All Forum Posts by: Bryan Rodriguez

Thank you for your mentorship, Elizabeth. Indeed, I plan on utilizing the 1031 exchange option when I sale the quadplex. When that time comes, may I reach out to you for some guidance? 

@Kevin Armstead -We are able to "potentially flip" the property because of appreciation and the value have added to the property. This has not been executed because we are holding on to the property to recover our initial losses and avoid a higher capital gains tax. When we do sale, I will post about the transaction summary. 

Greetings, 

My partner and I are in need of referrals to find a Foundation and or Structural Engineer contract, who is experience within Colorado Springs? 

If possible, could anyone provide insight on Colorado Springs Foundation Repairs, particularly within the Palmer Park/UCCS Area? 

Thank you for your time and looking forward in connecting with you! 

Thank you so much for all your feedback! Honestly, we ended up purchasing the property, rehabbing strategically, increasing the rents and luckily, the property has appreciated substaintailly, allowing for us to potentially "flip" the quadplex! Yet, we did experience vacancies and major repairs. If it was not for the great location that Austin, Texas is…it would probably be a different story. 

Greetings, We are in need of a referral(s) for competent Property Management Companies in the Metro Atlanta Area, who effectively work well with investors. Thank you!

Greetings, We are in need of a referral for RE Lawyers in the Gwinnett County/Metro Atlanta Area, who effectively work well with investors and are competent with Real Estate Contracts (i.e Lease Agreements, Seller's Finance, etc). Thank you!

Lamar, count us in!! 512-944-7900 [email protected]

First and foremost, thank you to everyone who replied, especially, @Brandon Turner and @Karen Rittenhouse . Mrs. Rittenhouse, the Podcast was amazing and your website is very informative. Congratulations on your success! Hopefully, my wife and I can be just as successful.

From my understanding, it appears a strategy, which is essentially utilized to provide financial freedom to a homeowner, who is on the verge of credit turmoil, is only acceptable in the lender's eyes, during times not lucrative for them. I ask myself, minus the assumable loans, where is the enforcer, who enforces the standard for every lender. If there is a right, then one should enforce it, because it was set for a legitimate reason.

Based off the guidance, "Its better to asks for forgiveness, than to ask for approval." Find the right attorney that is comfortable in defending the strategy. Negotiate and legitimize with lenders on the importance of maintaing a performing asset. Be prepared for the worst, by ensuring the seller is able to receive the title back and save the asset.

I definitely will take a more cautious approach in entering this strategy. Just like Mrs. Rittenhouse mentioned, "In fact, we've stopped buying this way unless we're planning to renovate and flip the property. No longer doing it for holds", seems to be the most effective application, because you will be able to quickly pay off the mortgage after the sale, migitaging the risk due on sale caluse.

P.S. BiggerPockets is THE BOMB. Ideas: BiggerPockets needs to come out with a quarterly or monthly magazine. BP needs to open up a consulting firms. BP needs to conduct an international edition (i.e Europe).

Mr. Gulley, thank you for responding. Can you provide a link to your examples? So the lender will actually call the entire mortgage note, even though the mortgage is performing? If so, what are the conditions ( ie how long to pay in full?, Consequences in not paying the note?) Also, can't the assignee just do a WRAP to pay it in full?

BP Fellows, When utilizing the Assignment of Mortgage Payments (AMP) or Subject To strategies, is it realistic that a Lender will call the note? If so, can someone provide a testimonial about it. In addition, if a Lender does call the note then can the Buyer just refinance with a WRAP Mortgage? Please, elaborate and add whatever respective comments to further understand the application of the AMP and Subject To strategies. Thank you!