All Forum Posts by: Jerry Kisasonak

Personally I think anything less than a 10 cap should be avoided. Get any lower than that and you'd be better off looking elsewhere at other more profitable opportunities. Just my 2 cents. 

Matt, you might want to try S&T Bank. I don't think they have a branch in Erie but they do in Clarion. I'm down towards Pittsburgh, and they are currently doing a lot of loans for investors down this way. Worth looking into...

@Brent Sutherland We host a free Meetup event monthly east of the city - White Oak area - if you're interested. You can find us on Meetup.com. 

Helen, there's also a Meetup in your area that Bob Bruno hosts. I believe he holds his in Freeport. His in on Meetup.com as well. 

@Delon Hall How about the title: "How to successfully work with agents on wholesale transactions."

Thanks guys! @Steve Babiak The seller doesn't want anything for the property - she is okay with us just taking over the payments. So am I reading correctly that the transaction would be done with a $1 sale on the deed and a statement of value submitted when the deed is recorded with the loan amount as the value? 

I am working on a Subject-to deal and wanted to know how much transfer tax I'd pay on the deal. Of course, this depends on the purchase price. But on a Sub2 deal, what goes on the deed at the purchase price? My initial thought is that it would be the loan balance. Is this correct?

Thanks @Tim G.!

To answer your question, we've used Rebecca Wanovich at Pierson & Scott Insurance. Google them for contact info. Investor friendly. 

Good points @Wayne Brooks. We like to use our own contract because we believe that sellers like one thing about wholesalers: Ease of doing business. They just want a quick, easy sale, and they are willing to discount the price drastically for this convenience.

A simple contract that bullet points all the main stipulations, in my mind, equals ease of doing business. Our state contract is long and complicated in my opinion, not to mention having a lot of clauses that are not even applicable to our transactions - Financing contingency information, Condo association clauses, etc.  

From what I'm gathering so far, this is something that is worked out between the buyer and the agent/broker. I've been told by another investor that I shouldn't really concern myself with the details, to just let them work it out. But... I'm a curious guy... what can I say