All Forum Posts by: Jarrod Ochsenbein

 If you go through the agent, which means you have to pay the agent fees. Most people wait till it is on the market forever to talk to the agent or wait till it expires.  What Pace is getting at is if you buy a house subto the purchase price really doesn't matter.  You pay XYZ price on paper and take over the mortgage.  You can leverage other people's money for the deal and pay them back over time.  IE if the property is taken over subto and then rented for more than the debt service you can use those funds to pay back the lender. 

If someone did a subto deal off the MLS it would have been through the sellers agent, which is not all that common, but does happen. Typically people wait for expired MLS listings or pre foreclosures.

2nd position loan questions

How do you insure you mitigate the risk of not being paid back?

For me I use;

2nd lien on target property or cross collateral property deed of trust

JV agreement

Promissory Note

Personal Guarantee

May be over kill, but I am fine with it.

Also if you ever foreclose on a property that has enough equity to cover your loan I assume the 1st lien gets paid and then the rest would go to the 2nd position or is that not correct?

Thanks in advance.   I am hoping to never go through the foreclose process.

Jarrod

I have been a PML since April and in August I decided to join the fun.  I settled on the co-living strategy and bought a 2500 sq ft house in Arizona. I live in Oregon so this had me flying back and forth at first. I networked and found a great contractor who made it an 8 bedroom.  I ran it as an AirBnB for tax reasons and Jan 2nd I have my first 2 members.  It is live on Padsplit now.  Whoohoo  wish me luck y'all.  I am on the ladder now!

Reach out if you wanted to chat real estate. Ask my family, I won't shut up about it. REI is a drug!

I have been putting the videos on youtube of the transformation, but I don't think I can post that here, so hit me up if you want to see the process.

 I will answer on Kristen's behalf since I am sure she is busy.   There is plenty of training that covers your questions.  There is a vault of past live deals being made, several zoom calls with Pace a day and of course the community. Too many zoom calls with Pace actually IMO, but you don't have to attend any if you don't wish to. :)  There is so much data it is overwhelming and I don't think anyone can get through all of it.  

For the question about buying a property on the MLS I am not sure it applies. Most of us are looking for off market deals via subto, seller finance, morby method etc... Let's say you did buy a property off the MLS conventionally and did use a gator for the down payment. There wouldn't be a due on sale because you bought it conventional. For the Gator loan you would work out some type of repayment structure and a lien would be placed on the property or some cross collateral.

What I did is finished the Gator and Subto training, networked with people and was off to the races. I do try and attend a few meetings a week with the community, but the forums and my own deals keep me pretty busy.  I will say the way I started was the best for me.  I started with Gator 1.0.  I learned the ropes so to speak and after I did a deal or two it paid for Gator in the first 2 months. Then after I earned enough to pay for Subto I joined that in the summer and things really started cooking. The Subto community is larger and also overwhelming. 

I ended up doing a STR under 7 days to offset my W2 income. Way easier for me. :)

Howdy all you deal junkies out there.  If you need hard money hit me up here: https://jarrod.alphagatorfunding.com/

Picture for attention.  I got to meet Mark Kohler recently and he was the best. He spent 10 minutes with me talking taxes and cost segs.  Love him and Mat Sorensen!

Anyway if you wanted to chat or get to know me hit me up.

Is there an address associated with this "Must Sell" property?

You can apply for a hard money loan here: https://jarrod.alphagatorfunding.com/

We can chat on the phone or via email if you like.

Jarrod HML, PML, AZ buyer

 I have been traveling lately and just got back to my home town.  What markets are you in?