All Forum Posts by: Michael Kussin

I am working on a plan with a partner to develop an area, but we have never had to start from a blank slate. 

In order to pitch for funding, we feel like we need to get a few basic ducks in a row. Is there anyone in the Denver area that knows the early stages for subdividing land or what professionals I should turn to in order to start collecting some basic info?

Wish I saw this in time! Definitely trying to make the next one

 Thank you so much - this totally helps! Funny how you just need someone to break down additional steps in a simple way and it makes more sense.

This may be looking into it further than necessary, but this now brings up more questions. Let's say the seller is an angel and agrees to a 30 year term because they want to avoid a lump sum of cash getting hit with taxes. Does this cause issues during refi? Or is that simply not my problem to worry about?

Additionally, in either situation (the one you laid out or my angel seller), are you able to take out a HELOC on any note carried by an individual? Or can you only borrow against equity with a bank?

I appreciate all the help here!

This may come down to not understanding Subject to as well as I need to, but I had a few questions on the strategy as it relates to payments and equity built in the property. For context, I am trying to figure out if I can use this strategy for a primary and ideally a primary that I house hack with a short/mid term rental in the basement. 

1. When buying a property subject to, I understand that you are taking over the seller's mortgage payments. If you are paying off someone else's debt, how do you build your own equity in the property if the debt and ownership have been separated essentially?

2. For example purposes, let's say someone bought a house for 100k, they owe another 50k, and you buy it from them for 150k. Would you essentially take over the 50k left in mortgage payments and then create separate terms for the 50k on top? Therefore having essentially 2 different payments to service?

Thank you for any help! Just trying to wrap my head around the concept better.

Morning! In need of some advice here. After listening to an old episode of the rookie podcast, I ended up shooting a couple of messages to owners of houses listed for rent. Just to see what conversations I could have and learn more. Now I'm in a back and forth with someone who is interested in selling, but I have no idea what I'm doing, or what to do next. 

My thoughts are to find a wholesaler in my market (Denver), hand over the deal to them, and sit in on it to learn. Is there a best way to go about this? Or a better route I should take this?