All Forum Posts by: Shawn G Hope

Thank you very much for your input! 

I hadn't put any thought into people's actual behavior. Just like the people the "fall" in the local grocery store and sue because they are to stupid and selfish to read a wet floor sign. 

Like you said after you have solved their problem you can become the person that "screwed" them over. So I will completely scratch the renting it to the home owner and save that headache. 

What are your thoughts on offering to do a subject to purchase with paying to catch up their mortgage? That way their credit gets a little boost and remove the foreclosure on their credit so they could move on with their lives.  Also with the properties I have looked at would be well under market value. I would have to get more information from the homeowner to find out what is past due and what their current mortgage is to make sure it would still be a good deal. 

 I understand the bank will be one of the bigger obstacles. 

I'm thinking that some people like a few that I have known in my life have had something big come up and have gotten behind on their mortgage and not been able to get caught back up. I would actually sit down with the homeowner and go over bills and income to verify they can afford it that way they do have the option or maybe it gets them out of this negative mark on their credit so they can move on with their lives. 

I have been thinking about doing subject two purchases. My question is can I offer to take over the existing mortgage and try to work out with the bank to bring the loan current if it is scheduled to be auctioned off by the bank in the next few weeks or months?

If so can I offer to work with the current homeowner rent the house to them so they don't fully lose their home?

I just came across this thread and I wanted to say Great Job! Its awesome to see a 15 yo looking at being more than a "normal" kid. I started working at 12 delivering news papers and wish I would have been able to think the way you are!

To all the positive people on this thread great job! To the negative DB's you suck. lol. 

I was wondering how this is working out for you? Have you had success? 

Best thing to do is search and listen to the podcasts.  They are usually pretty informative. You can check this one and their website for more information. 

https://youtu.be/x2UXhbljyFM

https://www.simplewholesaling.com

I believe Derosa Group on YouTube has so.e good wholesaling videos also. 

Find a good wholesaler in your area and offer to work for knowledge or a cut of deals you bring to the table. 

 Are you able to pass the water on to the tenants? I would look into doing RUBS if it is possible in your area.

If you are losing so much in laundry cost you might want to look at raising the cost per load or if possible shut it down completely and save $1400 a month. Again if it is able to be done.

You should definitely read Wheelbarrow Profits by Jake and Gino. GREAT read.

https://www.amazon.com/gp/product/B0161VPK0Q/ref=a...

Check out the podcast with Jake and Gino

https://www.biggerpockets.com/renewsblog/2016/07/0...

https://www.biggerpockets.com/renewsblog/biggerpoc...

I hope all works out!

 Lol? 

The ARV seems low considering it looks like there is some work needed. The windows are boarded up. Looks like the meters are missing. What's the interior look like that needs no work?

And its occupied? 

I saw so many people bidding on these things and it threw me off. I have never seen anything like this before. Thank you for the help and clarification. 

I think unless you are 100% confident in the market and vacancies it would be better to put it on a 30 year and pay the 15 year amortization as long as you have the rent to cover it. If the market drops and your still on the hook for the higher mortgage you may get more than you can handle. 

A 30 year at 4.5% with 5% down for just PI would be $467. 

A 15 year with all the same parameters would only be $696. 

So if your mortgage was being covered by rent then pay at a 15 year or pay more to get it less years. 

I just think it would put more risk in a 15 year mortgage.