All Forum Posts by: Carolina E.

Hi Dmitriy, I too was wondering what type of investments you are looking to learn about? I am new as well and have found this is a great site to network and learn.

Hi Scott, I would recommend you start reading some of the wholesaling articles and not just the forum discussions. Not sure if you have already started do do so.

Hi Travis, I agree that you should look into wholesaling. I've noticed that there are plenty of wholesalers in CA. Try networking with them.

Hey Doug, I am familiar with CCIA. I just didn't think to email her. Thanks for the reminder.

Hi, I have been looking at articles on this site for Chicago title companies that do assignment closing or simultaneous closings. Some are over a year old and was hoping to get fresh referals. I have tried calling some of the title companies and either have been told they do not do that or I am waiting on a response back.
Thanks for any help. I will be doing more cold calling.

Tim, Dion and Bill, I already have an FHA loan on a unit that I just recently refinanced and made into a non-owner occupancy. I tried in the past to assume my parents loan, but as I remember the bank did not allow that.

My parents basically want nothing from the home, all they want is to have their loan paid off. My dad moved out and currently my mom and I live in the home and I have been paying the mortgage for about 2 yrs. My dad just wants to give up the house, but I just don't want him to later try to take it from my mother if they are still not legally divorced. So I figure a safe way would be for me to just to be on title for the house.

You guys are correct when saying I am trying not to cause tax liability for either of us. I have looked into this and found that they together they can gift me equity of about $26K tax free and the remaining could be filed against their $1million lifetime gift tax credit. I would just have to get an appraisal on the home when I get on title so the IRS knows how much gift of equity was given.

Thanks again for the help.

Thank you Kevin. I will look more into how to purchase subject to, but could you please let me know where I would begin? Or how it works? In the meatime I will look at articles about Subjet to here on BP.

Hello, I'm trying to purchase my parents townhome and am wondering if anyone could share some ideas on how to go about it. I am trying to spend the least amount out of pocket.
One idea I had in mind was getting both my parents to get me on the title, wait six months and then do a refi and a quick claim deed to remove both parents. This way I don't need a down payment. And I have a bank that said they would allow a refi.

Another idea was to purchase the home with a gift of equity from both parents and use that as a down payment. This idea though would still have me paying the higher rate and more closing cost then a refi.

I should mention that my parents are seperated, but not divorced and are willing to do whatever in order for me to get the house. The loan amount left is about 120K and the home may appraise for about 180K-200K.
Thanks in advance, Carolina

Hello, my name is Carolina and have been reading about and trying to implement wholesaling techniques. I first learned about wholesaling late last year. This year I started to network with local wholesalers and was able to find some who were willing to let me market some of their properties. What I am looking for is to be able find someone who is currently wholesaling properties and is willing to let me accompany them or see how they interact with motivated sellers. Any guidance is very appreciated.