All Forum Posts by: Ulises Ramirez

Thank you all for your help

Jameson Sullivan That's exactly what crossed my mind. Who would buy this house? Alexi Correa Hahaha I can visualize you yelling it out. WALK AWAY!!! Aaron Mazzrillo Damn!!! Those are some harsh words. Hahaha You got me again. That was funny. I noticed you said "too many moving parts". Does that mean it WAS possible? Thank you all for your advice. Best option... just walk away.

Hahaha. Oh man, that was great. Aaron Mazzrillo that was real funny. Thanks. Alright, so they owe in total with back payments 299k. Your formula to success is great however I'm trying to find out if I can help this person out. I want to know if there is a solution to their problem besides just letting the house go to Foreclosure. (I positively know they can't write a 30k check) The question would be... Can I perform a subject-to, assign the contract for 10% down & get the loan reinstated? (Although I might not make a profit) Is it possible or is there another solution I can provide?

Jason Hirko To be honest I don't know much about short sales so at this point I can't really agree or disagree but like you said it's worth asking. The value of the property hasn't dropped they bought it for 279k its worth about 300k & owe a total of 299k. The owner became sick. That was the reason why they fell behind. "Doom & Gloom" didn't understand it at first however you did great in explaining it. Thanks. What I would love to learn is what do you mean by "they are working me". How? I ask because I really am interested learning how someone can do that. You are right house is in pre foreclosure. That's almost what I was trying to do. I was going to get the property under contract Subject-to. Sell the contract for 10% down (30k). Reinstate the loan & keep 6k of profit. That would have been great! (I think) however What i really want to know is, is it's possible to structure the deal like this? (By the way they want 10k. No way I can get them that much. I think.) Like you said the others would just go buy any other house for sale at market value and not deal with this headache. I don't know who would bring 30k down & purchase the home at market value under a Subject-to. (Perhaps someone who didn't qualify for a loan but I will still be in the same situation) As for renting it out, it wouldn't be a really good idea because the rents around the area are between $1200-$1400. This property could easily rent for $1400 but the mortgage payment is $1800.

Jason Hirko that is correct. The only thing is that there is not much spread & I can't imagine who would want to purchase the property with a 10% down almost 30k. I see it kind of risky with not much profit because homeowners want some cash too but I'm not sure. Best advice I've gotten for multiple people is a Short Sale. Your thoughts?

Aaron Mazzrillo thanks for replying. Sorry for the late response. The property is worth 300k & they owe 299k. Is there anything we can do with these numbers? They said If they can't sell they might try to do a loan modification or just let it go. The best option that they have is a short sale. From what I was told by multiple people. What do you think?

Hi everyone I'm just starting my journey & need some guidance. I placed some signs out & received a call from a seller. They are behind $24,000 on their mortgage. They need to sell because they need to relocate. I understand there is no way I can wholesale this property however maybe I can get it under contract "Subject to the existing mortgage" & assign it to someone. For 10% down. I was thinking of reaching out to local agents who might have a buyer who couldn't qualify for financing. The 10% will take care of the default amount. Thoughts? Any one in So Cal area around San Bernardino? Thanks in advance.

Hi everyone I'm just starting my journey & need some guidance. I placed some signs out & received a call from a seller. They are behind $24,000 on their mortgage. They need to sell because they need to relocate. I understand there is no way I can wholesale this property however maybe I can get it under contract "Subject to the existing mortgage" & assign it to someone. For 10% down. I was thinking of reaching out to local agents who might have a buyer who couldn't qualify for financing. The 10% will take care of the default amount. Thoughts? Any one in So Cal area around San Bernardino? Thanks in advance.

Wow!!! Great community! Thank you all for your advice & for all of your future help I really do appreciate it. I look forward to getting to know all of this wonderful community & sharing my journey with all of you. 

Thanks again 

Hi there. My name is Ulises. I am new to real estate & real estate investing & when I say I'm new I mean... I'M COMPLETELY NEW. I am a commercial driver (truck driver) I run from West Coast to East Coast. California to Massachusetts. I live in Hesperia, CA. I am specifically looking into Wholesaling. I would love to network with other individuals around the area that understand creative real estate investing & other wholesalers as well. Adelanto, Hesperia, Apple Vally, Victorville, Oak Hills & the surrounding areas which also include San Bernardino, Rialto, Bloomington, Colton, Fontana, Ontario, Upland & Rancho Cucamonga. Most of the cities I mentioned are a few miles away from where I live about 5-50 miles away. That might be a lot but for me I would consider that my back yard. Hahaha.