All Forum Posts by: Derek W.

sorry, looks like @Brian Huber and I posted at the same time. His is better. 

Right of Survivorship

The power of the successor or successors of a deceased individual to acquire the property of that individual uponhis or her death; a distinguishing feature of Joint tenancy.

lmao@Mark Freeman !!!

What he's politley trying to say is, it has dried up for those who were picking the low hanging fruit and failed to find the cheese when they moved it. 

it rarely works out well in the long run, but like @Bryan L. Said, sometimes when they get tax returns, or a settlement at work for workers comp they catch up. 

It's a different mind set, and sometimes you have to play in their backyard. I've been known to get a dirt bike, or a cell phone or free tatoos in lieu of back rent. 

I have an elderly handicapped lady who has rented from me for 12 years and is into me for over $10,000 by missing a little here and there. I've finally accepted that she is my tithing and I'm happier sleeping guilt free than being a little richer. 

Window certainly hasn't closed for me or any of the other 100+ members still actively flipping...

Great thread!

I've a few examples I can share. My first rental I ever bought was a sub2. I assumed a $74,000 loan at 7.2% with 17 years left on it $502.30 month payments. The house rented for $550 month (I know, I'm a genius! Almost $50 a month positive cash flow, I thought back then. Didn't yet know about taxes, insurance, vacancies, repairs, stupid factor, etc [yes, stupid factor is an expense]) About once a year the seller/original borrower asked me when I was going to pay back the loan. Confused by the question, I would answer "I dunno...maybe when I get a raise at work?" There was never an agreement in place, so it was always kind of awkward. Being honest, I kind of stopped taking his calls after a few years. I never missed a payment. A few years back, I sent the last payment in and now it's free and clear. (Also rents for $1,350 now!!!)

Another sub2 example:

Later with a little more experience, I had a written agreement that I would refi or pay off the existing loan after 5 years. Everything went smooth for 3 years. Then he started texting me asking me if I could please pay off the loan. Seller/original borrower borrowed the money from his dad in year three and paid off the loan and we wrote new docs for a seller carry agreement. Not sure what event happened in his life, but he suddenly needed the loan gone. When he called and asked if I could please pay it off. I told him I'd work on it, but he found a solution sooner. I was happy, I got better terms on the seller carry and didn't have to worry about a due on sale ever being called.

Another example:

Needing a primary (well, second home) I started searching for a good no money down house. I found a cool house in the woods for sale on the MLS through a realtor. Seller had received a job transfer across the country and needed to sell so he could qualify for a new loan. House was very slightly upside down, but i liked his loan and the monthly payment amount. Working with a mortgage broker, we were able to sell his house to me sub2 and have the underwriter approve the transaction so he was no longer obligated for the debt and he qualified for a new loan and was able to buy in his new home town. I'm still making the payments on this sub2 4 years later. I've never heard from seller since we closed.

The OP @Uriel Gonzalez is in California. LLCs are pretty expensive in California if you plan to set up a new one each time you want to sell. For that reason alone it's not your best bet. 

I would start at your local building department to see if they would even allow for the zoning change that would be needed. Looking at anything else first may be a waste of time if your local rule makers won't allow the change.

I talk to a lot of people every week from my direct mail campaign. If I told any of the callers that I was going to put their house under contract and then try to find a real buyer who could close on it and I was going to make a profit from that, every one of them would hang up on me. They need someone to help them solve their problems, not make a quick buck by scamming them (which, understand, is what it sounds like to them). Don't say anything about you or your strategy. Listen to them and hear their needs. Then make an appointment to see the house and after seeing the house write them an offer.

did you take up 

@Account Closed on her offer to search title? She has been super helpful to me in the past.