All Forum Posts by: Troy Michaels

When wholesaling a subject to deal, are you assigning your subject to deed for a fee before putting a tenant in the property? are you finding the deal, then selling your lead? exactly, what is the basic process of wholesaling a subject to deal. ive heard that people do it.

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Originally posted by motiv8td:

As opposed to my good friend Stephani who I think ROCKS!! and along the lines of what J-dizzle said (who also ROCKS!! even though he never gets back to you when you invite him to go fishing at Grand lake in Oklahoma LOL!!)

wholesaling to owner occupants is a super cool and really easy thing to do. Like James was saying I do that a lot. I think a lot of people do the same thing with lease/options and I think they call it 'co-op'

I won't shamelessly plug a certain website that is being launched at the end of this month that can be found in my profile or in my status that is easily seen in my signature but from what I hear you can pick that product being sold for a lot less than $600 and you won't even have to worry about being upsold the entire time.

It's real simple, Sub a seller and then assign that contract to a retail buyer and take their down payment as your assignment. Obviously there is a little more to it than that but that is the gist of it.

Laterz

could you private message me with more details on getting subject 2 deals to owner occupant buyers? (how to get sellers to go this route, insurance, etc.) i think this is a good tool, especially if you are having a hard time building a cash buyers list.

0 Votes

Originally posted by Mr_Investor:

The only thing I can think of is flipping a subject 2 to an OOB in which case the OOB would take over the payments from the home owner.

thats kinda what i was thinking also, which, again, i dont need a 600 book to tell me that, lol. is OOB a owner, occupant?

on a side note, are investors still doing subject 2s?

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no more details. hard money is still financing (cash). the spam was advertising for a book which tells you. im not paying $600 for a book that has a strategy that most likely can be explained in one sentence, lol.

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got a spam email from somebody yesterday. they were talking about how you can make money wholesaling to noncash buyers (buyers who dont have cash or financing). HOW in the world is this possible?

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I see why wholesalers HATE reos. lol. i have a reo under contract, the broker going behind my back making counteroffers on earnest money and closings without my consent. the original offer, i was mislead by the broker that the bank wanted a fast closing ( the broker wanted a fast closing). what i learned is YOU have to take control of the deal from the broker and if they dont budge, keep it stepping.

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I need a example purchase contract i can use. I prefer Georgia, but a generic one that can be used anywhere would suffice, thanx.

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Originally posted by Mark Hall:

Originally posted by Troy Michaels:

Originally posted by J Scott:

Troy -

Either your agent's broker, the bank or the title company will be required to hold the earnest money in escrow, as that's what's stated in the contract, and legally the broker(s) must abide by that contract.

Often, for REOs, you'll be required to submit a certified check as opposed to a personal check, but in some cases they may accept a personal check.

Regardless, they *will* deposit the funds with the broker or the title company, so be prepared to have the cash available.

check this out, i reread my contract and it said the money must be deposited into their escrow account within 5 days of the contract binding agreement date. well, i looked up the binding date on the contract and it was submitted BLANK back to the bank by the agent without that date filled out. lol, so, i GUESS i could go ahead with the copy and when they let me know the agreement is binding, submit the funds???? ( see, i got a verbal acceptance from the bank which they emailed. that date was May 21. the agent submitted the contract itself on the 22 without the required copy of the earnest money check. she said she will send in a photocopy tuesday. the binding date must be the date that the bank firmly accepts the offer in writing?????)

Most states have laws about realtors handling earnest money - In my state, when the contract is accepted, it has to be deposited in escrow or the brokers trust account "ASAP", which is commonly understood to mean the next business day.

A copy of a check won't do it, the escrow company needs the real thing.

i think u didnt read all my responses, my CONTRACT says the earnest money is deposited within 5 days of the binding agreement, not up front, but the bank does want a COPY of it submitted with the offer.

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Originally posted by J Scott:

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check this out, the realtor sent the offer out to the bank WITHOUT a copy of the earnest money check. (the bank just wants a copy of the check made out to the realtor.) ok, i read where a guy, when he makes a offer, submits a COPY of a blank earnest money check with his signature and has the realtor fill in the realtor's name and sends that in. soo, since the bank in my case wants a copy, i wonder how the realtor would react to me bringing them a COPY of the earnest money check made out to them that they send in to the bank? i see no reason to deposit the real check with the bank if i dont have to, gives them too much control if i have to back out for any legit reason later.

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All Forum Posts by: Troy Michaels

Troy Michaels has started 38 posts and replied 113 times.

Post: WHOLESALING SUBJECT TO DEALS

Post: Can you wholesale to noncash buyers?

Post: Can you wholesale to noncash buyers?

Post: Can you wholesale to noncash buyers?

Post: Can you wholesale to noncash buyers?

Post: REO realtor problems

Post: Need example offer contract

Post: URGENT EARNEST MONEY QUESTION

Post: URGENT EARNEST MONEY QUESTION

Post: URGENT EARNEST MONEY QUESTION