All Forum Posts by: Lokesh W.

What the attorney said is just an FYI since we were discussing this earlier.... FOr this contract, we have $200 rent credit.

I agree with you. I am NOT always against gurus. Many of the training packages have helped me in the past. If the trainings are well organized with some sort of support, then it easier to use them because I will know exactly where to look for information.

I have done short sales in the past and stopped for little bit because it was time consuming and also the banks had so many rules of 30-60-90 day hold period. While assigning the short deal to the end buyer how much can you make per deal? Does the end buyer pay the assignment fee? Is it like wholesale assignment fee where you take your assignment fee and step aside or do we still have to be involved in closing??

Comparables. It could be 150 - 155K.

Seller is moving out of state for studies/ job; the owner tried listing this with realtors with 2 different companies and they both asked the seller to be prepared to bring in substantial amount of money to closing and the owner is not willing and also probably does not have that kind of money.

One time assignment.

30 year.

3 years

The owner gets $3000 as down payment and I am planning to make $5000 (at least $4000). The sale price of 145K does not work so I am planning to offer 150K.

I am thinking of speaking with my RE attorney about this maybe get his help for loan modification.

The seller owes 170K not 160K.

For some reason, the "Edit" Functionality for my above post was not working so

I have a home owner who wants my help in selling her home by doing a lease option. The home is in good condition but has negative equity. They have not missed any payments. I am trying to do a cooperative lease option (i.e. I will assign my lease option to purchase to another retail buyer on rent to own basis for a fee):

Market value: 150K
Seller owes: 160K
Seller payments to the bank (mortgage + tax + insurance): 1500/month

The owner does not want to bring in any money to the closing table. Initially, I suggested 1500 a month rent with $200 rent credit but this will not work out.

Based on what the owner said - if we rent at 1500 a month and owner uses this as the monthly payment, then they will owe 150,000 in year 2019 so this may not work out.

I am thinking of doing a loan modification to bring down the payment or interest rate and then a lease option. Is this possible?

Any suggestions to make this a Win/ win/ win situation using lease option for the seller, tenant buyer and I??

The owner verbally accepted the offer of $192,500, which includes $5500 as my option fee. On Monday, he will review the offer with his attorney.

btw, my RE Attorney is pretty experienced and well reputed in this area. He said, that you write even 100% of the rent as rent credit towards mortgage. Anyways, I don't plan on attempting 100% rent credit unless, I plan on buying the house for myself...

Monica Breckenridge,

If you already know this can you please list the strategies briefly here? How to get around the 30-60-90 day hold period? What are some the easier ways to assign a short sale deal to "C" buyer (either retail or investor) without using private money. I used some private money to get around this. This was very stressful and in the last minute we were able to get the private money.

So you still have to do the short sale but this is an improved method of doing short sale. Is that correct? OR is this some other method of profiting from pre-foreclosures?

Thanks. I met with my RE attorney today regarding something else and asked him this question about assigning a subject-to deal to a retail buyer and he said it is legal with or without a realtor license.

Good points about end buyer bringing down your reputation by not keeping up on the mortgage but this can happen with any creative deal like lease option, seller financing etc.

If I am assigning the deal to retail buyer, then I would put a limit before the end-buyer has to get his/her mortgage.

Looks like Jeb Z. has purchased this system. My only question is that - Are there any other products/ service/ support levels that I need to purchase other that this $97 product??

Lynn Henley
OK. That sounds like a good plan. This might work well if I plan to keep the property.

To assign this "Subject-to" someone else, it maybe a good idea to limit on the subject-to loan and make the new owner get a bank loan within 1 - 2 years so the ex-owner's name is not on the mortgage for longer period of time.

I think this package is sold out now. Currently, there is some waiting list for which I have give out my name and email at the their sales website.

Anyways, if that is what this course is about, then I can ask my attorney about this and see if it can be done legally in Wisconsin.

Monica Breckenridge,

There are people doing this everywhere... Has there been any legal action on someone doing "subject-to"? I was told by one expert that if the state authorities object to it, then stop doing this. They will always warn you about this before taking legal action. I have never done "Subject-to" deals.