All Forum Posts by: Ariel Moore

We have thought about adding a very small amount, say $1-2k to make it a wrap. Any thoughts?

Thanks for your response. Yes, what we want to do is subject to. My worry is that I'm fairly certain the bank will reject the psa if it says sub to. My question is, can we call it a wrap (so the bank accepts it) even though there's no added mortgage amount?

We are working with a seller in foreclosure. There is quite a bit of equity in the home and it only needs minimal upgrades and repairs. The foreclosure sale date is fast approaching...only a few days left. The sellers want to sell to keep the foreclosure off their records and they want a little cash in their pockets. No problem. We have offered them a small amount so they can move on with their lives. The problem is that the sale date is so soon and the only way the bank will stop proceedings is if they (the bank) receive a PSA, HUD Statement and a copy of the earnest check. Again, no problem - except that we want to buy this house 'Subject To' and we know the bank will not accept this. They will see it in the contract and reject it.

We were planning on paying the arrears, then taking the house Sub-To. The only way I can think to do this is as a Wrap. We are giving the sellers $5K in cash to move which they need in their pockets at close. We are not adding any $$$ to make it a Wrap nor do we really want to pay anymore for the house. My question is can we do a wrap without actually adding a seller financed mortgage to this so it just technically is a wrap but not really. In other words the amount of the original mortgage would be as it is now.

We have planned to use a third party escrow company to make the payments to be sure they get made to the bank. HELP!

Ned, I see what you're saying about the lead sites. Mostly I just want a way to keep my leads and marketing organized and automate my mailings a bit. I find myself taking way too long to figure out how to do things. I have been interviewing for a VA at Odesk to help with some things. Thanks for your suggestions and ideas.

Steve, Thanks for the links, I will definitely check those out!

OK, so no one wants to comment, or perhaps I've asked the question poorly, or asked a poor question. I'm new to this forum stuff. Better luck next time I guess!

Hello,

I'm getting started with wholesaling and with a full time job, children, grandchildren, etc., I am way to busy to work hard, I must work smart. I have already gotten some experience speaking with sellers and working with some local Bird Dogs but I need to really ramp up on the leads that I get I am trying to decide how best to acquire good leads and how best to do my marketing and mail merges and keep track of my business. I must be very organized because I have way too much on my plate not to be. I am aware of and have tried several companies like Click2mail, Realeflow, FreedomSoft and Melissa Data. I am looking into Profit Grabber now to see if it offers more than the others. Can anyone give me any feedback on Profit Grabber and what the difference is in this software verses the other companies? Also, are there good pre-foreclosure lead sites and does anyone mind recommending any?

I really appreciate any responses! I like this site very much and I hope to be able to become a contributor someday. I'm very tech challenged so if anyone can offer suggestions on how to best use this site or how to learn it please let me know.

Again, thanks!

Ariel

I'm in Kansas City but not actually buying property. I'm looking to begin private lending to investors. I actually would love to get any referrals to any hard money lenders that you may know of. Thanks,
Ariel