All Forum Posts by: Robin Wilk

In theory you could try to see if the seller will do a lease option. It sounds like this particular seller isn't motivated enough to sell though. You can try talking to him again about doing a lease option. Just explain that you understand his position on the matter about pricing. 

Ask him if he's willing to enter into a lease option agreement whereby he will get his asking price for the home and then tell him that you will work with him to find a tenant that he can then screen to see if they would be a good fit. Once you do that you can either do a sandwich lease option or just a wholsale lease option. 

A sandwich lease option is where you have 2 contracts one with the seller and one with the buyer. This puts you in the middle thus the term "sandwich lease". With a wholesale lease option you only have one contract with the buyer once you've found one that the seller approves of and then you simply assign your part of the option to the seller so you're out of the deal. I'm not entirely sure if a wholsale lease option is entirely legal so if I were you I'd see about doing a sandwich lease option. Hope this helps you out.

You could essentially do all 3 really. Let me explain you can get started wholesaling to create extra income that will help you pay down your debt thus fixing your credit score. You can also use creative financing to help fund your deals such as seller financing where the seller is basically the bank in essence. You can also work with lease options aka rent to own. There are many resources available here to help you out. If you have any other questions feel free to ask them here. I've been here just over 3 weeks or so and I've gained enough knowledge to last a lifetime or two.

A subject to contract is where you obtain the property from the seller by basically having the seller put your name on the deed and the contract should state that the seller is still responsible for the loan but the buyer is responsible for the property. You will have to worry about the due on sale clause that is in the mortgage that states that if ownership changes the loan balance is due. You may also have to worry about the seller no paying the mortgage and then the property heads into foreclosure. Subject to contracts aren't to be entered into lightly. Look up @Brian Gibbons or @Bill Gulley to learn more. I'm still learning myself.

What exactly are you confused about the process or something else?

I can honestly say that was an interesting article but I would have thought that women are more emotional than men. Although men don't ask as many questions as us women do. Or at least I ask a LOT of questions guess I should thank my sometimes insatiable curiosity for that. I can honestly say that I have been to a few local seminars and haven't gotten sucked in. Why? After years of being pitched too about damn near everything under the sun (I'm only 32) and unfortunately falling for some of these scams myself. I've learned how these people work and I guess I've just turned my blinders on as it were and continued on my way. One question I want to address also is will the scamming ever stop? In my opinion no I don't believe it will. Why? Human nature, these people are praying on people's emotions to make decisions and when they start off with "I was broke at one time" people feel an immediate connection. Best advice I can give to newer and wannabe investors is before they even begin the pitch turn off your emotions and turn on your logic.

Thanks so much for the information to go through and thanks for all the clarifications. Looks like I may need more popcorn though darn it lol. The idea of the TIC Agreement is fascinating to me. Can it be used for seller financing and things like lease options? I guess I need learn more on how deals are structured using this agreement.

You can use transactional funding through a HML (Hard Money Lender) that way you have the "money" to close but the investor will be paying the "loan" so to speak when they buy the property off of you.

I think getting your real estate license is a good idea not only to learn about real estate investing but it can also provide you with a side income if you sell properties that are listed. It's a way for you to get your foot in the door so to speak and it also has the potential to help you out financially if you want to go down that road.

Missed the part about the double close yes @Adrienne Bryson is correct a double close is just that you close with the seller first then you become the seller and close with the buyer keeping the difference in price as your fee.

Yes it should as long as it's in writing and you and the other party signed it, it should be legal but I'm not a lawyer so don't take my word on it.