All Forum Posts by: Pete Storseth

@Dustin Mathenia

Ok so mitch stephen was once on BP and left because people were giving him a berading on his threads.

I know his system works, and I'm not trying to be a multimillionaire by using his strategy, but I really really want to do at least two deals.

Question is, if he buys a preforeclosure with cash, I could buy one via subject to without a private money lender like he does. But if I do, how do I know the house wont still go to auction?

@Jerel Ehlert

My question was about the legal difference between the two.

I know lease options are too complicated and sandwich leases (which seem to be a perverted version of a wrap) are illegal, but since a wrap IS legal, why?

How is it that I can still buy a house with a contract (which I'd need an attorney to help me with regardless) and sell it seller finance and collect money?

In other words, I'll need a lawyer to council me to make sure in doing a wrap, I dont break whatever law there is against sandwich leases. Make sense?

@Mitch Stephen

I live in Houston and need an attorney that's savvy with these strategies. Can you refer one?

@Rick Pozos

Great point. I could educate myself on this stuff. But using his course as a resource to do so sounds good for the price he offers.

@Jairus King

When you purchased his course, is it pretty helpful on the legal side? I'm itching to do these kind of deals, but the legal side holds me back. I would consult an attorney, but I need to find one first, duh.

@Trevor Aydelott

Saw the property, bad area. Weird floor plan, but the numbers work, IF I had the money. Too far for me to tackle fir the first deal, all units rented, so no FHA loan. Though the numbers work, it's not much cash flow, and though the units are recently updated, the capex/repair budget would sink any hopes for significant ROI.

Great practice though and it led me to driving for dollars.

@Rick Pozos

I understand that on a basic level. But besides a retired uncle who doesn't really believe in these deals, I dont know where to look for a lawyer in this area of expertise.

@Mark Sewell

Yep. Those are all in my queue. I've watched that channel a bit, and I've been to that site before. Thanks

@Dustin Mathenia

Indeed

@Dustin Mathenia

Yeah I am gonna do that.

Do you know if it's possible to start off with fha loan, live for a year, rent out and refinance with lender that knows what I'm going to owner finance, then owner finance/wrap around to the tenant using a RMLO, and then repeat?

It's sort of BRRRR, but more like:

BUY,REHAB,RENT,REFI,OWNER FINANCE,REPEAT?