All Forum Posts by: Nickolas Graham

Good Afternoon - I am looking to network with investor friend agents in the Providence, Rhode Island area.  Who does everyone recommend?  

Hi, I am a 24 year old Latina-American, grew up in Pawtucket/Central Falls, Rhode Island area my whole life. I'm looking to tap into the wholesaling industry here but not sure how to start. Was wondering if anyone had any actionable advice?

I've seen a couple places where it's recommended to setup your LLC for Rental properties in Wyoming. As I dig deeper it seems that its uncertain if CT courts would apply WY laws. Also, if you wouldn't have to pay income taxes to WY, it still goes on your CT state tax return, So no savings there, correct?

Does anyone have experience with this? Where are my CT friends putting their LLCs/ business address?

@Brenden Mitchum Thank you for the mention!

@Nickolas Graham Sub2 should NOT be attempted without solid training and bulletproof paperwork. As you observed, getting the deed is the easy part: There are insurance issues, payment challenges, 3rd-party authorizations, etc.

If you reach out to me directly (I'm rarely on BP anymore), I'll gladly share my recommendations. My profile here has a bunch of ways to reach me.

Done right, sub2 is one of the most powerful techniques at our disposal as investors, but it MUST be done properly. (And, yes, we've seen the due-on-sale clause invoked, although it's RARE!)

Hey @Nickolas Graham, welcome to the BP Community!

The short answer is that you really cannot fully control whether or not the loan is called due. That being said, the last thing a bank wants is a foreclosure to occur on a performing asset. They're in the business of lending, not property ownership. Unfortunately, even though the chance of this happening is so small, the repercussions are fairly significant. The best way to protect yourself is to have a worse case scenario plan, which will likely involve a refinance. 

As far as the payments, most systems are online these days so you can simply change over login info to give you full control. You should absolutely have your own insurance though, rather than assuming theirs.

Really the hardest part is just getting your mindset right when it comes to that due on sale clause. There are very few strategies out there that are more profitable and carry similar or lower risk as less profitable strategies. @Mitch Messer, have you heard of anyone involved in a Sub2 deal that had the loan called due? Any advice for Nickolas on protecting himself?

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!

@Nickolas Graham when I was doing this I always had the best results with a handwritten note...clean good quality folding 4x6 notecard and hand addressed envelope...blue ink...always. The message should be short and simple...reference the owners name and property if you have it...I used to target duplex owners, so a message like

"Hi John,

My name is Brandon and I'm a local investor buying duplexes...your property at 123 Main St. looks like a great fit. Let's grab a coffee or jump on a call...I'd love to tell you more about our programs!

Call me here; 999-999-9999"

I would also include a business card...you can include any variation of the message, just let them know who you are and what you want with a call to action

Good luck!