All Forum Posts by: Chris Purcell

 Are you looking to sell your hotel?  If so, how much?

I give them a place to live in exchange for monthly rent payments. 

@Michael Ealy

I have a question- is the first 3/4 of this post supposed to be an ego boost? Not trying to be rude, and it’s obvious you have done well for yourself, but some of us are more that happy owning SFRs and small multis. I mean, some of us have done pretty well with SFRs, maybe not a years salary in a month but...

@Michael Ealy Reading your bio I see you started out with a duplex. This is exactly what I would like to do within the next year. I am brand new to REI. I have a realtor, family that owns a remodeling company with connections to contractors, and multiple partners willing to invest. How can we grow as quickly as you did? Any help/information is greatly appreciated.

@Chris Purcell

You don’t have to reduce below market rent. See above post of mine

 Yes, incredibly. If you wanna buy it for what they owe, buy it. Don't steal it. Get your own mortgage, assume the mortgage or pay cash.

Reason this strategy is so slimy is it removes all recourse from the seller in the event the buyer doesn't fulfill their end of the contract. No reasonably educated seller would do that. The strategy requires investors to target unsophisticated property owners to pull it off. In other transactions there is recourse if one party doesn't fulfill their end of the contract.

• In an owner financed deal the seller can foreclose if the buyer stops paying.
• In a landlord tenant situation the landlord can evict if the tenant stops paying.

In a "Subject To" situation the investor has removed all recourse from the seller. They took their only asset "house" and stuck them with a huge liability "mortgage". Honestly I don't see how this isn't illegal. Hell it may be. I'd imagine it toes a fine line near mortgage fraud.