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FAR 266 Seth Williams, REI Tipster

Opening:

Today we are being joined by Seth Williams of REI Tipster. Seth is a land investor and has a compelling argument for investing simply land. Land can create income as you flip it and passive income as you sell with owner financing. There is a world of possibility awaiting you as you dive in to this topic. Our conversation with him is coming up shortly.

But I also have an extended set of questions about Subject-To purchasing so I\\u2019m going to jump right in and address this topic.\\xa0

How to contact us

www.RogerBlankenship.com

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.\\xa0

Email your questions to questions@rogerblankenship.com. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don\\u2019t mind.\\xa0

Announcements:

• Lunch with me every Wednesday. Baraonda
• My latest article in Forbes is out. bit.ly/findredeals.
• The FAN is here!
• Would you like to invest in the Flipping America projects across the country? Coming soon you will be able to for as little as $100. That\\u2019s right, Flipping America is partnering with Ground Floor Funding to create a crowd-funded platform where you can invest in the deals we are doing here. The fund will pay out a 8% preferred rate of return and can go as high as 16%. You can make money with me, the Flipping America Guy.\\xa0
• Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It\\u2019s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
• Want a quick analytical tool to tell you how strong a potential fix and flip deal is? Download the Property Grade app. You answer 10 simple questions about the property and the app instantly tells you what you can expect to make, your return on investment, your return on cash, and then the program gives the project a letter grade using the proprietary Flipping America Investment Property Grade algorithm.\\xa0\\xa0

Special Guest: Seth Williams, REI Tipster

https://retipster.com/

https://retipster.club/

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Your Questions: Send emails to questions@rogerblankenship.com

• From Kay in Atlanta, I have a few questions about Subject 2 and I am hopeful that you can assist me.
• • My partner Kathy P... spoke with a potential client which we plan to meet up with on Monday. We will like to proceed with a subject 2.
  • 1) The owner divorced and was awared the home. The ex-wife\\xa0 did a quit deed so the husband has a limited warranty deed in his name.\\xa0 But the ex-wife\'s name is on the loan.
  • The husband was given 1 yr\\xa0 as of November 2018 get her name off the loan. The home is\\xa0 heading into forclosure which they do not want to happen.
  • A)Is there paperwork we can have the ex-wife sign to protect ourselves, having her acknowledging that she is aware we are taking over pmt. And her name will stay on the loan until the ex- husband assumes or refinance\\xa0 the loan? How do we protect ourselves?
  • B) How do we take ownership on the warranty deed? Do we put in our company name? Do we keep the owner\'s name c/o our company name. Do we put deed in out personal names? Do we put deed in a land trust?\\xa0\\xa0
  • C ) Getting insurance on the property.\\xa0 What step do we have to take for home insurance since the owner policy will only be good for 30 days after the transfer. I hope that you can assist us with our questions.\\xa0

Great Questions:

• • Is this going into the August foreclosure sale? If so you have time, but you need to move quickly.\\xa0
  • Do you have a real estate attorney? You need one who is accustomed to dealing with investors and familiar with the Subject-To process. Craig Halperin is a friend and he can help if you don\\u2019t already have one.\\xa0
  • Meet with the man and write down everything in plain English you are agreeing too. Craig will translate that into a formal contract you can sign at closing. You\\u2019ll need to be prepared to pay him for the closing costs.\\xa0
  • Do you know whether the ex-wife is in the mood to cooperate? If she will,you have until the end of October to sell the property unless she is willing to agree in writing to extend the deadline. I\\u2019ll be surprised if she agrees to that - she probably wants out. But if she doesn\\u2019t need to buy a home right now, she could possibly be incentivized to extend (i.e. small monthly payment or something).\\xa0
  • He will not be able to re-finance the loan once he has turned it over to you.\\xa0
  • Once the property is in your name you may be able to re-finance into your name, depending on your credit and other qualifications.\\xa0
  • Take possession in your company name.\\xa0
  • Get insurance based on your intended use of the property. Rental and flips get different policies. Your insurance professional will guide you. Cancel the homeowner\\u2019s insurance as soon as you can. Provide on-going proof of insurance to the lender so they don\\u2019t do a force placed policy.
  • Be careful what you say to the lender.\\xa0
  • 9. I cover sub-to in my Ultimate Course. It takes about 30 days to get that far in the course. That\\u2019s if you watch one 10-min video every day. You can use a land trust but they are somewhat over-rated in terms of protecting you from the Due Upon Sale Clause.
• Call Question: James from Rochester NY. \\u201cI\\u2019m a roofer and I want to buy a couple of your houses in Toledo and Saginaw, but I also want to know if you are planning to get more of these. I\\u2019m coming into some money this summer and I want to buy about 40.\\u201d

Comment Line calls and Questions

Call 404-369-1018, press 1 and leave your message!

Motivational Thoughts for the day

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• \\u201cIf you\\u2019re not making mistakes, then you\\u2019re not doing anything. I\\u2019m positive that a doer makes mistakes.\\u201d -John Wooden

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Tags: real estate, real estate investing, real estate investments, real estate education, flipping houses, Roger Blankenship, Flipping America,