All Forum Posts by: Wendy Patton

@Lily Wang  yes some would allow that - the meeting is on my footer - Michigan Real Estate Investors -  no there are no slides to share -  and if they are not licensed, I would be leary. I think you do need to be licensed.  I think.

@Lily Wang bummer we just had this topic last month at our group meeting - Yes they are renting from you at market rent because they are doing the group home - not you.  No you don't need a commercial lease but you will want them to sign as their company name and personally - also they are the ones to get the better insurance and name you as the additional insured.  No there is not a max for a group home  normally.  Do call your city to come that your home address is okay for this - but likely the potential renter has already checked that out and knows what they need to know to make it happen.  Reach out if i wasn't clear on these answers 

@Jimmy Rojas let me know if i can help you in any way after reading the article - i have a book on the topic as well but i will gladly help you 

yes @Brian Caudill

Hey @Taylor Dasch my kw office is kw Advantage too in MI.  I would love to help you with Sub To - i have done interviews with Gary Keller and Jay Papasan on Lease Options and Sub Tos - Gary also endorsed my book on that subject.   

@Dan Deng the good news is that profit is TAX FREE since you lived in it over 2 of the last 5 years - however that rate is very good and although there is not a lot of cash flow if you rent it - there is likely a ton of principle going towards the mortgage balance.  Hmmmmm you need to do the math to see what works better, but if i were you I would sell it unless you wanted to move back in it one day.  

Wow well this one is pretty hard - most brokerages do not allow PM in their brokerage for the liability and management aspect.  It's the number 1 reason brokers get sued.  With that said i would recommend a PM company that allows you to still sell. Now will they let you do your own PM?  probably not but you can learn how to run a PM company and maybe one day when you quality to be a broker in MI you can do your own PM company.  How long have you been licensed?  I have owned brokerages in 4 states and have owned a PM company. I have owned a brokerage that allowed PM and the others 3 didn't.   Let me know if i can help in anyway.  

@Shontaniyah Butler as an investor (with lots of sub to experience) and a real estate broker - i will share with you that VERY VERY few agents will work with you for sub to and they shouldn't.  They are representing the seller.  With the nature of a subject to and the seller losing their control with the mortgage still in their name, they should never recommend that (unless they have other protections for the seller that are beyond this text)  for the most part unless you find someone who doesn't know what they are doing and their broker doesn't catch it, don't waste your time on find those deals from agents.  My best sub to deals come from wholesalers. 

@Nicholas Glatter I will gladly help you if you have any questions.  My first questions are how much do they owe and what price did you agree to?  Are they expecting that difference in cash at closing or can you leave it as a loan to the seller for a payoff later?  What are the terms of the mortgage? (interest rate, how many years have they paid it, etc)