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24 Responses to Welcome To PhillGrove.com

  1. chip rupp says:

    I watched you MAPS video and it reminds me a lot of lease options, what is the difference and what is the need for a mortgage assignment when I could just do a lease option? What are the pros and cons of each and what circumstances would you do one verses the other?

    Thanks
    Chip

    • Jack says:

      Chip – In Texas, the Texas Property Code requires many initial and ongoing disclosures between seller/landlord and buyer/tenant and requires lender consent to accept direct payments from buyer/tenant for lease options where the term is for 3 years or less, and specifies harsh remedies against the seller if everything is not done exactly right, resulting in a much less desirable transaction form an investor’s standpoint. The mortgage assignment system, however, does not involve a lease or an option, and, therefore, does not fall within the special disclosure and lender consent requirements specified in the Property Code.

  2. Bob says:

    Hey Phill,

    Looking forward to more video blogs.

  3. Eric Hiltner says:

    Great video!

    How do investors prevent thieves from stealing in high risk areas? Using less valued materials, free or cheap rent for ex marines, lots of lights and good locks or 2×6 blockades may work. What is the simplest, easiest way to prevent thieves from controlling a property? I want to be able to liquidate rehabs, perhaps it mainly about adding amenities one step above the others at x % lower than the lowest selling comps. Perhaps mastering the fundamentals is the best strategy?

    Eric Hiltner

    akaphrates@hotmail.com

    917 345 3472

    • Jack says:

      Eric – the best strategy for high-risk areas is . . . to stay away from high-risk areas. . . I think.

    • Hi Eric,

      I have a couple of suggestions that may help: 1. Go to your local Police Department and ask if they have any special patrol in that area and let them know that you need them to drive by. I’ve done this before and they really do drive by. 2. Get some stickers to place in the windows saying that the property is monitored by an Alarm Company. You can still get stickers from them even if you don’t use their services. It’s free publicity to them. A would be burglar/vandal will move on to an easier target. 3. Install motion lights with motion sensors in the front and back of house. Pretty inexpensive. 4. Place “Beware of Dog” signs around the property. Who would take chances with that?

      I hope these strategies will prove to be useful. Good Luck, Stacie

  4. Reto Badraun says:

    Hi Phill,
    Thank you for doing all the wonderful work to support your students. I really look forward to meet you in person in January in Austin.

    Wishing you and your family a merry christmas and a happy new year 2011.

    Reto Badraun
    info@brirealestate.com

  5. I finally figured out that The Mortgage Assignment Program is really just
    Subject-To plus Seller Financing. Which is really the way to go for smart
    real estate investors in today’s down market.

    It was developed, it seems to me, BECAUSE Lease Options here in Texas have been effectively outlawed, by our wrong-minded, greedy Politicians, who obviously stand to gain money, somehow, from The Banks – who seek to shut
    real estate Investors out.

    Outside of Texas, it seems to me, that LEASE OPTIONS is really the most profitable strategy. And I see others who teach this strategy and have been
    doing this for years already.

    Phill, THANK YOU for sharing your “Profit-Sharing” Strategy! I really LOVE that one, and I have my own strategy that I will specialize in using it in.

    I have just bid on my first REO. And now I see the need to line up some Private Lenders so that I can immediately capitalize on future opportunities when they present themselves!

    Phill, THANK YOU for sharing your Profit-Sharing Strategy! I really LOVE that one, and I have my own strategy that I will use it in.

    I have just bid on my first REO. And now I see the need to line up some Private Lenders!

    Phill, who will you refer me to? I will be using $500,000 for just 6 months
    maximum, paying 7% Interest. I fully expect to return the money, if I even need to use it at all, within 4 weeks (on average) – just the time it takes to complete a wholesale flip.

    And, no doubt, you are able to provide me with a Proof of Funds Letter,
    right? If yes, I will be using yours for a deal this month.

    DARRYL DEAN
    P.S.

    Any reader of Phill’s Blog here is invited to contact me at:
    ————————————————————————-DARRYL DEAN: (512) 961-9747
    Facebook: http://tinyurl.com/yl2xd5z
    YouTube: http://www.youtube.com/user/darryl411
    Twitter: @phlander
    FREE 60-Second Contract Generator ===> http://tinyurl.com/23hseh4
    ————————————————————————-

    • Hi Darryl,

      I want to give you another thing to think about with these Mortgage Assignments. This strategy is NO RISK. If you buy Sub. 2 or Lease Option you are still in the driver’s seat to control the property. You will be in the middle of the seller and the tenant/buyer ensuring that the mortgage payments are made, property insurance to carry and upkeep of the house. Here’s the main point that I think is key to the MAPS strategy….you are simply a liason between the Seller and the End Buyer. You don’t close on the property, the End Buyer closes directly with the Seller. The End Buyer is now responsible for the whole enchilada. You are simply receiving an Assignment fee for selling/assigning your contract with the existing mortgage to the End Buyer that you will find with a down payment and enough to put down so you can get an Assignment Fee and be done with the Transaction and Move On….don’t confuse MAPS with holding the property in a Trust or in your name. You won’t take ownership at all with MAPS. I hope this helps, Stacie

  6. John Schmitzer says:

    Phill,
    great video but I think you owe me a ton of money and an apology for all the LP records I have collected over the years from you and your friends. John Gozo told me that you started this blog and is waiting for you to upload a video on how to fix a stereo once the wires have been cut!

    Merry Christmas,

    John…. John Schmitzer

  7. Jaye says:

    When are you having your next class/session on MAPS? And can you leave some videos of some deals that you have done? I have never heard that much about MAPS in the realestate business

  8. Sylvia Mock says:

    What is the difference in mortgage assignmen and Seller financing?
    (We use something called a Real Estate Contract for this, here. And we don’t notify the mortgage co., do you?
    Thanks.

  9. Maps opened up the door to other deals that were always left on the table by investors or Realtors because they did not know what to do with them. Don’t leave deals on the table!

  10. MIKE ZIFCHAK says:

    PHILL,
    I’M IN YOUR MAPS TRAINING PROGRAM AND
    I HAVE A SELLER LEAD HERE IN OHIO WHO HAS A $63000 MORTGAGE AND ANOTHER $53000 BUYER’S ASSISTENCE LOAN THAT SHE ONLY HAS TO PAY BACK IF SHE SELLS. CAN THIS BE A MAPS DEAL OR NOT?

    NEED AN ANSWER FAST OR SHE MAY LIST THE HOUSE.

    THANKS

  11. Darryl says:

    We live in California where there are very stringent laws regarding who can act as a Real Estate Agent or Broker. Has anyone done deals in California, and if so, how did you get around these agency requirements?

  12. Sid says:

    Phil:
    It’s never too redundant to me, and never will be,
    to once again thank you for your format, approach,
    sincerity, realistic and earnest teachings.

    These tips that you share are certainly helping me
    a great deal.

    Although my pace is challenging to a turtle, due
    to valid reasons, I’m continuing keeping on until
    that changes.

    Here to stay.
    Sid

  13. Francisco says:

    I would like to know if MAPS is applicable here in California. Are there any special type of form or agreement to be applied? If not, what are the states that MAPS can be applicable? Thank you for the information.
    Francisco

  14. Preston says:

    I am really intrigued with the concept of mortgage assignment. Tres innovative.
    You’ve done a marvelous job putting this together and marketing it.
    I really see this as opportunity to help homeowners out of a bad situation.

    I am curious, as I live in Canada, how can I get into this business?
    I see my proximity as being an issue to address.
    Do you agree?

  15. Iz says:

    Great stuff where have you been for the last two years?
    Mortgage assignments and the paper work? Do you share that?

    Thanks
    Iz

  16. Huey Reed says:

    From what I’ve studied, think of MAPS as ‘taking over the payments’. Plus cash down for the assignment fee and maybe a little cash for the sellers. I think any mortgage payment can be assigned, unless foreclosure has already started. It’s a match made in heaven for the real estate investor. “Easy-Peasy-Lemon-Squeezy”

  17. Ronald says:

    Any advice to address the current FHA guidelines on Seller obtaining an FHA loan for another property? Converting a primary residence to a “rental” requires the below FHA guideline to have the income be applied to DTI. Correct? I asked several mortgage brokers but haven’t found an answer “around” the 30% equity! May be I’m not asking the right question(s)?

    ++If there is documented equity of at least 30% in the existing property (derived from an appraisal, AVM or BPO, minus outstanding liens), net rental income up to 75% of the gross rent from the lease agreement may be used to offset the mortgage payment, with the remaining 25% being absorbed by vacancy losses and ongoing maintenance.
    If the 30% equity in the existing property cannot be documented,
    rental income may not be used to offset the mortgage payment.++

  18. danna seale says:

    Phill, my partner, Al Mantini, lives in the LA area. I am coming to Stacy’s and your event in Austin this weekend. Tish said that there is also an event in LA. Are you participating in that event also? If so, when and where in LA?

    He is interested in hearing you and talking to you; he cannot attend this weekend in Austin. He’s heard me talk a lot about you. Also, if you can send him a link with your MAPS and other material that you have. Thanks, Danna

  19. chris harper says:

    I heard some very good things on your blog. I am very interested in learning about the things that you mentioned and i am very interested in acquiring more real estate. I currently own 1 duplex that i am renting out and i am looking to acquire many more rental properties to earn a positive cash flow. Any type of advice and guidance that i can receive from you would be very helpful. I am currently living in san antonio, tx and my name is Chris Harper.

  20. i,m a ca wholesale invester called getterdoneflipsllc,would to meet and network with the best!!

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