All Forum Posts by: Wes Eaves

@Roger Santana welcome to BP. Lots of good resources...especially the podcasts. I'm in Brandon and have been contemplating starting up a meet up in the area. Look forward to connecting with like minded individuals.

@Phil B. You would probably have an easier time assigning this contract and getting a wholesale fee if it is subject to the existing mortgage rather than an all cash deal. It would allow an investor to control a property for very little out of pocket. That is appealing to a lot of investors!

@Phil B. Subject to is simply you buying the house subject to the seller's existing mortgage. You essentially pay his mortgage but it stays in his name.

What are the PITI payments for the existing mortgage?

I'm in Tampa too and happy to help. PM me to chat.

This is good advice!

@David Krulac Correct…I should have been more specific in the post.

@Josh Jacobsen Not if I want to stay married…ha ha!

I appreciate everyone's input from the BP community.

@Jay C. I'm fortunate that it is not a large loss each month, so I'm planning on holding it until it is paid off. Thanks for the advice.

@Henry M. I'm definitely not a CPA either but from my understanding you can't count your mortgage as an expense, therefore it is not a loss according to the IRS. I claim the total yearly rents as income and then I'm taxed on top of that :) It still beats other forms of investing, IMO, so I'm not too discouraged.

I was just trying to find out if I should be doing something different than what I am, but it seems like I'm on the right track!

@Kevin Cook Thanks for the advice as well as everyone else's input.

@Annette Hibbler I would definitely have to disagree about the Tampa market.

@Karina Ramos Welcome. I'm in Brandon as well. You are pretty spot on regarding how Wholesalers are viewed here. There are some know it all flippers that think that just because it doesn't fit their criteria that the wholesalers are doing it wrong. I think it is kind of funny that a new BPer already noticed this...must be some truth to it then :). I would venture to say that there are just as many flippers that are doing it wrong too. You'll learn pretty quickly who has value to add and will be helpful and who just likes to have a high post count!

Definitely network and take action. I would encourage you to meet with people in the area that are active investors and learn from them. There are also some great podcasts here that are excellent resources.

Best of luck!

No credit check required, no qualifying, no down payment…similar to the same reasons seller financing is appealing.