All Forum Posts by: Justin Cortez

@Ron S. Thank you very much for this information! I will definitely be looking more into this. So basically I will be rethinking a strategy that will not keep me on the burner! and it sounds like I need to do more research on the laws on foreclosures. Not by any means would I want to be looked at like i'm taking advantage of someone. My whole theory was to be helping them out, not get marked with a foreclosure and keep a little bit of freedom intact for themselves. But i'm very glad I got this information before I made the phone call to the owner to offer some solutions. @Dylan Barnard I know you and your wife are looking into foreclosures, do the two of you have any advice on how to handle them from an investors point of view?

hello everyone,

so I've recently found a few pre-foreclosures. but looking at the comps in the area the homes have 20%-40% equity. my original plan that came to mind was to do offer a few different solutions and then push the "subject to" method.

 so i own my own home already, and it is in a decent market. 2 of the homes that are in pre-foreclosure are cheaper (principal cost but not in value). i plan to rent my existing home out and cashflow $200-$400 every month. my plan is to hopefully agree on a subject to and if the monthly payment is cheaper than that of my existing mortgage payment, i will just move me and my family into the subject to home and refinance after about a year or so after paying the principal down with a heloc on my existing home to extinguish the mortgage on the subject to home.

 i know the lender has every right to call the loan once the deed to the property has been played with and from what i have read its rarely heard of, but I am not one to say that it wont or cant happen to me. with the home having quite a bit of equity does that put me at higher risk with the lender to call the loan? what are some things that i could do to possibly keep my risk at bay with the lender of the pre-foreclosure? would it be possible to talk to the lender before an agreement is signed to for the subject to? 

thank you,

Justin Cortez

@Guy Gimenez

@Guy Gimenez

thank you for the advise, i will definitely be doing that. i have come to learn through all that i have read and looked into, the risk is only as big as you make it. everything has a risk, but if i do my studying on the work im conducting my risk will lower. i will be taking the advise from both you and @Geordy Rostad and applying them to better my company!

@Geordy Rostad

I appreciate the reply bud, I definitely don't want anyone to babysit me by any means but I do understand what your saying  and I agree with the paid mentorship advice. I have put my self into a position previously paying for a "guru's" help to guide me. and it did literally nothing for me, so I made the best of my mistake and learned everything that I could from his teachings to possibly take what I learned and use it later in my investment journey if I ever ventured outside of the state of Texas.  and I will definitely have to try and find some meet up groups and the events. im sure that's why I have been feeling stuck as well because I haven't gone out and looked for local groups or anything (had no clue that was a thing people did) ha. but it is definitely something I will be looking to do in the near future.  

So I am fresh out of the oven! I feel kind of dumb asking for guidance. through all of my countless hours of studying, reading, listening and researching, the one thing that I have heard or seen is that they had the help of a mentor to show them the ropes, and if you want to get into investing in real estate it would be wise to find a mentor. Being the Stubborn Texan that I am, ive been killing the hours trying to learn everything that I can on my own to start on my own, but I still find my self stuck searching. there are a few investment strategies that I really like. TAX DEED SALES, SUBJECT TO'S, RENTAL/LANDLORD. id probably have to get my toes wet with wholesaling as well to build up some capital for the business. I feel like with the right guidance I can make the 4 of these work together for the ultimate goal of CASHFLOW and FINANCIAL FREEDOM. im not looking to be a millionaire by any means, but my main goal is to just have the financial freedom for me and the growing family. 

so with that being said, if anyone can refer me to someone, or if anyone would be willing to help guide me I would really appreciate it.