All Forum Posts by: Tyler Newcomb

Quote from @James Wise:

Quote from @Tyler Newcomb:

Quote from @James Wise:

Quote from @Tyler Newcomb:

Quote from @James Wise:

Quote from @Tyler Newcomb:

Quote from @James Wise:

Quote from @Ken M.:

Quote from @James Wise:

Quote from @George Suarez:

Anybody know how to analyze a subject to deal? I am trying to figure out if this is worth pursuing: 

2021 build

3 bed 2.5 bath 1 den 

Fenced in pool

40k down

40k ballon in 4 years 0% no payments 

Interest rate 3.125%

PITI - 2961

BALANCE 418000

Estimated value 495000

rent estimate 3200

You don't want to learn how to analyze it. Sub2 is for criminals and con artists.

A detective needs to learn how to analyze crimes so he can know them when he sees them.

Or, OP can sinply avoid doing business with anyone who does Sub2 as they're likely a criminal or a con artist.

 I'm genuinely curious; are you saying the act of doing sub2 is criminal or the people who do sub2 are criminals and con artists. And if the latter... why? I've done sub2 deals and wholesaled sub2 deals, am I a con artist/criminal?

 Both. Yes probably.

 are you capable of giving an explanation to why?

Mortgage fraud is a crime. I'd imagine your Sub2 deal facilitated mortgage fraud.

Brokering real estate without a license is illegal. I'd imagine the Sub2 deals you wholesaled was simply you brokering a deal between a buyer and a seller.

I’m still a bit confused…. How does a sub2 deal facilitate mortgage fraud when the gov tells you how to do it legally? And how is wholesaling brokering given; Wholesalers are engaging in contract trading for a profit margin(arbitrage) and brokers are providing professional services, facilitating transactions for a commission while obligated to act in clients’ best interests? Do these differences not mean they’re different?

Connecting a buyer and seller together for a fee is brokering. Whatever word salad you wanna use doesn't change that.

As for the govt teaching you how to do Sub2 deals, I dunno what you're referring to. Sounds like some b/s tho. 

Brokers are providing a professional service and facilitating transactions.

They give you guidelines on how to and how to not do a transaction and if you follow those rules you've transacted within the law. If I'm a criminal for transferring deed without asking for the banks permission, then all these banks are 1000x as criminal because they sell our mortgages in the secondary market all the time without notifying us.

Quote from @James Wise:

Quote from @Tyler Newcomb:

Quote from @James Wise:

Quote from @Tyler Newcomb:

Quote from @James Wise:

Quote from @Ken M.:

Quote from @James Wise:

Quote from @George Suarez:

Anybody know how to analyze a subject to deal? I am trying to figure out if this is worth pursuing: 

2021 build

3 bed 2.5 bath 1 den 

Fenced in pool

40k down

40k ballon in 4 years 0% no payments 

Interest rate 3.125%

PITI - 2961

BALANCE 418000

Estimated value 495000

rent estimate 3200

You don't want to learn how to analyze it. Sub2 is for criminals and con artists.

A detective needs to learn how to analyze crimes so he can know them when he sees them.

Or, OP can sinply avoid doing business with anyone who does Sub2 as they're likely a criminal or a con artist.

 I'm genuinely curious; are you saying the act of doing sub2 is criminal or the people who do sub2 are criminals and con artists. And if the latter... why? I've done sub2 deals and wholesaled sub2 deals, am I a con artist/criminal?

 Both. Yes probably.

 are you capable of giving an explanation to why?

Mortgage fraud is a crime. I'd imagine your Sub2 deal facilitated mortgage fraud.

Brokering real estate without a license is illegal. I'd imagine the Sub2 deals you wholesaled was simply you brokering a deal between a buyer and a seller.

I’m still a bit confused…. How does a sub2 deal facilitate mortgage fraud when the gov tells you how to do it legally? And how is wholesaling brokering given; Wholesalers are engaging in contract trading for a profit margin(arbitrage) and brokers are providing professional services, facilitating transactions for a commission while obligated to act in clients’ best interests? Do these differences not mean they’re different?

Quote from @James Wise:

Quote from @Tyler Newcomb:

Quote from @James Wise:

Quote from @Ken M.:

Quote from @James Wise:

Quote from @George Suarez:

Anybody know how to analyze a subject to deal? I am trying to figure out if this is worth pursuing: 

2021 build

3 bed 2.5 bath 1 den 

Fenced in pool

40k down

40k ballon in 4 years 0% no payments 

Interest rate 3.125%

PITI - 2961

BALANCE 418000

Estimated value 495000

rent estimate 3200

You don't want to learn how to analyze it. Sub2 is for criminals and con artists.

A detective needs to learn how to analyze crimes so he can know them when he sees them.

Or, OP can sinply avoid doing business with anyone who does Sub2 as they're likely a criminal or a con artist.

 I'm genuinely curious; are you saying the act of doing sub2 is criminal or the people who do sub2 are criminals and con artists. And if the latter... why? I've done sub2 deals and wholesaled sub2 deals, am I a con artist/criminal?

 Both. Yes probably.

 are you capable of giving an explanation to why?

Quote from @James Wise:

Quote from @Ken M.:

Quote from @James Wise:

Quote from @George Suarez:

Anybody know how to analyze a subject to deal? I am trying to figure out if this is worth pursuing: 

2021 build

3 bed 2.5 bath 1 den 

Fenced in pool

40k down

40k ballon in 4 years 0% no payments 

Interest rate 3.125%

PITI - 2961

BALANCE 418000

Estimated value 495000

rent estimate 3200

You don't want to learn how to analyze it. Sub2 is for criminals and con artists.

A detective needs to learn how to analyze crimes so he can know them when he sees them.

Or, OP can sinply avoid doing business with anyone who does Sub2 as they're likely a criminal or a con artist.

 I'm genuinely curious; are you saying the act of doing sub2 is criminal or the people who do sub2 are criminals and con artists. And if the latter... why? I've done sub2 deals and wholesaled sub2 deals, am I a con artist/criminal?

I have a property under contact in Charlotte that I'm assigning to a cash buyer & he's going to see the property today & I'm not in Charlotte today. I've done this before but this is the 1st time where I have an on market & the agent & my buyer are the only ones that are going to be at the property together. It would be amazing if someone is willing to go to the showing and make sure it goes smoothly for me. I will pay generously.

Thanks🙏

Quote from @Jay Hinrichs:

Quote from @Tyler Newcomb:

Quote from @Jay Hinrichs:

jump on the pace morby facebook all sorts of those type of lenders there.

 Yes, forgot about that, thanks a lot

why do you say that?? those guys kind of invented EMD loans..  bad experience ?? bunch of flakes??

 No, not too many bad experiences, no hate, I'm just trying to expand my network, I really didn't mean for that to come off bad

Quote from @Jay Hinrichs:

jump on the pace morby facebook all sorts of those type of lenders there.

 Yes, forgot about that, thanks a lot

I'm a wholesaler, I have all my capital locked up right now, I don't have any property's under contract right now that need EMD funding, but I will & I need to make sure that when I do, I have someone to fund the EMD. Is anyone willing to be that lender or connect me with someone who might? I would greatly appreciate it

You have to read Can't Hurt Me by David Goggins. In my opinion it's the best 

Quote from @Trent Dues:

Quote from @Tyler Newcomb:

So if I live in NC
the seller lives in PA
the buyer & property are in FL

 Do I have to pick a title company that operates & is licensed in Pennsylvania & Florida? Or does the title company just have to be licensed & operate in the state the property is located(FL)?

In your scenario, the title company only needs to be licensed in Florida, since this is the state the property being sold sits in. The title company will arrange for a notary to meet with the seller in Pa and have the signed documents overnighted to their office to be merged with buyer documents. After the closing, they can wire or overnight your release fee to you in NC

 Thank you so much

Closing is in 5 days