All Forum Posts by: William Allen

I would send him a handwritten letter personally and let him know what you want to do.  Include your information and how he may contact you.  He may not contact you back but it's worth a shot.

Areas around Lexington Park, MD for now

I have a few questions about "subject to" the existing mortgage and a deal that really only makes sense to me using this type of financing.  If any "subject to" experts or those with experience would help me out I would appreciate it.  In my case, I would be buying a house subject to the current owners financing and adding it to my buy and hold inventory to rent out.

1.  What about the taxes?  The title will convert to my name along with the tax bill I would assume.  As long as the taxes continued to get paid out of escrow then it shouldn't be an issue, correct?

2.  Income taxes: Since the seller still holds the mortgage, pays the taxes and insurance out of escrow, who gets to deduct these expenses on their income taxes?  I am really the one paying them but the 1098 will still go to the person who sold me the house. 

3. Future sale of the property: Let's assume I hold the property for the next 10 years and sell. Will the previous seller need to be involved in the transaction since their bank holds the lien on the property? Or can I just sell the house outright, include the lien on the HUD and take the equity built up in the house via a check?

Now to the deal:

Estimate home value: $210k

Loan Amount: $180k

I think I can structure the deal so that I purchase the home for $180k and help the seller with the closing costs, they really just want out of the house and don't want to be a landlord.  I like the idea of getting equity up front and cash flowing on the property.  

The house will rent for $1800 a month and will produce $150 per month in cash flow right away.

I understand the risks of "subject to" with the loan possibly being called so no need to get into that here unless you have some wisdom to share with someone who has never gone down this road before.  Thanks!

If anyone is interested send me a PM and I will give you the details and address for you to analyze it.  I am not going to post her information here.  I definitely don't think there is room for a wholesaler but a buy and hold investor may be interested...

Does anyone work the White Plains, Maryland area?  I got a lead from that area but it is a little too far for me to pursue.  I think it is a little thin but someone from the area may have more knowledge and be able to make it work.  

I added an island to my rental here in southern MD recently.  I matched the builder granite which was Uba Tuba for $40/sq ft from Lowes installed with a minimum purchase of 25 sq ft.  I'm sure you already checked there but it is a possibility if you are willing to go with common granite colors.  Good luck.

Ro'Maine,
I just looked at your marketplace ad and you spelled Pensacola wrong which is why it didn't come through for my keyword alerts (and most likely others). The likelyhood of having a buy and hold investor from a relatively small area like Pensacola on BP with a vacancy in the 2 week window you are looking for may be tough. If they are using a property management company they have to pay the company's fee for the new tenant and your finders fee as well. Some may be willing to do that, some may not. The rental market is pretty hot down there now and I wouldn't pay a finders fee when I know my property management company will fill the vancancy as soon as it goes on the market. If I was renting the house out myself I would gladly pay a finders fee for any client you brought that passed my credit and background check and ticked all the boxes required to rent one of my properties.
I happen to have a property that will be rent ready in Pensacola on August 25th. But, like I said I will have no problem renting it out when it goes on the market on the 12th. I would recommend contacting one of the larger property management companies and see if they offer compensation to an agent who brings customers to the company. Otherwise, looking on the MLS for homes that offer compensation. If you want some specific companies in the area send me a PM and I will put you in touch with them.

-Bill

I just had a great experience with goodmortgage.com as an online lender, closed my investment home purchase in 23 days.  PM me if you want my POC there, already sent her a few customers in the last two weeks.

I also got extremely competitive quotes from a company in Florida called VanKeef Financial, didn't close a deal with them but the rates and customer service were fantastic.  

Good Luck!

We need an update, sold yet?

Any investor friendly Pensacola agents or wholesalers on here? I am in the middle of closing my second property there and I am 0.5 for 2 on the realtors I have worked with so far. I am working on my FL real estate license now because of this (and a few other added benefits). Will continue to invest in the area but getting frustrated with the quality of buisness people so far.