All Forum Posts by: Jason Varney

Hi all,

I have a rental worth about $80K that is free and clear. I'd like to pull equity out for other deals but it's in a land trust. Are there lenders that will do a cash out refi or HELOC on these or does it need to be deeded out of trust? If so, what is this process like and how long can it typically take? I'll even be ambitious and see if anyone knows a lender in Jacksonville, FL that will do this.

On a side note, is there anyone in Jacksonville lending for flipping purposes? If so, please feel free to reach out to me. Thanks!

Brandon Krieg Thanks so much for the info. This is exactly what i was looking for. I forgot about the deed in lieu option but thats a good point. I think transparency is the biggest key here as well. I have a motivated seller but want him to feel comfortable in what he's agreeing to do because I want to be doing business the right way and fill a need for 1 (or 2 people) in this scenario.

Hi all,

I was wondering how the workings of a deal would pan out when trying to wholesale a property that is seller financed. I know a few investors in our local REIA group that are looking for seller financed rentals for obvious reasons in that they can only have so many conventional loans. I have a potential property where the seller is willing to carry the financing. Obviously, if I were to wholesale it to someone else, I'd want to make the seller aware of what I'm doing and that someone else will be taking over the deal and the payments.

Has anyone had an experience like this and some sample language they may use with a seller to explain how this will work? Any language for overcoming objections to it?

Lastly, how should the deal be structured (How should i write the offer to collect my wholesale fee?) For example, I put the terms under contract for 30K house, no money down at 5% for 30 years. If my wholesale fee is 6K, do I ultimately offer it to my end buyer as 36K with 6K down and then they take over the terms of the contract? Trying to wrap my head around this. I appreciate all input.

Sounds like a good plan. Make sure you do your due diligence when it comes to the ARV (after repair value) by looking at GOOD comps. The market is starting to pick up but it's still not like it was in '06. Be conservative in the ARV you determine as well as the repairs you estimate. I saw in one Podcast that the investor I believe added 20% to the repair estimate and rounded up to the next $5k (ex. repairs are 10K * 1.2 = $12k rounded up is $15K in repairs). This should give you a good buffer because things WILL happen that you dont expect.

Ill let you know if I come across any potential retailable properties in the area.

Welcome to BiggerPockets Stephanie C. I also live and invest in real estate here in Jax. Always great to meet another Jacksonville investor. By "flipping" I assume you mean you want to buy, rehab and resell single family homes as opposed to say, wholesaling them? I am primarily trying to get established wholesaling and will certainly let you know if I come across any properties that meet your criteria. Are there any particular areas you would like to focus on for these flips?

As far as landlording goes, if it doesnt appeal to you (it doesnt for me either), dont forget about property management. I have 3 rentals managed by someone else and never have to take a tenant call. If you buy right, you can still cash flow a great deal even with property management.

Biggerpockets is an excellent resource for knowledge. I particularly have learned a ton from their Podcasts. But the forums are a great space to ask questions. Best of luck and nice to meet you!

Patrick G. This was an online tax deed auction. I was hoping you'd be right and it were tax certs but I double checked and unfortunately not

Tim Czarkowski You are preaching to the choir. I agree. I dont know how he let that happen. When it was all said and done he mentioned that they owed him about 11K, which would have paid all the taxes and then some. But hey, situations like this are what create deals for us! Sold in the auction for around 14K and would probably be worth around 50K.

Tim Czarkowski Yea he inherited it from a friend who passed away. Its the only property he owns in FL. He couldn't really afford to come down here and go through the eviction process. But, I just found out today that it was actually auctioned off 2 weeks ago at the tax deed sale. So unfortunately, on to the next! The property was on the westside near 295 and i10. Thanks everyone for the info though. This was very helpful.

Oh well, onto the next deal. Great info though Patrick. Thank you. At least I wont waste any more time on this one.

Patrick, thanks so much for the info. The reason I ask is because Im talking with a seller who wants to be rid of a property and said he'd basically give it to me for the back taxes owed. Funny thing is, I see it went through the auction 2 weeks ago! Someone bought the tax deed. Can I still close with this seller as long as I make the taxes current for him on the deal? What role does the 3rd party who bought the deed play in this scenario? I understand it will be different state to state (I am in FL), but any info you can share would be most helpful. Thanks!