All Forum Posts by: Greg Horn

thanks for the replies guys.  This is my second home to flip and a subject too let me just continue making her payment.  I took out a hard money loan on first house and that interest is stupid.  With this one I thought and was told that would be a good way around having to take out a full loan and use my own money to fix the place up.

So yeah.... Bonehead move on my part for sure seeing as I didn't have a clear understanding of how it all works.  Gonna call some real estate attorneys tomorrow so I don't mess this up more than I have.

I don't have the deed... Just the title

everyone I ask says I can't buy a home my company owns because I own the company and something about arms length and such?

Totally confused about Subject Too loans and my options.  

My company paid for the title xfer to put a home in my companies name, but bank still thinks previous owner is on title.  She was going to foreclose and let it go back to bank before I stepped in.  I caught her up and now make the payments to her bank on her behalf.  So... Title is in my companies name.  Her bank is unaware and could call note due at any time if they found out, but probably wouldn't b/c her interest rate is pretty high and higher than mine would be.  

Now that I have rehabbed it to the 9's it has me thinking I might want to sell my current home and live in the one I bought subject too and just finished.

How do I do this?

Can I buy a home that is owned by my business?

I would need a new note so the previous owners note would be paid off and she would be free and clear.

The note is only $177k and the appraised value now that I fixed everything will be about $340k.

If I move into it, can I get my equity out?

Will they lend me what it appraises for (less down pmt)?  If so will all that left over equity go straight into my business bank account?

I'm confused?  Any help is much appreciated!  

Thanks,

Greg

Sorry if posted before... I looked at related topics and found nothing, so....

would it be legal to talk with your mailman/woman and ask them to let you know about homes whose mailbox might be stuffed to the max, or maybe homes that look to be vacant.  And then if you found the owner through the address tax records, and ended up buying the home.  Then you would have a deal where any homes you bought you would pay the mail carrier say...$500.

Thanks,

Greg Horn

Anyone done it and had any success from it? I live near Dallas and thought with all the traffic it would be a great way to get my name out there. What are the pros and cons?

The extra site might help... Doesn't have to be too complex. I'm currently building a lead gen site and also plan to build a nicer company site for the homes once I do all the rehab. Good luck to you!

I also like the old historic homes. My city actually has a guy, named Guy (real nice guy at that) hahaha... who heads up the Historic department for the city. I reached out to him and set up a meeting. We talked over an hour and he was very very helpful. He knows just about everything that goes on down there because he has to approve it. Might see if your city website has a historic section and reach out to them.

I agree with leaving the old glass. That's part of what makes them cool.

Hey Michael. I'm up here in McKinney and just getting started myself. Hope to meet you and others from the area sometime.

Howdy Bigger Pockets!

I just found this wonderful place a few days ago and I'm loving it so far. Looks like a lot of great people, information, and the Podcasts I've heard are pretty stellar as well.

My wife and I are in the process of starting our first business together where we will be buying/ renovating/ selling homes and we can't wait to get started. We just received our EIN number the other day, so it's no longer just a dream ;-)

The focus of our business will be in areas that will allow me to do more than just paint and carpet. I want much more than that. I'm looking to to really get into it with Kitchens, Baths, and the whole thing. I want to completely change a property for the better.

A little about me... Born/Raised in North Texas. I graduated from UNT in 2000 with a Mktg/Sales degree. Been in IT/Medical sales for past 13 yrs and I am NO LONGER a fan of Corporate America. I have always wanted to work for myself, and quite frankly, now seems like a perfect time to make that dream a reality. I am fortunate to have a very supportive and beautiful wife who has blessed me with two of the greatest kids ever. They are the reason this will be great!

Anyway.... Hello to you all... and I look forward to chatting with you guys soon.

Thanks!

Greg