All Forum Posts by: Ryan Herald

Commercial Loans. This is how you enter the world of commercial loans. The requirements are much easier. Also, as Josh added, smaller porfolio lenders are great.

As someone who also works in the school system, I am a little ashamed that I didn't think of that myself. That is a great idea, and thanks for sharing.

Thank you for sharing this Gino, I just had several deals fall through and have started lose motivation (silly, I know). I largely use seller financing to acquire single family homes. If you could withstand two years of constant rejection, I surely can withstand a couple of off weeks. Congratulations on your 675 units, I started a year ago and have finally made it into the double digits.

Do you have any secrets to finding your sellers that you would care to reveal?

Hi Ben, welcome to BP. Six properties in your first year is pretty ambitious. Do you already know which properties you will be going after or is that your end of the year goal? Best of luck!

For those who do subject to loans, can you offer any advice or experience for the following?

I have come a cross a few deals that I could not get due to not fully knowing the subject-to world. I thought that if I ever got a subject-to deal called on, I could extend the deadline for atleast a few months. Would the following plan work?

Month 0: I purchase a property via a land contract for a fraction of what it is worth and have a title agency do the closing.

Month 9 or 10: I have a deed recorded.

Month 12: I refinance through a lending institution.

Would a typical bank refinance in this scenario? I have talked to a few banks, and they said that they would want a warranty deed before doing a refinance. I wonder if this solution would lower my risk of a loan being called due, and meet the requirements of the lender doing the refinance. As always, thanks.

Hi Everyone,

Has anyone had any success with refinancing a land contract that has not been recorded? I have purchased properties up to this point that are free of liens and seller financed. I am trying to learn now about what methods I may have to approach multi-unit properties that have a pre-existing mortgage. I know many people do subject 2 purchases that are recorded with mixed success. I am wanting to know what experiences you have had with unrecorded LCs and have you been able to refinance through a bank?

Thank you