All Forum Posts by: Alex Hendershott

@Account Closed Hello Ben, I want to be very honest and upfront with the seller & buyer. That's why I want to make sure I have proper disclosure forms. I heard it's not a good idea to close these kind of deals with only the standard TREC form. My partners and I have been researching this subject a long time now and from what I have heard from several people is that what I am going to need is a Addendum which includes all the disclosures such as the Due on Sale clause, how the loan stays in the name of the seller, authorization to release information, etc. Here below I have a list of what I am going to be using that has been specifically crafted for what I am doing by an attorney I plan to use. I am just not sure how I am suppose to disclose all of this with seller when contracting the house without getting the paperwork from the attorney first. I also want to make it very clear that I am buying the house as in I am going to be making payments on behalf of the seller with the loan staying in the seller's name. Thank you for your time :)

Seller Disclosure form
P&S Agreement (contract)
Sub To Addendum
Seller Disclosure Addendum
Sellers Disclosure (Trec)
Authorization to release Loan information
Homeowners Cancellation Form
Notification to Lender of Change of Address of Borrower
Limited Power of Attorney
Special Durable P of A for Real Estate Transactions
Affidavit of Marital Status
General Warranty Deed Subject To Existing Mortgage

@Jim Cummings Thanks for quick response. I can't bring a deal until I have the proper addendum. Would I bring the seller there to the attorney's office then drop all the disclosures on them at closing? That doesn't make sense to me.

     It is similar to wholesaling in that I will be getting the seller under contract then selling at a higher price but I will be buying the house subject-to the existing lien at a low interest rate and selling the house at a higher interest rate. I will be making positive cash flow every month for a 30 year term or once the buyer refinances and cashes me out on the equity. There are many more creative ways to profit with this strategy then the typical wholesaling where you only profit from the assignment fee and it requires you to continuously work.

Hello I am new investor here in Fort worth, Texas. I want to ask ask a few questions before I start meeting with motivated sellers. My main goal is to do marketing to attract motivated sellers and help them by creating a win-win. I want to find people who are in pre-foreclosure and catch up their payments by finding a motivated buyer who can't get regular financing through a bank. I will be doing a double closing at the attorneys office. I plan to use the buyers down payment to catch up the payments, attorney fees, etc. I am essentially backing into the deal. I understand there is ALOT I need to disclose to both the seller & buyer. I want to make sure I am thorough in doing that. I plan to use Scott Horne or Jones Kimball law firm. I just want to make sure I am correct in approaching this with the attorney.

My main questions:

Considering subject-to/wrap is such a complex transactions with alot to disclose when I meet with seller/end-buyer.... How do I obtain the addendum with all the disclosures? Do I have to type up everything myself? Does an Attorney who does hundreds of these transactions such as Scott Horne have all the paperwork ready? Do I have to pay him a consultation fee to gather the paperwork for when I meet with the seller or can they simply email/fax it to me? Every attorney I have called has said bring me a deal first but I can't bring them a deal without disclosing everything to the seller at the kitchen table when I get them under contract. Maybe I am confused on how this all plays out, maybe there was a miscommunication, or the attorneys I have called so far aren't familar with all the disclosures involved in a subject-to transaction. I want to make sure I understand how this all works before I call the best attorneys in my area. Thanks for your time!

Hello everyone, my brothers and I are starting a RE investing business where we will be buying houses subject-to and we are looking for a good phone-forwarding service where we can have our leads forwarded to our personal phones. We want to do this so we don't have to put our personal phone numbers on the bandit signs & postcards. We are still pretty new the RE investing world and are still learning new things everyday. We are so thankful for the bigger pockets community who are always willing to help one another grow & succeed. My main questions are.. What's the recommended phone-forwarding service to use? Is it best to have leads forwarded to all 3 of our phones at the same time or in order by priority. Are there any other useful apps/services you recommend using to help make things as easy as possible. I heard docusign is a must-have. Is google voice the way to go or should I use something like Callhippo?

Thank you so much!