All Forum Posts by: Mark Allen

I was asked the question recently by a homeowner - If she agrees to a Subject To transaction and I wrap/rent home, are there any tax benefits for her knowing her name will still be on underlying mortgage?

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Consider using "bird dogs" and pay them for leads if you're from out-of-state. You can find people using a simple Craigslist ad.

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I think Sean Terry's program or podcasts is a great place to start. Marketing for distressed properties and sellers is the foundation to REI. Learn the basics (I.e. How to find deals) and continue to learn different exit strategies from there.

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If there's enough equity, can I wholesale a home where the homeowner is behind three payments (no notice of foreclosure yet)? I'm assuming the buyer would have to include these payments into his or her cost estimate. Is it best to offer a "subject to" type transaction to the homeowner, catch up her payments, and assign/rent/wrap/etc if the home doesn't meat the common 70-75% ARV minus repairs? Tags: Dallas, Ft. Worth, DFW

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Originally posted by @Katherine Harrison:

Can anyone recommend a Real Estate Attorney in the Dallas/Plano/Richardson/Frisco area that specializes in residential Wraparounds?

Hi Katherine! Did you ever receive any feedback? What firm/attorney do you use for wraparounds?

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Your other option is to buy a SF home, live-in fix for a year, then rent/sell. I've done that twice now. On the hunt for a deep discounted multi-family unit to move into with the VA loan this summer.

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Originally posted by @Jay Hinrichs:

@Mark Creason I hear you.. but I would submit the experience level of your average commercial borrower and the average BP borrower who is trying to buy low value assets will be vastly different.. if your commercial borrower did not get a request to pay for those items then they would probably be skeptical.

Like all the unsolicited crap we.. get I have played with a few of them for fun.

you send one e mail back and they say you are approved for 5 million LOL.. no one does that as we know... but there are inexperienced folks that just don't really know better and they want desperately to be RE investor and they get sucked in.

I just close a loan with Lendinghome on a Dallas flip.. my first loan with someone other than my commercial bank in 20 years.. and they asked for I think 150 or 200 up front for a processing fee but they did their own evaluation on the collateral .. and of course I could check them out very easily they are in SF.

Its the dreamers that really get taken on these scams.. and in your world its the guy who has no money bad credit but somehow tied up some big project that goes shopping for big money.. they will get sucked into sending bigger due diligence fees and never getting funding. There has to be a reality check here as you state.

@Jay Hinrichs If you don't mind me asking, what were the terms of the loan from LendingHome?

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I'm not a large wholesaler, but I usually send out a good investment opportunity every two months below the average wholesale value here (77-82% of ARV seems to be going rate in DFW area). I'd be happy to add you to my list and send you opportunities that fit your criteria. What % of ARV are you looking for (minus repairs)? Any particular cities or zip codes you're looking into?

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Thank you for the responses. The home was built in 1979 off Pruitt Dr. in The Colony. The rental repairs are based on what the tenant would like to see repaired to improve their standard of living. If you were to replace the current tenant, then repairs may be $3-13k higher depending on how you like to stage your rentals.

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Thank you for the reply, gentleman. I understand the price isn't there for a flip. Looking for any feedback from buy/hold investors.

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All Forum Posts by: Mark Allen

Mark Allen has started 38 posts and replied 474 times.

Post: Tax Benefits for Subject To Sell-Side

Post: Driving for Dollars in Cleveland!

Post: Where do I start? Sean terry?

Post: Seller Behind on Payments - Typical Wholesale or Sub2 Assignment?

Post: Wraparounds (aka Executory Deeds)

Post: Leveraging VA loan

Post: Fake Lender: this guy is a fraud!

Post: Looking for Dallas Wholesalers.

Post: DFW Possible Wholesale

Post: DFW Possible Wholesale