All Forum Posts by: Rocky V.

Run away from this deal.  The only one winning on this is the Seller. 

It just depends on the cost.  If it's a couple 100 then I would do it.  I have placed a tarp over an open roof on a property (to minimize any further damage) and have also done some yard work before closing.  I also know my lender and would not do anything if I was not 100% sure that I was going to close on home.  I would not advise on anything serious though, and do keep in mind it is a violation of the contract.

Agree with Joe.  You really need to up the pay if you are looking for a reliable maintenance technician or consider paying a vehicle allowance, cell phone and fuel cost. 

I would consider a wrap around note and in a couple years you refi and pay him off. Definitely agree with Jerry on the 5 year balloon.

Welcome aboard Russell. Sub2 investing is complicated but can be very profitable. Best of luck.

Welcome aboard Bradley. Good to see another fellow DFW investor on the forum.

I'd recommend lonestarlandlaw.com. I used them for a series LLC formation. You may consider doing an LLC formation yourself

I would recommend using a Land Trust to hold the properties and possibly an LLC to manage or just a simple DBA when getting started.

I take fully educated risk. I don't believe in overleveraging and the one key factor when purchasing a rental property in my opinion is cash flow. I invest in DFW and while some of my homes decreased in value (at least on paper) rents kept on climbing.

Essentially that is how it works but I strongly recommend searching this forum and doing a lot more homework before offering it to a client. The majority of wholesalers that offer "subject to" take a fee of a couple thousand. Strongly agree with JonH in the fact that you should have cash reserves before attempting.