If you contact the seller the first day that the Substitute trustee document is filed then there’s a chance the person may not even know that the bank has begun the formal process although he should have been getting letters for a few months warning of this. How would you handle a cold call to someone like this.
When people do a Sub2. using a trust they usually send a letter to the bank informing them that the home will be put in a trust. Since you’re putting the home into an LLC do you send anything notifying the bank of this or just send them the POA and let me figure it out on their own.
I’m assuming that the Deed of Trust to secure performance is recorded at the courthouse. If this is the case can I get a copy of one of yours since it’s a public document. If not and it is a public document can you give me an address of a house that I could go on the Texas register of deeds web page and look at one?
When buying a property sub 2 to keep for a rental, what do I do insurance wise? Do I get added to the sellers insurance or do I get my own insurance? also she is going to auction at the end of this month and she did not pay her insurance.
What’s the longest period of time that you have just added your name to the existing insurance policy? Is there someone you recommend for getting insurance?
I made a mistake with a Seller. I signed a contract with a 15 day Close date and then the Seller said she wanted to take the paperwork to her attorney. I allowed that. Unfortunately, the attorney talked her out of selling to me and I didn’t have a “this contract is void after x days” in the Special Provisions. What are my liabilities if the Seller signed and handed the contract to me with too few days to act? What if she signed it after the Close date and told me to preform? (I had no option period as I had every intention to buy the house.)
What disclosures do you have for your end buyers on a wrap you have acquired sub 2? Explaining due on sale..loan still in original sellers name.. etc.
If you were going to buy a house sub to, and it’s got no equity, besides 10k and its physically distressed, would you still do it? how do repairs affect buying it Sub-To, still a good idea?
What if you need 90 day to find a wrap buy to fund the sell? How do you pitch that when you don’t have $15k+ to fund the sell?
When you connect a Private Note Lender to a person whom you are not in partnership via a JV, how do you take your cut as the person who connected the two together?
When do you get the seller to sign the POA?
If a house needs rehab, at what point does the rehab process start? After you’ve closed with your end buyer or within the option period? Isn’t it risky to spend money during option period in case the deal does not go through.
On a free and clear wrap deal what amount of repairs do you draw the line at when deciding weather to rehab and sell on owner financing or just wrap and sell as-is?
In the “backing into the deal” video why must we back out taxes and insurance if the end buyer is going to pay for these? Must be something simple I’m missing.