All Forum Posts by: Corey B.

I agree Antoine, so just find some successful brokers and see if they will bring me on for a low salary while I learn? I have asked a few locals and they said anything they had wouldn't be a paid position, more like intern. 

Hello, I am signing up for online courses this month, however I have successfully completed a course a few years back but let my year expire before I went to get my license. I would like to know what possible opportunities there would be working for a broker and what to ask is available while I learn. I feel being there would be the best teacher in the world. Thanks so much! 

Thanks guys! I was quite sure it was a scam, that is why I brought it to the attention of the group. I would hate for anyone to fall for it. I hope everyone has a blessed week! 

Hello, I don't want to come off as making false accusations but I have reached out to BP to research this.  The vetting process was pretty much non-existent, answer a few questions and he offers to wire the money over at 4% interest. But you must pay the interest up front before he does. We asked him to fax over his DL for proof of ID and it was obviously photo shopped. We backed out at that point. If someone has had success with him, I would sure like to know it. But we felt safer using another company. 

Yeah, it would not be a subject 2 deal unless I turned it into that. Thanks! 

Rick, I appreciate the reply. I always have more to learn but have always considered subject to basically owner financing. Yes I know you pay the mortgage company directly, in fact that is how I purchased my home. I have power of attorney over the property and the mortgage and make the payments direct to the mortgage company. But I also pay the owner an additional payment to help him pay his rent at his current address. I agreed to that because my wife had wanted this property since she was a child. I also currently purchase flips and wholesale. My main question was what hard money lenders lend on buy and hold properties? I can just buy them outright for $32k or I can owner finance them. I guess I was asking what people thought would be the best option in this situation as it is my first opportunity at buy and hold. Thanks. 

@Rocky V. Thanks for the reply and willingness to share your knowledge. I am looking at the properties tomorrow but knowing the town I would say one will rent for about $600 and the other for around $400. Ok. I understand the difference now in the two. So yes this would be owner finance, I would have my attorney draw up the contract and get power of attorney. My only real fear on my end is if the owner doesn't pay his mortgage and they go into foreclosure without my knowledge. I would think POA would satisfy the mortgage company and allow me first option to purchase??? Thanks guys!

Thanks for the reply Ray J. I understood Subject To to basically be owner finance. Owner finances the rentals to me subject to me paying x amount down, for x amount of time, putting my name on deed, getting a power of atty on property and mortgage if one exist.....??

I currently have private lenders for flips and will run this by them tomorrow. He wants 5k down for two properties. Both properties total purchase price will be 32k. 

Currently no tenants, properties ready to rent, owner moved out of state and is getting rid of rentals. I will continue to rent them, but I do love your suggestion to pay off the short term loan quickly. 

The only thing about a partner that I don't like is that I would always be splitting the income with them unless they allowed me to buy them out at some point. I would rather just get the loan and be sole owner on such small purchase price rentals. 

I have a desperate landlord that has moved out of state. He is willing to owner finance all of his properties.  The purchase prices are very reasonable. I am debating seeking a hard money lender for them, and I know and use some but they only do flips. Either way I would need the down payment for the owner fi, so what are your recommendations. Won't last long. I look at the properties tomorrow. Thanks BP family for any advice! Have a blessed week! 

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