BiggerPockets

I have followed Michael Quarles' posts on other websites and I like a lot of what I read. I am not a huge proponent of mentors but at the same time, my free time/study time is very limited with my job and he offers a year long mentorship for only 899. Unfortunately I cant get any references for him.
Anyone have experience with him?

Weird how small this world is someone emailed me my name hit this site..

I think you should stick around for a while, could always use another Sub'er around these parts

haha well there we go then.

Hello Nick,,,

Okay I found a good referral.... I just called my MOM and coached her on what to say... I told her to sound younger then she is and to be nice... She promised not to say Michael's a nice boy...

If that doesn't work I have plenty of buddies down at the local pub willing to lie for me...

Sorry I have a bad sense of humor... The reality is that a referral is worthless. Its a set up waiting to convince someone who needs it... I would rather not... If someone wants into my program they do if not they dont..

Simple.

Michael

Good to meet you..

Great question... There are four was of notifying the lender of a transfer... BTW although I like Trusts on a Short Sale I do not use them on a Sub 2 deal to disguise ownership...

The four methods.

1) Order a payoff demand as if the seller is selling the property... Not a refinance payoff or amount owed.

2) Put insurance in name of the new owner ... Do not try and use the old insurance

3) Checks come from new owners back account with new owners name on check.

4) Record Deed.. Giving the world constructive notice...

That should be it...

Good house hunting

Michael

Guys, sorry to interrupt, but lets please stay on track with Samuel's original question. Please start a separate thread for the mechanics of doing subject to deals.

Maybe I will get booted off on my first day back... Who knows..

Great point regarding the lower interest rates... Two very different types of sub2 investing out there in the sub2 world.. NON equity and equity..

I am an equity investor... So lets assume for a second that there is that loan out there at is a performing rate lower then current rate and the lender does exercise their right to call...

I wont buy and transfer title which I have control unless I see at the minimum 25% equity or 52k which ever is greater...

Keeping to that standard allows me, if forced to buy the lender on their call, to either refi or sell...

Unlike some investors I believe the best investment strategy is to never own property therefor I even during the escrow period of buying the property I am attempting to sell the property. I know that once I contract a property it averages 93 days to cash in my pocket...

So assuming I close without a buyer and buy Sub2 and the bank calls on the days of recorded transfer. I then have 30 days for the call and 90 days for the NOD and 21 days for the trustee sale... That totals 141 days ... Worst case...

Lets assume I cant sell the darn thing.... I do have at minimum 25% equity, If I put nothing down, which happens to be 10% too little for a hard money loan so I would ask myself. Does feeding this transaction 10% make economic sense.. At that point I would...

Lets assume I dont have the 10% to feed the deal and am faced with the lender taking the property. I at this point would lower the price and cause it to sell. Remembering that most investors pay 100% of value when they buy. So if I were to reduce it to 90% I would still earn 15% minus costs... Which after all is said is about 9%..

Keep in mid that my minimums are 52k or 25% which ever is more. So the break number is 204K so 9% of 204 is 21.6k

I will take this risk every time..

Happy house hunting

Michael

From the forum rules you all agreed to when you joined:

No Off-Topic Postings.
Posts in a particular forum need to stay on topic. If you want to talk about something that is drastically removed from the topic of a forum, please create a new topic.

Subject to is a perfectly legitimate topic. Just not for this thread and not in this forum. Go over to the Innovative Strategies forum and start a new thread. Please.

Meanwhile, back to Samuel's original question.

haha I didnt mean to make this post to start a mod-rules war, sorry Jon.

In response to everything else, I have followed Michael on "other" sites as well and appreciate what he has to say and how he says it, hence the reason he is the only person with a mentor program I am considering joining.

That being said I may be a total newbie but I was fortunate enough to look up the definition of "due diligence" the other day lol and an investment into a mentor is an investment like any other. That is what this is, I wasnt going behind Michaels back or bad mouthing and I dont think there is any reason for anything to be taken personally. Obviously I know you could influence referrals, what I was looking for was more of a description of your program and its different parts, coming from the point of view of a student, i.e. someone in my shoes.
Appreciate everyones input.