All Forum Posts by: William Naber

@Alexander L Gulledge thanks for putting yourself out there. I would live to chat and further discuss your short and long term strategies to understand how we can wotk together.

I do construction and DSCR loans. I also work with wholesalers to help with emd and double closes.

I can help connect you to end buyers or JV partners.

I will send you a dm.

@Beth Anderson tell the seller you are the end buyer.  If you decide the property isn't good for you for house hacking double the close the property.  You will still be listed as the end buyer, and you will technically own the property, you just won't own it for very long.

@Account Closed I would love to buy you dinner and hear that story!

@Ken M. If litigation was enough to make someone not do something then none of us would ever do business. Just curious, what side of the litigation were you on the buyer, borrower or lender? If so many people are considering it a "don't do" and multiple realtors are calling it illegal then why is it on the HUD and why are there specific portions of IRS regulations around how to do it properly? Just saying. Also, when done properly, the buyer takes out an insurance policy that states if the due on sale clause is called, then the insurance company will pay the mortgage company and originate and hold a loan on the existing terms. So, when done properly who loses? In many cases subto and seller finance are the only ways people with 1099 income can buy a house. In my opinion, the haters against creative are on the side of the bankers and not the buyers. The last I saw the numbers its something like 60% of mortgage rejections are because of 1099 income instead of W2 income.

Lot's of good information.  Placing the sub-to property in a trust is standard practice now.  The comment above about the commentor never doing this, that's because he hasn't been in enough pain on a property to need to do this.  Sub-to offers the seller the ability to walk away AND get their asking price.  If you had the choice between 60cents on the dollar or asking price with subto, what would you do then?

@Chetan Parakh keep in mind that a double close allows you to buy and sell without the RE license. With a double close you cannot openly advertise the property for sale without a license, but if you have a good end buyers list then its not a problem.

@Ryan Daniel McCabe you have some of the big items. You need to have a mutual release clause for emd, the right to record the contract, the right to assign, and how to handle arears. I can help you out and would love to connect.

@Pat Leri I can help you out. Our rates this week are 6.875%.

I don't know any websites, but I'm in a bunch of groups and can connect you with people securing leads if you want.  Let me know.

Timothy,

I would recommend you find creative financing wholesalers.  In a lot of cases the entry fees are less and the interest rates you will get are way below market.  I can get you some referrals.  Once you understand the creative side, YOU will close more deals as an agent.  Remember that securing bank financing for people with 1099 income is really tough.  Creative means give your 1099 clients a way to home ownership without a bank.