All Forum Posts by: Matt Rathburn

Hi everyone, I've recently identified that one of the major things holding me back from breaking through is a poor mindset. I suspect I have a subconscious limiting belief that I either don't deserve massive wealth or I am unable to get it. I will say I've read Rich Dad Poor Dad like 30 times and I understand there is a difference in the way poor and rich people live. If you were to look at my life most people would say I'm successful. Gorgeous wife, successful real estate business, nice home, etc. The problem is I'm not where I thought I would be at this point in my life. Has anyone broken through this type of belief and transitioned from moderately successful to massive wealth? If so, how did you do it? Affirmations, meditation, visualization, hanging out with successful people, attending a Tony Robbins seminar, NLP, there's so many things, is the answer to try all of them? Just wondering what has worked for people. 

Hey everyone, today I locked up a subject to deal here in FL. I'm in Santa Rosa County way out on the panhandle. It's my first subject to deal and I really would like to find a FL Real Estate Attorney to complete the contracts/paperwork and see this through. Any recommendations on how I should find one? If anyone knows someone I would appreciate their contact info. Thanks!

Greg - the title/deed is still under Regina.  From what she told me I believe she owner financed him. She's not the most detail oriented person so I'm thinking she didn't use a lawyer. It sounds like a handshake deal to me. 

I'm not sure, but great question! I'll look into that. 

Hi everyone, I have a quick question I hope someone can help. I found a distressed property owner, Regina, who a few years ago entered into an agreement with a guy, we'll call him Mike. Regina agreed to sell the property to Mike as long as he paid her monthly and paid the taxes. (It's a small 3 mobile home lot) About 2 years ago Mike stopped paying his monthly payments to Regina as well as the taxes. He also abandoned the property so it's vacant now. Anyway, the taxes are now 3 years behind and if they aren't paid Friday, Regina loses it all. She only has to pay about $600 to bring it current, but she may not be able to come up with the money. She wants to bring the guy to court so since he broke their contract and stopped paying, but not only can she not afford court costs, she lost the original contract (lol I know this is painful to read!). Here is my question...Can Regina deed the property to me and if so, can I as the new owner pay the $600 taxes and take over the property? Or is it impossible because she entered into a contract to sell to him? 

I am wondering the same thing. I would like to try out one of these subject to type purchases. The seller I'm dealing with has two loans with Wells Fargo, the first at just about $100,000 at about 4% and the second of about $28,000 at 3%. She will sell to me for about 40% below market. I would like to take over her payments temporarily while cleaning it up and then sell it with an agent on the MLS. Since we're coming up on summer, I think I could sell it and make a nice profit within 6 months. If Wells Fargo were to call the loan, how much time would we have to sell it?

I will walk away, I appreciate all the comments and advice. @Jennifer Rysdam that's a great question. I guess I didn't have any criminal background questions on the pre application, so I'm going to go ahead and update that now. Thanks! 

I think I've found a home where I could employ an effective subject to deal. It's a 3 bed/1.5 bath home, with an in law suite with it's own 1 bed 1 bath kitchen setup. It sits on 3.5 acres and it has an in ground pool in great condition as well as a small horse stable. 
 

The ARV is approximately 200k. The sellers currently owe a total of 128,500 on 2 mortgages (1st and 2nd), with a combined monthly PITI payment of 1150. They are in a rush to move out as they can no longer afford the payment. Payments are current. I have told them numerous times it would be in their best interest to list the property with an agent in order to receive the full amount for their equity. They do not want to do that, they want this home off their hands so they can get out of the payments and move closer to family. They have verbally agreed to sell me the home subject to with me taking over the mortgage payments of 1155 as well as $20,000 down at closing. Which would make the total purchase price of the home right around 148,000. The home needs about $5,000 worth of repairs, including an AC repair and some flooring and minor repairs and cleanup. Both loans are with Wells Fargo, the second was a modified loan, the seller had applied for the Home Affordability Act. The fist mortgage is 4% interest and the second is at 2%.

Here are my questions: 1. If I do this deal, can I then turn around and place it on the MLS with a real estate agent? If so, how would the sale occur? It seems most people who use this strategy use owner financing to sell.

2. Is a purchase and sales agreement enough here? I found a good one from Ron Legrand that I would use initially and then have the title company look it over and or update it before closing. 

3. Do I have to notify Wells Fargo of our plans to pay for the Mortgage or do we just move forward and I begin paying them? 

I really want to do this deal. My favorite saying is progress not perfection, as it reminds me to take action and get the deal done as opposed to getting bogged down in the details and overthinking things. But these 3 questions have evaded me. Any thoughts or help would be appreciated!!! 

Matt

This is my first time using Smartmove. The situation is I have a potential renter, she submitted an application and Smartmove and I'm not impressed for a number of reasons, inlcuding: 3 felonies for theft and fraud (more than 10 years ago), she only makes 2.5x the monthly rental amount, she's a bartender so her reported income is questionable, and the last red flag is she is in a serious rush to move in because her previous landlord supposedly sold the home she was renting. So obviously she is an easy denial. The questions is she has found a cosigner who will put up the $5,000 down payment and has agreed to sign all documents that the rent will be paid. This cosigner receives a monthly pension that is more than enough to cover his home payment as well as hers. I'm a new landlord and I'm wondering, is this something I should consider or should I just walk away? -- Matt

Did you ever find one of these? I have been trying to get one for assignable contracts and also one to assume payments. Can't find it anywhere.