All Forum Posts by: Phil Z.

4 bedrooms sounds like a little much for a 1200sqft home. 3 bed / 1.5 bath with a 2 car garage sounds pretty ideal to me.

Hi Wilson,

Luxury Agents in California do regularly market to buyers in China. Just as you said, their is an economic boom and they see the USA housing crisis as a good investment.

I would be very very careful doing Subject To (without lender approval) in this market. Almost every government agency is sending out warnings that anyone who asks you to sign over title is a SCAM ARTIST.

The original Subject To system (as I know it), was based on buying foreclosures that had some equity. You would agree to bring the loan current and continue to make payments, but the owner would have to sign over title to the investor. Lenders can call the note due in full upon transfer, but they rarely do if they are receiving payments. The investor would then fix up the property without requiring a downpayment or closing costs and resell the property to pay off the loan and make a profit.

HERES WHERE THE TROUBLE LAYS: Scam artists claiming to be investors would offer this to sellers , however, they would then rent the property, keep the rent, and never make a single payment .. sending the house into foreclosure.

Don't you have to pay someone to be the trustee?

If you are talking about pooling money, then you need to file extensive paperwork with SEC.

The easiest way to get investor money (non banks) is from friends/family/business accossiates (i.e. no advertising) and you only have to file a few basic forms with SEC.

Let me know how it works out. My first thought is that it is not targeted enough.. but hey, it's free right!

How does this help you any vs deeding all the properties in the name of the same LLC? ;)

As for the original poster. I would definitely take title in an LLC even if that means you need to get a non Fannie/Freddie loan. Try going to a mortgage broker instead of directly through a bank. Banks are much tougher and have very limited options. If you transfer title to an LLC your note can be 'called' for full payment and subject to foreclosure.

Common.. it should be corrected within 1-4 months and you can probably still put it under contract.

Wholesale and Flip marketing is generally the same. I would try to wholesale anything that can be wholesaled.

Banks use trusts all the time, as well as living home owners, and even some investors (an old guru privacy 'trick')

If your looking for deceased homeowners, maybe you should check for probate records ;)