All Forum Posts by: Joe Kooner

@Steve Vaughan By quietly, you mean that there is no official paperwork to be signed in regards to 'subject to'?

Here is an example:

Motivated seller has a home that needs repairs and I would offer 100k on the home. However, the owner has 80k in mortgage, therefore, they would only really net about 10k which doesn't make this a good deal for them. So then I offer them a 'subject-to' deal where I take over the payments without signing anything?

What about wholesaling this property then? Do I still lock up the home for 100k and then wholesale to an end buyer let's say for 120k, and I net the 20k difference and then using the money from the end buyer, I am able to pay off the 80k mortgage?

Let me know if I'm not on the right track or if there is something missing from my understanding of subject-to deals

Steve Vaughan that's what I was referring to; "subject-to" the existing finance where they leave their existing mortgage in place and you are then assigned the mortgage? I'll look this up in more detail but perhaps someone has the time to elaborate in this thread?

I guess I should've made it clear and perhaps I used the wrong terminology. What I meant is what options do we as wholesalers have when the motivated seller does not have substantial equity in their home or haven't paid off their mortgage or they have delinquent status of some type of lien on it. Basically, how do we structure the deal then for us to wholesale when the seller does not flat out own the home or have high equity that would allow them to accept my cash offer?

Marcus Kennedy forgot to tag you :p

Marcus Kennedy congratulations, Marcus! If you wouldn't mind, would it be possible to help an aspiring wholesaler like in getting my feet wet? I will be purchasing a list from list source and also driving for dollars but I was wondering about how to find probate deals and other types of deals. Cheers!

Derek Jones hey Derek. Do you know where I can find such a list for Code enforcement list, tax delinquent, liens, etc in my area? Please let me know. Thanks, Derek.

Hello, (I'm on the mobile app right now and tried to search for my question before posting but was not successful). Can someone please explain in depth "seller financing" options when wholesaling. For example, you have a motivated seller and you meet them at their property and start to discuss how to prepare the deal. I know the conventional ways, of giving the an offer and then finding and end buyer. But can someone give a good in depth answer to what seller finance is and give multiple scenarios? Pardon me, but if there is already a thread about this topic and what I'm looking for, I would appreciate the link to said topic. Cheers.

@Brian Fouts @Adrian Chu

Yes, I definitely want to conduct my real estate business with a strong moral and ethical compass. I was however under the impression that you can preform a double close where you can choose to not display your margin to avoid any type of issue from the seller. I'm sure the buyer wouldn't care if you have a strong flow of deals for them . 

I believe I have to do a bit more research into wholesaling in WA as I want to be conducting business properly as real estate is a people business. 

@Brian Fouts Thanks for the input Brian, I appreciate it! I have sent a colleague request/PM.

@Steve Vaughan Ahhh gotcha Steve. Each state is a bit different regarding wholesaling and I think I'm beginning to understand that it is more beneficial to assign. But how do we keep the seller and end buyer from knowing how much you have made on the deal? (Will be using an LLC entity for all transactions, but I do not want to "assign" the LLC)

@Adrian Chu With this method, does the seller or buyer know what your margin is on the deal?

@Bryan R.

I see. Perhaps we can talk more about this. I'll reach out.