All Forum Posts by: Jay Phillips

@Account Closed  Thank you very much Ken for that advice.  I am handing this over to a lawyer to straighten it all out.  

Hello BP Family,

Hope all is well. I have a guy that is looking to unload his Florida condo ASAP. He owes about $200k on a VA loan with the condo worth about $280k (fixed up-it needs work) and he really only needs about $40k to keep him very happy. I am wondering if there is a clever way for me to buy it from him or take over payments? He is in assisted living right now that I paid for because he has no other family that is living so he is not going to get another loan. I really want to help this guy out! Can anyone give me any outside of the box guidance on this one? Can I exercise a Subject To? My wife and I are currently in between houses so we could claim to rent it in order to show the bank that he is relieved of the financial burden and I really do not want to use our credit right now b/c we have other properties we are looking at. Also I hate to bring it up but I have to...what happens if he passes?

Thank you Jeff!  I just want to structure it properly so all parties get their fair share.  Hopefully we can do some business together.

I am a Licensed Realtor in the state of Florida, St. Petersburg to be more precise. I have had massive success with working with a handful of cash investors. It is now time to build a team! I have a great friend of mine, who is one of the investors, that would like to start a Corp. or LLC. I have everyone else lined up as far as a lender, title company, attorney, contractors and a huge amount of leads. My question is if I were to go into business with my friend/investor how would we pay ourselves? Being licensed I will get paid a commission on the buy or the sell or both in some cases and he will get paid by buying low and selling high on the homes that I find him. Legally I can't pay him out of my commission in Fl but he is willing to give me a portion of the profit when a home is bought and sold using his money. I am part of a brokerage as well so I have to abide by their rules and take into account the money that I have to pay in there also. I have a feeling I am overthinking this but I would like any advise that one might give. Thank you

Hey Jefson,  welcome to BP!  You will learn a ton of valuable info here.  I hold my real estate license in St Petersburg Fl.  Let me know if I can help you out in anyway.  Good luck!

Hi Shane, My wife and I just moved to St Petersburg last June and are from Long Lake Il! I know you will be quite a distance from me but I can still send you MLS listings via email for your search in your desired area. If you find something I can then have a colleague show you the property. I hold my real estate license at Keller Williams. Good luck!

Hi Adam, Welcome to BP! I hold my real estate license in downtown St Petersburg and I focus mostly on investor friendly properties. Please let me know if I can help out in anyway! Good luck

Hi Dan,  welcome to BP!  I currently reside in St Petersburg Fl and hold my Real Estate license.  If I can ever help in anyway please let me know. 

My name is Jay and I am new to BP!  I seem to learn something new everyday from this sites endless supply of knowledge.  I have my real estate license and work mostly out of the HOT market of St. Petersburg Florida.  I at this point would like to work with Investors due to the market that surrounds me in the St. Pete, Tampa area! If anyone needs anything down my way please do not hesitate to contact me through BP.  Thanks and I look forward to hearing from you!