All Forum Posts by: Jordan Archer

Hey BP,

Just wanted to give my props to all the great people on this site who have shared the posts, podcasts and blogs that have given me the information and courage to start my first direct mailing campaign. 

I posted a pic of all my letters for any aspiring newbies (like myself) or reminiscent veterans who wanted to see what a first "swing" looks like.

Thanks again everyone!

- Jordan

@John Blackman 

Thanks for the help. I made sure my list included only homes with mortgages at %5 or less interest rates. Unfortunately, a large majority of them were adjustable loans, so that is a bit of a concern. 

@Account Closed 

I did not know that foreclosures in Florida take 18 mo's! Thanks for bringing to my attention the importance of capital reserves for this type of wholesale strategy.

@Account Closed

From what you are saying, I want to know how you fully understand all the terms of the note? Would you ask the seller for their mortgage docs or can you do outside investigation?

Thanks for the enthusiasm.

- Jordan

@Dick Rosen  & @Hattie Dizmond 

Thanks for the suggestions. I'll do my diligence with the rates!

Hey BP,

I will be acquiring houses using subject-to financing. I will sell the house using a wrap mortgage to buyers with bad credit. 

I want to know if it's dangerous to acquire the houses sub-to when the lien on the property has an adjustable rate?

I don't know how volatile these adjustable rates are, so I want to make sure I'm not taking over a lien that is going to sky rocket.

Thanks BP!

Thanks for all the support everyone!

Thanks BP!

I recently put a tenant in a duplex that I will be the owner occupant of.

I started researching real estate in late May 2014, and haven't gotten it out of my head for one day since. Thanks to all of the awesome and helpful people on bigger pockets, I'm seeing my vision come to be.

Yes, this may be a small accomplishment for some, but it's the first and biggest for me yet. I'm on my way to achieving my long term goal, and couldn't be happier at the moment.

Thanks again,

Jordan

Thanks guys :)

Hey BP,

I want to wholesale using subject-to financing. The goal is to get the properties subject-to, then use a wrap mortgage to sell to a buyer (at a higher rate than the origninal mortgage being taken over subject-to) and make my money on the down payment, and monthly interest rate increase.

I was wondering, at what rate would the ORIGINAL LOAN have to be in order to make this type of wholesaling impractical.

Obviously, if you can acquire subject to for mortgages @ 4-5%, you can easily find a buyer who will agree to a wrap @ 6-7%. But if the subject-to mortgage is 10-15%...wouldn't that make using a wrap almost impossible?

Thanks BP!

Jordan