All Forum Posts by: Jon Waters

I'm looking for an advanced mortgage calculator that will show the difference of selling a home and useing its entirety to pay down another mortgage VS renting it out.

I'd like to ask this here because it's the first to come up in search results.

What about using non-circumvent in co-wholesaling deals?

I have a situation where the property is contracted with one wholesaler, and there's a wholesaler who KNOWS a wholesaler that knows a buyer... hah.

So there is a seller, three wholesalers, and a cash buyer. I was told to just write the assignment of contract with our three names on there which includes the title companies instructions of a 1/3 assignment fee split.

All this talk about Google Docs and excel but I'd like input on how you investors who have been doing this for a while keep things organized in them. It's only been touched with certain title and names here and there... What do you do for 2nd mailings and follow up? Do you use multiple sheets? If you can do a screen print or a quick video shot of the streamlined process that would be even better.

They have nothing. It was a verbal agreement.

Thanks! I appreciate the responses. I suppose I haven't talked to the tenant already because the owner doesn't want them to know they're selling it..they're worried of them "freaking out"...erm..Well they're going to find out eventually! I don't want them taking the kitchen sink once I buy the place. Plus I don't have a lease to even track them down by name!

I was thinking of telling the owner to give a "Notice of Rent Past Due" that states the 9 months of past rent. This would probably stir up conflict.

I will go knock on the door today and see what the tenants story is.

Any other suggestions?

A motivated seller called me and wants to sell his small 600 sq. ft. home within a couple months. He says it's renting for $800 a month.

I go look at it, seems fine..

I meet with them later in the day and find out that:

Their Sister and Sister-in-law lived there for a couple years. His sister died about a year ago and now it's just the sister-in-law living there and he hasn't paid rent in 9 months.

I want to buy the property because they only want about $20,000 for it.

I've never dealt with a rented property yet and I don't think the owner has a clue of what to do. I don't think they can legally claim the past due rent but is it worth a try ($7,200)? He's squatting the property so from my understanding we wouldn't even need to give the guy notice to go inside the property..

What should I do? What should they do?