All Forum Posts by: Daniel Mendez
Daniel Mendez has started 96 posts and replied 247 times.
Post: Subject-To vs Wrap Around Mortgage: HELP
- Investor
- Dallas, TX
- Posts 254
- Votes 47
Good evening BP,
Can someone help me clarify what is the difference between a Subject-To vs a Wrap around mortgage?
I've definitely done my share of research but I am trying to see if everyone has the same definition of what the difference is.
Also, can you provide an example of when to do a Subject-To vs a Wrap Around mortgage?
Thanks In advance!
Post: Seller Financing: Can someone clarify
- Investor
- Dallas, TX
- Posts 254
- Votes 47
Originally posted by @Allan Smith:
- no. While you can use a processing company it's pretty unnecessary. Just pay seller directly.
- yes still need title company to make sure title is conveyed completely clear. Title company handles escrow as well. Pretty much the same as any other closing really.
- when property is not free and clear it gets complicated. You can do a mortgage wrap where mortgage stays, you pay it, and you also pay seller a payment for his equity. This is where a payment processor might be needed. This type of deal can be risky because bank can call loan due since property changes title. Buying subject to is a similar arrangement
- you would probably have the schedule to make it easier on seller.
Allan,
I greatly appreciate your input. This definitely clarifies a lot for me.
Post: Seller Financing: Can someone clarify
- Investor
- Dallas, TX
- Posts 254
- Votes 47
Good morning BP members,
So I am really trying to nail all the details about how seller financing works.
What I am still fuzzy about is:
1. Does the seller work with a third-party mortgage loan company to establish the loan that I have with him/her?
2. Do I work with a title company at all during the process?
3. Does seller financing only work when the seller owns the property free and clear?
4. Am I responsible for creating a loan amortization schedule to know how much I owe as I continue to do payments?
Thanks in advance!
Post: Finding Off Market SFH
- Investor
- Dallas, TX
- Posts 254
- Votes 47
@Joe Horan
Joe, what software do you use to send this direct mail? Or do you hand write them all and drop them off at the post office?
Post: DFW: IN NEED OF A CPA
- Investor
- Dallas, TX
- Posts 254
- Votes 47
Originally posted by @Andrew Postell:
CPA’s
McIlvain & Associates – Beverly Galbraith or Tasha Whiddon (Partner) – www.mcilvain.net
Don McCartney - http://www.mccartneycpa.com/
Andrew,
I appreciate the referral.
Have you been working with these individuals for a while now?
What has been your experience?
Post: DFW: IN NEED OF A CPA
- Investor
- Dallas, TX
- Posts 254
- Votes 47
Originally posted by @Ethan G.:
I'll PM one in Dallas who is good.
Thank you sir!
Post: DFW: IN NEED OF A CPA
- Investor
- Dallas, TX
- Posts 254
- Votes 47
Originally posted by @Basit Siddiqi:
Are you open to working with an accountant remotely?
I would prioritize finding an accountant who specializes in real estate taxation over one that is local.
There are 20+ accountants on this message board who specialize in real estate taxation. Feel free to reach out to a couple and use the one you connect with the most.
Yes, I am definitely willing to work with someone remotely. I just need someone who is very familiar with real estate tax and knows ways I can save money now and not in the future.
Post: DFW: IN NEED OF A CPA
- Investor
- Dallas, TX
- Posts 254
- Votes 47
Good evening BP members,
I am looking for any great knowledgeable real estate CPA referrals that can assist me in guiding me in my real estate investing journey.
I would love to meet someone that can assist me in setting up my company correctly so I can take advantage of tax deductions.
Thanks in advance!
Post: BRRRR in Huntsville / Decatur
- Investor
- Dallas, TX
- Posts 254
- Votes 47
@Samuel Garrett
Samuel, you’re killing it out there! Huge congratulation!
Do you mind sharing your core 4 team members.
Please and thank you!
Post: Huntsville BRRRR with 0% owner financing
- Investor
- Dallas, TX
- Posts 254
- Votes 47
@Samuel Garrett
Congrats!
Can you tell us how exactly did you find this deal? Did you find it on the MLS? wholesaler?
Thanks in advance !