All Forum Posts by: Jason Varney

@Aaron Mazzrillo

Is this the case everywhere or can the rules vary? I've talked to my real estate agent and he mentioned as long as I have an "equitable interest" in the property then it can be listed. So he said as long as I can send him the signed contract between the seller and I proving this, he can do a flat fee listing for me. I appreciate the input.

Great podcast by the way!

Hey BP,

I have the potential to get a nice property (townhome built in 2006) under contract in the 60k range. It is owned free and clear by an out of town owner and comps are easily 90k. Currently rented at $950 but could rent for $1,100. It is tenant occupied for the time being and they have kept it in good condition while they've been in it the last 3 years. I saw it today and confirmed this. Nothing would really HAVE to be done at all. Maybe new carpets and paint but that's even pushing it.

I was thinking about wholesaling this to another investor, giving them instant equity and cash flow. But, I was also thinking about listing it on the MLS for a bigger spread closer to market value. If I did this, I'd most likely be getting out of the range of investors and into the realm of potential owner occupants (current tenants are on month to month and will be moving out in 6-8 months after their new home is finished being built). With that said, are lenders OK with this? If I list it after I have it under contract and somebody then wants to buy with financing, will I run into problems with the assignment of contract and having them close? Or am I really only going to be hoping for a cash buyer?

Thanks as always.

The seller could carry a second for the 82k down payment money and you could get into the property with no money down. Use any extra funds for repairs and then refi after the two years.

Welcome to BP and Jax! Tons of great info on here. Always nice to meet another Jax investor.

Hey BP,

When getting a property under contract with intent to wholesale, do you send the signed contract to your title company to have them start the work? Or should you typically wait to have a buyer lined up before you do this?

I'm thinking getting title started right away to make the process quick and easy when I have a buyer lined up, then just submit our assignment contract to the title company. Right approach here? The last time I wholesaled a property I had a buyer within an hour so this wasn't really an issue but I haven't marketed this property yet and just wanting to prepare for all scenarios, including one where I dont get a buyer right off the bat. Thanks.

@Verran Jones @Wayne Brooks

Thank you both for the info, I really appreciate it.

@Verran Jones Bee,

Thanks for the info. I am aware of that fiduciary responsibility and that's not an issue in this case. That's great information though. There's more to it than meets the eye and you really have to ensure your choosing your Trustee carefully.

I'm more or less interested in what the process is typically like. Can I deed it out of trust into my name in the matter of days, or is this more of a drawn out process. Expensive? Just looking for experiences anyone else has had with a situation like this before I start pursuing it..

Hi all,

I know this probably varies from state to state, but what is the process like for deeding a property out of a land trust? Can it be done quickly? Is it expensive? What kind of costs/fees can I expect to do this? I am in Florida.

I have a free and clear property (SFR) in which I'd like to tap the equity, but lenders wont give a HELOC or home equity loan while it is in the land trust. Thanks!

Really? That's odd. I just clicked on it from that post and it worked for me. What kind of error is it giving you?

Hi all,

Figured I'd throw this out there for anyone needing a website built. I have a friend that has been running his own marketing company for the last couple of years and is doing very well. His sites are top notch and knows how to brand a business very well. He built a site for me a couple years ago (before my first deal when I had know idea what I was doing). Now that I know what I want out of a website, I am going to have him work on another one for me. He can help set up a great, lead generating website with excellent SEO. I've tried building my own website and realize how daunting and time consuming it can be. It really takes away from the money making tasks you can be doing otherwise. Anyway, figured I'd share for those in need.

Check him out if interested. Let him know I referred you. His name is Corey and his company is Sixth Gear (www.wearesixthgear.com)

Hope this helps!