All Forum Posts by: Shanequa J.

@Purnell C. Thank you.

I feel so lucky. Today I got another contract. House is 4/2/2. Offer- 105k. ARV: 145. My plan is to seller finance this to an owner occupant. Any that knows someone that wants to buy a house, but can't qualify, send them to me. Hopefully, I can keep the momentum going.

How much cash are you gonna offer him? It's gonna have to be worth it to him to allow you to buy his house with the loan still in his name. The guy already knows his credit is shot so there's nothing stopping him from saying no and letting the bank foreclose. 

What do you plan on doing with the house if you bought it? You could use your state approved contract and add statements in the "comments" section or use one by a lawyer.

Yes, what ever money is left over from paying off the mortgage, the seller would keep. You would actually need to offer more than 40k, if you want the seller to profit 10k because they will have to pay closing costs. Or, you could pay their closing costs.

Is there anyone on here that buys houses as is or for wholetale prices? I'd rather sell it like that than flip it.

Example: 4/2.5/2 pool. As is value: 165k. Arv: 180k. Rent: 1550. Price: 150k.

Would anyone consider a house with numbers similar to those?

How do you know there is a mortgage? You could see if the owner would do seller financing then refi later.

Subject to: close at a title company and do a title search. You would take title to the duplex and you can pay the lender directly. As for refinancing, every bank is different. Find out how long you have to wait after you buy the duplex before you can refi.

Is this an apartment building? Post a notice on the laundry room door saying "This is not a storage room. Anything left in the room after the end of the week will be thrown away." 

Your choices: stop paying him since he doesn't sweep and hire someone else; pay him more to sweep or tell him he's supposed to sweep.

It can, but that depends on what clauses you have in your contract. The right clauses allow you to terminate the contract and get a refund if you put any money down. Every house I put under contract I plan on buying. Always keep in mind what homeowners have to go through when wholesalers cancel. 

Is the mortgage getting paid off or is the buyer taking over the payments? If the mortgage is getting paid off, the title company will handle that. If the buyer is going to pay the mortgage monthly, there is really no assurance besides trust. 

Have you done research pertaining to Houston apartments or visited the area? There are apartments popping up everywhere in Houston and the suburbs. I really think they are overbuilding apartments. These new apartments are nice with parking garages; but compared to houses, they are smaller and just as expensive to rent. Why rent an apartment when you can rent a bigger house for the same price? I would stay away. Shoot if your money is burning a hole in your pocket, became a private money lender to people on here. 

Check out this article. 

It depends on what you want. With POF, I would allow 2 days and the signatures are 24 hrs.