All Forum Posts by: Will Pham

Quote from @Bryant Brislin:

Escrow knows that any monetary encumbrances on title get paid off through the closing, and that's required, unless a buyer says they are willing to take title subject to any of those.  

Thanks so much!  This is very helpful.  

Sorry if this is a dumb question but I'm trying to see the implications of a property that has an existing mortgage on it. 

So hypothetically if there was a property that had the following attributes:

ARV = $500,000
70% "rule" = $150,000
Repairs = $25,000
Wholesale Fee = $10,000
MOA = $315,000 

I know there are other variables to consider like Fixed Costs, etc., but my main question is if an existing mortgage affects the numbers at all. 

Also, my other question is what if there's an existing mortgage on the property and what happens if the seller doesn't use the funds to pay that mortgage off?   Can the wholesaler or eventual buyer be on the hook for that mortgage?

Thanks for any help! 

I'm trying to compile a list from AgentPro247 and was wondering if you filter out properties that are owned by LLCs, as they are most likely other investors, whereby it may be more difficult to get a reasonable price on the home that would allow for wholesaling.  

I feel like other investors are more aware of the market and would therefore just flip the property themselves whereas individuals are more likely to fit the mold of the motivated seller.  

Any thoughts would be appreciated.  

Thanks! 

Thanks @Brian Vaughan and @Alex Deacon!    I'll take your advice to heart. 

Thanks Brian.  That's kinda what I was thinking.   

I'm going to my first foreclosure auction today to network with potential investors and cash buyers and my question is whether or not I should present myself as a wholesaler.  I've heard that the term has negative implications but I've also heard that it doesn't matter to investors, as they are aware of the role that the wholesaler plays. 

Thanks so much @Moises Mari !   I'll look into them.  

I appreciate all of the feedback!   Thanks everyone!

Thanks @Bill Rich, @Jennifer Petrillo and @Jonathan Curcio! I'll definitely look into them.   

I'm asking because I've been listening to some BP podcasts and it seems like there have been scenarios where the Seller and Cash End Buyer strike up a side deal when your contract with the Seller expires.   I was just curious as to certain things to look out for to limit my chances of getting screwed over and if any of you have experiences like this to share. 

Thanks!

Will

Thanks Jessica!  

Thanks Tom!