All Forum Posts by: Sid Siddiqui

Hello, 

My name is Sid, I'm a cash buyer whom has access to private money and looking to buy 2 properties every month this year. Please contact me if you have a property that is available at a discounted price. Since I mainly like to flip the properties, so the number have to work otherwise we will be wasting each others time. Below are some of my high-level requirements. 

Purchase Price between 50K - 150K 

Requirements - 3/2/2 and above 

No swimming pools preferred 

Ideal Areas - All over DFW metroplex, we are heavily invested in the Fort Worth market and continue to develop our business in Mid-cities i.e. (Arlington, Euless, Bedford, NRH, Fort Worth, Keller) as well as Carrolton , Irving, Grand Prairie, Richardson, Plano etc. etc.

Thank you. 

Please email us at [email protected] 

www.wscapitalusa.com

Phone: 972 755 9721 

Sid

@Grant Kemp  This is a wealth of information you have provided and you actually made it so simple to understand for a newbie like myself. Yes indeed, I have an experience attorney handling the transaction, just had to figure out the insurance part and now I got this! I'm closing on this afternoon with the buyer, they have agreed to bring the 1 year insurance to replace the existing.

Please do let me know if you have time available to meet for a coffee or a beer. It's on me :-) 

@Jerry Puckett  Same applies to you. 

Really really do appreciate you guys! 

Thanks! 

Sid

@Jerry Puckett Thank you for direction. Appreciate your help!

Hello All, 

Seeking some experts advice. I have searched through the bigger pockets forms and pod casts and really have not found the answer that I'm looking for. I recently did a subject-to deal and now I'm in the middle of wrap around the existing note and owner finance the property. My questions is that I'm currently making the mortgage payments on the first note for couple of months that already has an escrow account under the seller's name of course and now that I have buyer for the property, I would like to setup an escrow account to make sure I collect the taxes and also ensure the property is insured. My attorney just called and said I'm not able to setup an escrow account on top of existing escrow. My buyer wants to pay monthly payment including PITI so they don't have to go out and get a separate insurance and make another payment. How do I secure my asset if in case it burn down tomorrow. If I call the bank and try to cancel the existing insurance policy on the first note, they probably will not like that, and I'm afraid of the due on sale clause. I'm little bit stuck here and need help?

I'm sure as a real estate investor, someone has done the transaction where you take the property subject to and then sell it with owner finance with a wrap? In simple words how do you handle the escrow?

Thanks!

@Joe Kim Welcome to BP, what areas are you looking to invest in?

Welcome to BP @Bill T. 

Welcome to BP @Jason Brenizer 

@James Vermillion Great post man! and I strong agree with all of your four points that you have mentioned. Especially stressing upon #3, know your deal and numbers inside and out and ready to prove it! I would go a little bit step further and say if you are a beginner, work really hard on your first deal with sincerity, maintain good relationship with your contractors, pay attention to every single little thing on your rehab and keep your investor updated with good and/or bad news. End of the day your private lender will see that you can delivery! Be honest. I have started with 1 private lender on my first deal with only $50K and now I have raised over $300k in private money! I still consider myself a newbie and this is what I tell my partners as well :-) - There's a tons of learning and ways to go about in real estate business.

@J Scott Since I'm still new to BP community - Thank you so much for the list, and I have yet to do partnership with members of BP but there seems to be lots of opportunity to grow in every aspect of real estate business. I'm glad I'm here!

Cheers!

@Dan Costantino 27K on a first flip is darn good deal, you are doing great! I started out as a wholesaler and when I did my first flip. I just made 11K. Now I only touch the deals that are over 20K profit!

I mostly agree with you on the contractor issues initially but over the time when you do find a good contractor, keep him busy and they will love you! I now have a contractor working full time for me, I don't even have to go on-site. He sends me weekly updates with pictures on the progress and so far every project has been on track!

Keep up the good work.

Cheers!

@Chris Elliott I do put my website on the yellow letters when targeting the absentee owner lists just because of the idea that the individual if not interesting selling his rental today might just go out and check my website and put in his favorites for future reference when he's ready. I did get couple of leads from my website and the response to the question when asked how did you hear about us? Letter in the mail.