I listened to your seller financed wrap for subject to deals call from 2015. That was amazing.
I do have a question. Since I live in California. What’s the best way to get seller’s to sign and have documents explained to them if an investor is doing seller financed wrap for subject to deals virtually?
My market is Texas.
Are there any mobile or anything similar closing transaction coordinators that can do this and understand seller financed wrap for subject to deals that can explain to the seller and have them sign paperwork?
HI Kenneth, If you look in the Special Report section(after you log in on the left side), there is a special report about buying subject to with a seller financing wrap and there is a sample conversation to have with owners to explain why the wrap is the better way to go.
I did hundreds of subject-to-wraps and closed them all at an attorney’s office which was inside a title company… in Texas
California does things (a lot of things) different than Texas.
It is ALWAYS easier to do deals in your own backyard!!!!
There are things that California folks don’t know about Texas real estate which would make you want to NOT be a long distance landlord. For example, property taxes and insurance are REALLY high and go up almost every year, you have to water a foundation all the time or it will crack and it is very expensive to fix a foundation, you’ll be replacing roofs often because of hail and replacing HVAC often because of extreme heat.
You will also need to register your CA company with the Texas Secretary of State as a foreign entity or set up a Texas company. If you don’t do that, you would not be able to do an eviction if necessary or file a foreclosure if necessary or close on a sale.
I know so many California investors who lost a lot of money and had to file bankruptcy because they tried to invest in Texas but did not live there or understand the complications and rules.