All Forum Posts by: Damon Armstrong

@Sam Erickson

if you would have hired a contractor to do all of that work for you, how severe do you think it would have affected your profit?

@Jordan Smith

@Jordan Smith

Take a look at this post. I just typed in "military" in the search bar. Your gonna find more people in the military looking for help than people in the military teaching how to invest while in the military, but they ARE out there. By using property managers like he said above, that's a way you can manage rentals if you buy any. Rentals are good long term wealth builders and assets to acquire.

@Barshay Graves

Just about any topic you can imagine can be found already discussed on BP. Hope this one helps!

http://www.biggerpockets.com/forums/30-mobile-homes-mobile-home-park-investing

Good luck!

@Renee Watkins

Thanks for the info! So MLS could be beneficial if I am looking for houses that have expired! Thus, creating an even more motivated seller. When the listing does expire, does the home come OFF of MLS? If so, I see no need in having MLS as a wholesaler..but MLS may help for different types of investments (fix/flips, rentals). Still debating whether I should get my RE license. If I do, it would be for MLS access and to be my own broker. If I am my own broker, does closing costs still exist for myself?

So subject to is the act of taking over a mortgage on a property, and it becomes yours as long as you are paying on it, is this correct? How would subject to work in a wholesalers perspective, or is this even a possible option for wholesalers?

Set aside from that, let me make up an example to help you clear things up for me.

ARV- 100k

Purchase price-48k

Owner owes- 20k

With a subject to, I become the payer of the 20k, and the home is mine.

Now I sell assign it to an end buyer, 55k.

55k - 20k goes to the bank for paying off the mortgage.

The remainder is mine, and the end buyer now owns the paid off home.

Is the how the process would work?

@Jon Holdman

@Don Konipol

Hi, I was doing a little research on "subject to's" and was browsing through some forums I could find... I seen your post about PITI. The "P" is for principal...what exactly is principal? Obviously it's something that has to be paid. Interest has to be paid because because you're taking over the mortgage, taxes and insurance because it is the law...but what is principal?

To add on to my questions...how about foreclosures for wholesalers? Are properties foreclosed on a yay or nay for wholesalers? Why? Would preforeclosure make a difference? How?

Today I read a possible script to use when talking to sellers...in the script, the wholesaler tells the seller, we do not buy listed houses. The wholesaler also asks the seller when the listing expiration date is. What is the purpose of this, and why don't wholesalers buy listed houses?

Keeping that in mind, would MLS be beneficial to a wholesaler? Why or why not? Are all houses on MLS "listed"? If so, I assume MLS would be no help to a wholesaler. Thanks in advance for all input.

@Harry Asnien

Welcome to BP, Harry. I'm not interested in buying/selling vacant land, but since you are in NOLA and want to network, you should join the New Orleans REIA. Next meeting is June 19th of this month and will be free your first visit. You'll definitely be opened to lots of networking with real estate investors in New Orleans who ARE interested in buying/selling land. Bring a pen, notebook, business cards, deals, and questions. I go to these meetings and I KNOW you can connect there with someone you can work with. Hope to see you there!