewhat obsolete, except in very specific situations

@Don Konipol

Now It's time to bring them back, sending a wrap LOI for a 68 unit in Ohio

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Would love to hear on Pace's Gator mentorship

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Hello Allen,

What have you found out?

After having done a few syndications we're ready to move onto a fund and take on more deals faster.

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I was at one last night in Oasis wynwood, casual by the tower bar.
look them up on meetup.com as real estate investor networking

I go to others in ft. Lauderdale and Delray on a monthly basis, couple of them are more focused on large multifamily which is what we do

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Miami, Florida

Hey Jaideep, who is doing your RUBS?

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Hola Joseph,

Yo estoy en South Florida si quieres me llamas 4077444174

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Thanks Brian, how do I get in touch with him?

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Cleveland, Ohio

@James Wise

Impossible is nothing

1 Vote

Cleveland, Ohio

Hello BP.

We're in the Cleveland market, (specifically Lorain county) and with the two properties we currently have under contract we'll be at 98 units in this county across 6 properties.

We'll now need a full time handyman that would need to be going to various locations.

We're debating a few things:

Do we provide him a vehicle?

What pay/benefits are competitive?

How do we find such individual?

Best way to screen them?

This would be easier if it was one 100 unit apartment complex in one location but instead it's a 20, 24, 42 unit and some quads spread out

Also we don't know what we don't know so please share your experience doing this if you're willing.

We're going to try first with our current handyman that just goes as needed

1 Vote

All Forum Posts by: Julian Sanchez

Julian Sanchez has started 17 posts and replied 90 times.

Post: Isn’t Wraparound Mortgage financing the same as Lease Option?

Post: Isn’t Wraparound Mortgage financing the same as Lease Option?

Post: Question regarding short term EMD lending or “gator lending”

Post: Creating a Real Estate Fund

Post: Want to meet up in Miami?

Post: Our 1 year journey to 22 units & $10,000/mo cashflow without OPM

Post: Inversionistas para la comunidad Hispana!

Post: Handyman needed in West Cleveland

Post: Handyman needed in West Cleveland

Post: Unit count about to triple, how to's of first full time employee