All Forum Posts by: Daniel Francis

Use that money to market for distressed sellers.... Take as many properties Sub2 as you can and wholesale the rest :) At least, that's what I would do :D

Take the property Sub2.... you'll have some cash outlay (pay off the realtor and all closing), but at least you get a loan that is already in place, save those costs, and shave some time off the loan. How old is the loan? At about year 10 of a 30 year am, you have paid more than half the interest on a loan. That to me would be worth paying off the agent.

Meeting a seller.... but now, after 10 years, its my favorite part of the gig.  But that's easy when you have all the options, not just wholesaling.  I'll wholesale it, list it, short it, wrap it, flip it, rent it... whatever the deal dictates.

What you are trying to do is called "skip-tracing".  You can look online and there are various services for that.... the most sure-fired way, though, is through a private-eye... should be about $100 with a private-eye.

Welcome, Steven!  Austin here, but I have Dallas/Ft. Worth partners and agents.  

I'm assuming you mean finding a house that's vacant, or looks "crappy".  Then finding the owner and seeing if they are interested in selling.  Can definitely work.  Have you thought about just marketing (like direct mail) to distressed sellers?  There are various list vendors that sell all sorts of lists and mass mailings can find a lot of "off-market" properties.

Good luck!

Hi Jeffrey!  Its pretty much the same as any other closing... nothing to be too concerned about.  You typically will either do a normal contract for you to buy from the wholesaler as they are going to take title then sell to you in a simultaneous closing... OR... you will sign an assignment contract where you agree to give the wholesaler $x,xxx.xx at time of closing to close in his/her contract.

Yes, there is usually EMD written to the title company (neutral 3rd party). I would avoid anyone asking for up-front payment to them. Title insurance, in most states, would be a negotiable item.

Good luck!

Welcome, Michele, glad to have you here!

Sure its possible!  I don't think its any more likely.  All you are doing is reinstating the loan and taking the deed.  If anything, the lender is thrilled that the loan is now performing... why would they want to call THAT do?  Of course, it always helps to use a 3rd party loan servicing company.  

Matt,

Spend any money you have on marketing for seller directly.  There's plenty of marketing info on this site and elsewhere for how to do that.

You'll get a host of different kinds of deals.... wholesale what you don't want or can't afford... Make sure you keep enough to keep that marketing machine rolling.

By doing so, you'll run across property you can purchase Sub2 (subject to the existing lien).... basically where you take over someone else's payments but you own the home.

Start your collection :)