All Forum Posts by: Brandon Gamblin
Brandon Gamblin has started 58 posts and replied 103 times.
Post: How to be a closing agent
- Saint Louis, MO
- Posts 108
- Votes 19
What does it take to be a closing agent for a title company? Do you have to go to school for that? Is it a certificate? Associates? Bachelors?
Post: Banks and Real Estate Agents
- Saint Louis, MO
- Posts 108
- Votes 19
Exactly what kind of relationship does the bank have with a real estate agent? How do they go about working with each other? Do banks hire RE Agents?
Originally posted by @Joe Villeneuve:
Are you looking for how to set up the finance side or how to set up the mechanics of it? Or both?
Joe Villeneuve
REcapSystem
A2REIC
I'm looking to set up both. I want to be creative with it but i feel like i need some type of foundation.
What are some different ways (if any) that two or more real estate investors can profit from deals together? I'm asking because I'm looking for ideas concerning a co-venture. What would I as an investor (or my investor partner) have to consider?
Post: Pre foreclosures investing advice
- Saint Louis, MO
- Posts 108
- Votes 19
I need advice and insight on wholesaling pre-foreclosures. What are some principles or "Rules of Thumb" that i need to know? What are some important clauses that i should have in a contract? How do i know its a good deal? I feel like im always missing some type of knowledge. Thanking you all for your help in advance.
Post: Mortgage agreements
- Saint Louis, MO
- Posts 108
- Votes 19
Originally posted by @Wayne Brooks:
In most places are all generally the same. You can read recorded mortgages online in most places. Any particular reason for the question?
Im dealing with getting pre-foreclosures under contract to wholesale them. So Im asking because I want to know what Ill be dealing with concerning the bank and the process when the time comes. Im wondering if the bank would even accept a "subject to" contract and if there is something in there clause to prevent it.
Post: Mortgage agreements
- Saint Louis, MO
- Posts 108
- Votes 19
Can someone help me understand what clauses are in a mortgage agreement between the bank and their borrower? Do clauses differ from bank (U.S. Bank) to bank (Bank Of America)? Does location of the same bank (Wells Fargo with one in California and the other in New York) have different clauses in the mortgage agreement?
Post: "Subject to" contracts vs Sales Purchase contracts
- Saint Louis, MO
- Posts 108
- Votes 19
#1. Whats the difference between a regular sales/purchase contract as opposed to a "subject to" contract? I know "subject to" has to deal with properties with mortgages but in what situations do you use these contracts respectively?
#2. In wholesaling, can you still assign a "Subject To" contract to another investor? If so, how do you do it? Whats the process? I'm asking because I'm getting good leads on Pre - foreclosures and my goal is to wholesale them.
#3. Can you also assign a owner finance or lease purchase deal too?
Post: Property listings by agents
- Saint Louis, MO
- Posts 108
- Votes 19
Originally posted by @JOAN DICKIE:
Wouldnt I have to put an"equitable interest" clause in the contract to protect me in this situation also?
Post: How does private lending work?
- Saint Louis, MO
- Posts 108
- Votes 19
Originally posted by @Jon Holdman:
Do you have some cash to contribute into the deal?
My math is that if your purchase price plus rehab cost is 70% of ARV (ARV meaning the price you conservatively think you will get when you sell) and your lender will loan you 100% of the purchase plus rehab then you will need about 15% of ARV of your own cash at a minimum. Many HMLs won't go 100% of purchase and rehab, so if they require some down payment, add that amount to the 15%.
No. I have absolutely no experience doing this. And I don't have cash as of right now but the most I could probably come up with would be anywhere from $2500 to $3500. So according to the example you just gave me, If the ARV is $100,000, the total of the purchase price and rehab costs the lender would give is $70,000? So youre saying I would need to add $15,000 to whatever the down payment is?