All Forum Posts by: Mike Cartmell

This is exactly what I am looking to do. I get 1-2 leads a week from my home buying website, most of which aren't great wholesale leads. I would love to convert some of these to retail listings. I just passed the real estate exam and plan to do this soon. Is wholesaling as a licensed agent illegal?

@Matt R. - Where in Southern Colorado is that property located?

I confirmed that it is a fixed 3.25 rate and the house is in pretty good condition. However, it needs a new driveway so I figure that would be around $5-6k. With this is mind I'm estimating the closing costs and improvements conservatively at 10k. New roof in 2008, furnace in 2005 and paint 2009. Is this still something I should consider after determining it will cost 10k to acquire?

Rent: 1200

PITI: 813

Vacancy: 120

Maintenance: 120

Cash flow: 147

Annual Cash flow: 1764k

Cash on Cash Return: 17.64%

Barry Ratliff Did you ever find out more info about this issue?

@JT Farnsworth

I did not intend to assume the loan but wanted to acquire it subject to the existing mortgage with the loan remaining is his name. I have viewed a mortgage statement of his and it states the interest at 3.25% but I will confirm that this is not an adjustable rate. Great advice!

Glad to here there is not PMI because that was not shown in the statement he provided.

Why should I not shop locally for a landlord policy for the homeowners insurance?

His total PITI payment is $813/month. The $621 is just Principle and Interest.

Hi All,

I have come across a property that the seller will sell subject to the existing mortage. He owes approximately 140k and its worth around 150k. Not much equity but the existing financing makes it attractive. It has a fixed 3.25% mortgage with a principle and interest payment of $621. Market rent is about $1200. This seller does not want any cash but simply wants me to take over the payments.

Is this something I should pursue?

Are there any issues to look out for with a sub-to on a VA loan?

Thanks in advance,

Mike

Welcome Robert. I am originally from Albuquerque and now live in Colorado Springs. I don't think I've ever eaten at La Salita but will have to stop by the next time I head down there. All of my family is in ABQ so we head down there fairly often. Good luck with your endeavors.

Thanks. I was thinking it wasn't too good either. I think I'll pass and follow up to see if he is interested in selling later.

Great advice all. I intend to consult an attorney but was wondering if this is something I should consider pursuing at all?