All Forum Posts by: Jonathan H.

@Casey Carroll

Thank you for offering the share the document in addition to the other helpful information.

@Casey Carroll

Would you mind to expand more on your other exit-options you mentioned?

How long of a term would one need to obtain to make the strategies effective? Obviously the longer the term the better, due to more cash flow, but is there anything else I'm over-looking here? The other issue I'm curious about when selling the lease option is how @Jessica G. can protect herself from the clause she mentioned above "1) If we miss one payment, the seller can take the house back.". If the tenant were to miss a payment, the original owner could reclaim ownership even though it was not Jessica's (the buyers) fault (technically).

I'm personally unfamiliar with wraps and will obviously need to review the strategy more, but if you wouldnt mind explaing/sharing a bit on that method as well, I would greatly appreciate it.

@Andrew Syrios

Meant to tag you in the previous post, sorry for the delay.

Just trying to figure out how the investor protects themselves in these sub2 deals. I appreciate the help.

Hypothetically, if the bank did choose to foreclose, how does the process proceed - Any excess would go to the original owner in which the bank signed the original contract with?

Any amount above amount owed will be returned to previous owner; but if the sales price is insufficient to pay off the balance, how does the investor get their money out?

Who would be responsible for the judgement for remaining balance if the bank chose to file one, the original owner or investor?

I would also love to see a "step-by-step" guide to this if some more experienced members wouldn't mind sharing their techniques...

Not enough meat on the bones for me personally. If you try to sell it, commissions and holding costs will eat what little profit you do have in the current equity. Even with a buy and hold strategy, you're still looking at less than 1% return/month in relation to purchase price.

Edit: The only way I could see this being worth-while would be as a strong appreciation play. However, that is more of "gambling" than "investing" IMO.

I agree with Steve - nothing is proving that that carpet is the true cause of the issue. That, plus the $6,000 cost to replace, is not worth the trade-off. IMO, move on and keep searching.

I would also love to hear some responses on this. I'm running into the same issue as mentioned above (minus the wedding planning)...

@Brandon Hicks

I'm confused as to how they pay after receiving your bank account information, but you do not allow them to pay via deposits? Your comments seem to contradict each other...

"Give them your bank account number and let them deposit it. They'll get indisputable proof of the deposit from the teller."

"My pay or quit notice has wording in it that rescinds their right to pay via deposit."

Not trying to start a dispute, I'm just curious as to how your process works.

@Steve Babiak

Correct. All the more reason we collect cash currently and write a receipt. However we do plan to automate the process and implement the "paynearme.com" strategy (or something similar) as @Shawn Thom mentioned. Currently small enough that we'll have time to tweak the system as needed later on.