All Forum Posts by: Steve Thomas

Hey there,

Quick question - I'm running into more properties that our investment group can purchase, but the owners are way behind in their payments.  Is there a way to get around catching up all of the payments to make the loan whole?  Could the homeowner possibly do a modification first - then have us take the property sub2?  Could we talk to the bank and explain the game plan or is that always a bad idea because it increases the possibility of them calling the note due?  Also - if foreclosure activity has started, how can it be stopped?  Thanks for the advice!!

You can talk to a more flexible lender about qualifying him on the pure income from his last 24 months bank statements.  There are lenders out there that will qualify his income based on that average.  Good luck!

Thanks @Brandon Turner !  Do you know why I can't use my work email ([email protected]) as the main email in my profile?  The system wouldn't send me a confirmation email for some reason.  I had to use my secondary email ([email protected]) instead.  Thanks!

Thanks to everyone who replied - I feel very welcome!  I am looking for a packet of documentation to close my first sub2 deal.  Once I have the documents in hand - I want to run them by an attorney and have him close the transaction.  I thought that would be better and more cost effective to provide the attorney with the documentation instead of paying him to produce the packet himself.  By the way - I will be calling @Charles Waters to talk about an attorney.  Thanks again for all of the warm welcomes and advice!

Thanks Wayne.  I wonder if the agent would waive his/her commission on the initial deal if we had him/her list the property after we were done with our rehab.

Hey there all bigger pockets people!

I am re-entering the investing world after getting slapped around from the 2008 melt down.  I would really like to connect with people in the area and share stories/contacts/leads.  I'm in the middle of my first deal - a sub2 deal - and could use some help with some of the details and finding a good attorney who has done these deals.  Thanks for any help and advice!

Steve

Hey there, 

I'm new to bigger pockets, but not new to real estate investing.  This is a great forum to discuss the creative side of acquiring property!  If I make an offer to purchase a property subject to the existing financing with the goal of minimizing my own funds into the transaction, how are the Realtor fees handled?  Has anyone had the owner come to close with those fees?  Thanks for the advice!

Steve