All Forum Posts by: Jon L.

@Phil Pustejovsky I have to admit, you got me into wholesaling. I found your lecture at UCF, but didn't quite wrap my head around it until finishing your book and your Udemy course. So, BIG THANKS, and I'm honored you've responded to my post, while giving out even more free info.

To answer your question, yes, I have considered it. When I conquer the fear of owning housing that repeatedly will be destroyed by Sec 8 tenants who couldn't care less about their living conditions, then I'll consider it more.

@Curt Smith Thanks for the advice. Having an owner financing deal at 1/2 the rental rate, and the rest of the terms you described, is exactly the strategy I'm looking for. For one to be able to contract those deals, and then find tenant buyers would be perfect. I would need to see contracts for both sides of the deal in order to fully digest the process.

I don't quite see an owner being OK with someone purchasing their house via owner financing or Sub 2 and then immediately moving in standard tenants while charging them rent, though. Can this be done without transfer of title prior to closing?

@Brian Gibbons Thanks for chiming in, as well. I've read a lot of your posts on Sub 2 and lease options. I will definitely be seeking out more of your advice and mentoring in the near future.

Thanks Michelle and Jaclyn. How do you normally acquire these properties?

Is there a technique in which one could purchase a house via owner financing and then move in tenants immediately?

Hi Guys, I live in WV and it is not a hot market. Median income is ~$30k and population is 50k in my area. Houses aren't selling here, yet there are lots of them for sale. Rental market is high, HUD rental assistance is high, poverty rate 30%. There is a university that is seemingly thriving, but no jobs for the graduates.

I've been wholesaling since last year, and can find the legit deals (40-50 % ARV, 25% cash-on-cash, lowest on market, no war zones) but the "cash buyers" just don't seem to have the cash. It's a challenge to move a $35k for $10k, so forget about moving a $70k for $20k.

Let's just say that my wholesale deals are garbage, I need to work harder to find better deals and fatter buyers, and wholesaling does indeed work in every market. Either way, what would be the best strategy for this scenario? Thus far, I have only focused on wholesaling and am attracted to the no cash no credit techniques, but I most definitely feel the need to expand my horizons.

Thanks in advance.