Originally posted by @Fade Aromolaran:
My name is Fade and I'm a wholesaler based out of Maryland and I've done a good number of deals over the past year and a half.I've been studying subject-to transactions for the past couple months in preparation for the gap in income the pandemic caused and the amount of creative financing inventory that is going to pop up. At this point, I understand the back bone of the process and how to run the numbers. Right now I am having issues with finding an attorney for legal advice and a title company that is willing to close these deals. The doors have been slammed in my face so far.
Please reach out if you or someone you know are an attorney or title company processor that is interested in doing business and building a relationship. My goal is to eventually hit 10 deals per month and I also want to be able to pick up 20 subto/seller finance deals this year. Please let me know if you are interested in being a part of my journey and want to work together!
Fade...As you can see from the many responses.
It’s probably not a good idea to talk big game about sub2 investing on BP, especially since it’s clears that you don’t have a grasp on what your doing. (example... planning on deeding a property back to seller if things go wrong in a state that has transfer fees.)
There are people that do sub2 respectfully, but they are not on BP bragging about it.
The bold statement that you was going to do twenty in one year definitely didn’t set well for most. 20 in one year without prior knowledge
could be disastrous not just to you, but the sellers as well. There is a lot of moving parts to a sub2 transition. There is even more moving parts on doing a wrap correctly. These kinds of transactions continue to take monitoring and a careful eye. A wrap is NOT a passive investment. If the wrap buyer stops paying do you plan to keep paying? With a wrap you the seller would still be on the hook if things go wrong and things do go wrong. Buyers do stop paying and have been known to to do other things. Have you studied foreclosure laws in your state? Will you pay the underlying loan payments while you are foreclosing on your wrap buyers for non payment while you pray they don’t file bankruptcy one day before the foreclosure?
The insurance has to be just right as well. What about book keeping, records, and taxes? That is an on going job in a big way. Someone has to do it.
I’m not trying to be negative, but twenty in one year is definitely not recommended with no prior experience in that model. You or anyone else for that matter can get more branches in the air than roots in the ground.
Best regards and wish you well:)
