All Forum Posts by: Trevor Lybbert

I am looking to work with wholesalers to give me leads the don't need. I want to pay them for each lead they give me that ends up closing. I want to create a joint venture agreement to let wholesalers know I'm serious and make them comfortable sending me leads. I've been having trouble finding such an agreement and was wondering where I could get one aside from having a lawyer draft it. And I don't want to pay a lawyer to do something so simple. Thank you!

Banks do it all the time. Can, or do, private investors get PMI to protect against the buyer defaulting on the mortgage? If so, where's a good place to get PMI? Is it better to have the buyer get PMI? Do most insurance companies offer it?

I want to run a strategy by everybody.

I want to buy properties subject to, for example, take over a mortgage of 95k @5% with payments of $536.82.
for a house that's worth 100k-105k. Then, I will sell for 105k with seller financing @7.5% for 95k and a 10k down payment. Receive payments for $660.76 minus 536.82 equals $123.94 monthly cash flow.

I figure roughly 5k in closing costs, and I want to have a cash reserve for the mortgage payments, I figure 4 months is $2,147.29.

Aside 123.94 in cash flow, I would also profit $3,352.71 (10k - 5k - 2147.29) from the down payment.

I will have a clause with the seller saying that we will close when I have found a buyer. That way I don't have to make their payments without getting the money from somewhere first. It should be easy to sell with seller financing given then current mortgage market. 100-200 a month in monthly cash flow, no landlording, no tenants, no headaches.

Obviously I will screen the buyers, but if the worst happens and they default, I would be in the same place as I was before. Little risk other than the time finding the deal.

Are there any glaring holes or flaws in this staring me in the face? Thanks.
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Just did! Thank you.

I know I should have any contracts reviewed by a lawyer for my state and I will. I was just wondering if anybody knew where I could find a good purchase contract for subject to deals. That way I can have a template for a lawyer to go over at least so I don't have to pay one to draft the whole thing.

Any help would be great! Thank you.

So I posted that late at night, haha. I meant a buyer wouldn't go for that. But that's a great idea, owner finance fees. I could collect just enough in fees before closing from the buyer to pay off closing costs from buying the house sub to.

Thank you!

I want to sell houses that I have purchased subject-to with owner financing. I was wondering if there was any way I could juggle it so that I could use some of the proceeds from the down payment from my buyer to pay off the closing costs from purchasing the property.

I was thinking something like a non refundable 3000 deposit or something. But I know a seller would never go for that.

Any ideas?

I'm really interested in doing some subject to deals. And I've been seeing a lot of strategies for buying and refinancing after a year or two, but what are some examples of getting a property subject to, and renting it out for the long haul?

I'm looking to get my feet wet in buying rental property soon. And I was wondering if it's a completely foolish idea to hire a property management company for my first rental house, probably single family.

I understand that I would want to do it myself to get a handle on everything and to gain experience, but my main goal is to get a small amount of cash flow (around $100) a month and get the first property out of the way.

What are your thoughts?

What would you do if the bird dog isn't involved with any paperwork? I'm going to do all that. I have mostly contractor types that i'm telling to let anybody they know to give the owner my info. That's about it.