Today more than ever is an excellent opportunity for transactional engineers to buy subject-to. There are many exit strategies to work your deals, but today’s focus is on fixing and selling. Buy a house for as little as possible, make small fixes, and then sell. These could be starter homes, which are experiencing high demand. These deals don’t demand much work, and the houses sell quickly!
In this episode, hear about three deals Blair and Jeff are working on with different exit strategies. Learn how to buy subject-to, fix and flip, and how to get an $80K payday just for writing out a check to bring a loan current. Discover the difference between finding a buyer for a house versus finding a house for a buyer.
Finally, hear how wholesaling works in Illinois, how to deal with wrecked houses that have been rejected for short sales, how to deal with eviction processes and LLCs in Iowa, and the importance of having rental comps when doing terms.
00:04:36 – How to structure a deal in which a seller has their three-bedroom house listed with an agent for $119k, getting $2k a month, will take $110 and doesn’t want terms
00:10:25 – About wholesaling in Illinois
00:11:16 – How to approach a deal in which seller is selling their house in Texas for $50K, there is nothing owed, seller is willing to do terms, and it is difficult to find rental comps
00:14:24 – Whether there is a deal for a small, wrecked house that has been rejected for a short sale, owes $40k deed in lieu, a balloon of $12K in 2036, ARV $82 and $285 payments
00:22:54 – About a wholesale deal and consequences from drawing a line in the sand with deals are under $40K
00:26:34 – Process when buying a property that has been bought on terms with a private lender, about the eviction process and LLCs in Iowa
00:31:27 – How to set up a land trust
00:32:13 – Finding a buyer for a house versus finding a house for a buyer and about screening buyers
00:35:08 – Filling out the standard purchase and sales agreement for an owner-finance deal to do a wholesale
00:36:32 – Meaning of “homeowner’s taxes and insurance being in escrow” and about taking over HELOC
00:41:42 – How to approach a lawyer about what documents are needed to close a bread-and-butter deal
00:44:12 – Blair and Jeff’s business update; about deals they are working on with instructional ways to “skin a cat
00:45:18 – Lead 1 – How to buy subject-to and get a tenant to buy the house from us at $120K
00:48:15 – Lead 2 – How to buy subject-to, then fix and flip
00:52:00 – Lead 3 - About a client-partner deal; a terms deal with a lease option tenant-buyer coming in for $12k down and a $400 a month cash flow
00:55:00 – About contract at close ratio
00:57:46 – How to fill a contract of a deal in which seller that has a $50K lien
00:58:30 – Advice for whoever comes across a deal and has to write a check for $11 grand for back payments and $10 grand for rehab in order to make $30/80K dollars but can’t afford to do so
01:00:40 – 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.
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