Don’t Spend for a House Needing Work When Buying Subject-to!

Success in a real estate business depends on good transactional
engineering. You must be able to handle any seller situation and
choose the best exit strategy. Whenever you buy a house
subject-to that needs a lot of work, don’t ever hand out money.
The only time we consider doing so is when you want to help the
seller move out of the house!


In this episode, learn how to approach sellers who: have private
loans, are behind on payments and are in foreclosure, and those
who want cash to cover the work that needs to be done in their
house.


Hear how to buy a subject-to in bankruptcy. Discover how to
approach banks in regard to the reinstatement of loans for
prospects with homes in foreclosure. We discuss how to buy as-is
on terms and sell on terms. Be aware of the risks and
responsibilities of trustees on land trusts.


Finally, gain skills on how to do settings and action plans in
Mojo to follow up with leads.


Mentioned Resources:


Propstream

Zillow

Mojo

1800gotjunk

Ron LeGrand

Craigslist

InvestorTitletoolbox



In this episode we covered:


00:00:00 – Start-up and market update

00:04:06 – How to buy a subject-to in bankruptcy converted
from chapter 13 to chapter 7

00:08:00 – How to approach a seller with a USDA loan, $30K
behind on payments


00:10:44 – How to transition into a lease-option when
seller doesn’t want to do a subject-to

00:12:29 – Whether deferring or re-amortizing a loan is
contingent in pre-foreclosures and about having pushbacks with
the gatekeepers of loan processors


00:16:20 – How to approach a seller in pre-foreclosure
that wants to sell for what they owe and owe $60K


00:19:21 – About a wholesale deal out-of-state: how to
market two houses on a property when one has somebody living in
it and the other is full of junk.

00:27:00 – Settings and action plans in Mojo to follow up
with leads

00:31:13 – A deal in which seller is asking for $265K, has a
mortgage of $135K, and according to Propstream has two liens
totaling $12K

00:38:00 – A client’s words of wisdom

00:42:08 – About Propstream

00:43:06 – A client’s successful way to approach banks in
regards to reinstatement of loans for prospects with homes in
foreclosure

00:47:25 – About an LLC with rentals in it under the same
loan; whether if a commercial lender is more prone to call the
loan due than a private lender

00:50:22 – A seller concerned if they can lease out on a VA
loan

00:51:11 – Update on client’s ten-packet cash deal

00:58:23 – About a client buying as-is on terms and selling
on terms

01:12:44 – How to approach a seller concerned about the sale
of their house, with subject-to and a carryback, affecting their
income qualification; they want cash for their house that needs
work and has black mold

01:20:10 – About another client with a similar situation
previous one

01:22:57 – Most effective way to get script info out of
people responding to ads

01:23:58 – Risks and responsibilities of trustees on land
trusts

01:25:01 – A client working out strategies to make his CRM
system get lots of leads coming in

01:29:27 –Jeff’s insight about negotiating back to sellers
with subject-to as far as what is owed and lenders being more
flexible with terms in regards to houses in forbearance and a
large short-sale market

01:32:11 – Wrap-up



About Blair:


Blair is the founder and creator of Dealbot, a motivated seller
lead generation company. He has managed nearly $2mm in marketing
spend and generated over 100,000 motivated seller leads. He also
buys and sells houses himself in the Winston-Salem and Charlotte,
NC markets. In the past year, he has acquired nearly $3mm in cash
flowing rental properties with zero money out of his pocket.


Multimedia:


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Facebook



Thank you for listening!