All Forum Posts by: Jason Cummins

Houston's housing economy is pretty good for rentals. HomeVestors called it the nations #2 best major city market for REI. Ofcoarse that is homevestors biased opinion, but still.

Lots of good cash flow rentals here, can buy houses for under $50k and rent em out for $700-$950

Check into it

Your question about will the "due on sale" clause get caught.

The simple answer is no, probably not. Even if you record the deed.

As long as you continue to make the payments, and as long as your friend understands that he will still be on the mortgage on his credit, and as long as he didn't call the mortgage company to tell them what is happening, you should be safe.

The hard answer is, yes you can get caught, and if you do - you will need to pay the mortgage in full, or your friends credit get's trashed and you lose the money you have put into it.

wow, that is SCARY

hope it works better for you, why dont you just try to sell it retail in case the 'karma' is bad with that one

He is very motivating, which is good. But like someone said, if it were as easy as he says, we'd all be in good shape.

I am all for buying with cash. If you have it, use it, and dont go into debt.

However I do see the power of OPM (other people's money" too.

Unlike most other investors though, my ultimate goal is to buy all of my rehabs and rentals with cash, and stop using OPM.

I've passed on leads to other investors. Kind of like a bird dog actually. But just like primo said, please check your state laws.

To answer your questions. I do think you will have to register your LLC in Texas since now your business is in Texas. I do not know how to do this, or if that advice is even correct. Just put a call into an RE accountant and ask.

My thoughts on virtual wholesaling is this. I believe it will be the next wave. I think there are A LOT of great marketing ideas in virtual wholesaling web2.0 or whatever you want to call it. But just like anything else it should only be part of your marketing mix. Nothing beats going out and getting your hands dirty.

The absolute best way is to try and talk to the neighbors. Many times they will know the name and possibly where the people are. Many times they may be the owners.

If that doesn't work, online places like your county appraisal district website may have the info you need.

If all your digging comes up empty and you just have a great feeling about the property, you can try to use a skip trace service, but it costs and even if you reach them they may not want to sell.

Or you could just start calling title companies yourself and interviewing them.

Basically just tell them what you plan to do and how you plan to do it, and if the gawk or have no idea what you are talking about, just go to the next one. If they tell you that they can do it, ask them if you can send them a copy of your contracts you plan to use to review them and make sure they will use them.

The only parties that need to worry about closing costs are the buyer and the seller.

You as a wholesaler are kind of like a middle man. Especially if you are assigning your contract.

With that said, you do not need to worry about the closing costs, as you are not the person who in the end is buying the house.