All Forum Posts by: Account Closed

Hello guys my name is Yosleys Boffill. I have been flipping houses for a year or so in the Midwest specially in Lousiville,KY. I was doing fine until I decided to go for a more expensive neighborhood and price range. We are selling this house in the Highlands ( good neighborhood) and we have been stuck with it since November. We have dropped the price a lot, we even have an appraisal for 20k over listing price, we have had 22 showings since the last decrease in price.....and nothing. Everyone finds the rooms too small or something that does not fit their family,etc.

I am at the point of breaking even but in a month I will be losing money because of the Hard Money lender payments. The agent has done everything for the marketing and open houses and social media....again people are coming every week. I will appreciate any idea from the most experienced investors on how to proceed on these cases to get out of this hole. I got 3 other flips going on but I will love to get out of this one. Thanks in advance.

Hello,

I am looking to purchase section 8 properties in the Ohio area.

Please note I plan to fly out there in the next few weeks several times.

Although I know these properties are in rougher neighborhoods I prefer to purchase in an area that is not a war zone. I am more interested in safer investments even if it means less cash flow.

I am interested in areas with no lead paint so I am thinking either Akron or Lorraine?

I am looking for single family houses for now. Houses that need less than less than $30,000 worth work so not something that is not too old.

I am trying to do the same model as Dr. Joe Asamoah.

The Section 8 BRRRR Strategy That Beats Regular Rentals - YouTube

With the above information being presented is there are certain ZIP Code even better as a way to narrow this down to a certain neighborhoods.

What price point are these houses going for?

I am aware there are good and bad section 8 tenants. I do have a good radar for judging people I worked as a nurse in Prisons including working  Additionally, I self manage a property in Arizona out of state.

I do realize I need to build my team for out-of-state investing but I am not at that point yet first I need to start analyzing the area.

Thank you!!!

I came across this today.

youtube.com/watch?v=vdL7edltXIA

Ariz AG alleges that major prop management companies all used the same company for data.  ( Please correct me if I'm wrong).  Not sure how the fact that they used the same data company creates a monopoly.  Anybody local in AZ up on this?

We have a rental property that is now vacant in a C-class area. 

Monthly mortgage amount is $780/month (PITI).

Market rent is $1,300/month. 

Loan amount left is $132,000.

If we list it, we can sell at $205k and assuming 8% closing / realtor / concession fees, the revenue would be $188k. 

So, after paying off the mortgage,  would net $58k (and wouldn't pay capital gains taxes as I have so many losses from previous years).

Would you sell it or keep holding it?

Hey Alex,

We recently joined SubTo. It had a, what some may call, high entry fee in itself.

Private lenders as you probably already know lend on/against assets, opposed to your DTI, etc. You may find it difficult to obtain financing from private lenders due to the fact when utilizing SubTo, you don't actually hold title to the asset. Not saying with the proper structuring it can't be done, but there are usually more effective ways. Lender's typically offer the best terms when they can secure a senior/first position lien.

It may be more beneficial to find a partner, instead of a lender, who can help fund your acquisitions. A partner can bring valuable insight and creativity to a deal and help you see opportunities you may not have identified on your own.

Have you done any SubTo deals yet, or will this be your first?

Hey everyone, my name is Adam. Over the past couple of months, I have been studying and learning the real estate game. It’s a lot to learn, but I’ve been trying to take it all in. I focus solely on subto, seller finance, and wholesaling. Any tips, pointers, or mentors will always be accepted. I’m excited about this journey that I am starting to pursue and I look forward to working with some of you in the near future.

Good morning y'all.

on one of his videos, Pace Morby says that there are seven different documents you should have in order to execute a successful subject to deal?

Do you have any idea what these documents are? Where can I find them?

thank you very much!

Hi all,

I've purchased properties subject to, and I understand how it works.

I am currently looking at a deal where the sales price is $290K and there is an existing loan for $150K. The loan is fixed at 3% over 30 years and has about 27 years left. Obviously an awesome loan to take over and the seller is fully willing to let me do so.

Problem is the $140K shortfall.

I can either:

1) Come in with the $140K cash - obviously don't want do this

2) Find a loan for the $140K. But what private lender is going to want to come in second, and what bank is going to do it knowing there's a first with someone else's name on the loan?

3) If I can find a private money lender to do a 2nd mortgage, they will need a high interest rate. Probably at least 10% if not 12% or more.  I guess this isn't the worst thing, since the low rate on the first mortgage would offset much of the higher rate on the 2nd.

4) Refinance the entire property at whatever I can get - 7% or so.

I'm just wondering if there is a solution where I can really take advantage of the low rate on the first, offer the property out to buyers with a wrap loan and drive up the asking price because it has built in financing with a fantastic rate.

Any ideas shoot them over!!

And Thanks in Advance!

Hello BP mentors, is there anyone who can guide me on Subject-to sale?

Background: we acquired a property Dec 2021 using the subject-to strategy. We created a contract for deed when we first acquired the property but now we are trying to sell since the person who owns it wants it out of their name. I think we missed steps while using this transaction because the title company said they can’t do anything because we never transferred the deed into our name. Any help would be greatly appreciated. Thank you in advance.

Luis