Real Estate Wrap Around Mortgage Explained

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In this video, I'll discuss a real estate wrap around mortgage and how it works. I'll also provide some examples to help you understand how you can use them in your real estate business as well.
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Опубликовано:

9 фев 2020

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Комментарии : 61

@jamelgibbs 4 года назад

What was your biggest take away from this video? Let me know below. Also, don't forget to like and subscribe.

@777visionquest 4 года назад

that a wrap around can be used like a subject to......with owner finance......so I am wondering does the payments go directly to the owner or does the attorney set up a system where the payment is sent to some third party who pays everybody....

@jamelgibbs 4 года назад

Great question Brenda. I would recommend going through a third party. That way you'll know that the payments are being made. When I mentioned the funds will go to the seller, I meant that its flexible how the payments are made. Ultimately, the seller's mortgage will need to be paid and the difference will go to the seller. Hope that helps!

@kingedwardthenow 4 года назад

What company does wraps? I'm having trouble finding one

@jamelgibbs 4 года назад

What you mean? Gotta have an atty do it for you.

@williedavirtualflipper 3 года назад

Can the seller offer dwon payment assistance where the end buyer has qualify for loan a and puts dwon less of a dwon payment and use his mortgage company to buy the house from the seller. Thanx you for ur time‼️

@legacywithoutlimits 4 года назад

Thank you for such a detailed explanation. You dropped several golden nuggets. My biggest takeaways were regarding how you could take a deal where the seller is asking for close to market value and still make it profitable, the fact that you mention rent to own, the breakdown of benefits for the buyer and seller, the fact that the investment is secured by the note (recourse), and the seller has no debt to income ratio issues if they wanted to seek financing for themselves. This was so good. I appreciate you brother. God bless.

@jamelgibbs 4 года назад

Thank you.

@Susan.Beavers 9 месяцев назад

i have watch several videos about this and your video made it the most clear. thank u!

@Miricawhip 3 года назад

Good stuff. Now I know the difference between the subject to and wrap around!!!

@dan_fow 2 года назад

valuable content, thank you.

@jenniferfaggett2389 2 года назад

Excellent explanation of how this strategy works. Especially by mentioning the document that offsets the debt

@dedrickbellinger7291 3 года назад

Thank you for breaking this down so simply. Great Content

@jamelgibbs 3 года назад

Glad it was helpful!

@joethemlo 4 года назад

Awesome thanks.

@jamelgibbs 4 года назад

Thx

@Susan.Beavers 9 месяцев назад

thank you!!!!!!

@FlipWithRick 4 года назад

Good stuff Jamel! I can feel 18 years of experience in this video alone.

@jamelgibbs 4 года назад

Thank man.

@jesham7627 3 года назад

The document to offset the debt of the seller is a key takeaway. What happens if the seller fails to make payments on the primary mortgage? Can the secondary mortgage holder be notified of each payment and balance of the primary mortgage?

@casam200 2 года назад

I was wondering the same thing...

@WilliamWeekesJr 4 года назад

Learned how wraps work - Thanks

@jamelgibbs 4 года назад

That’s great!

@CharlieL.GrayIIREICREIBF-vu6my 2 месяца назад

Excellent 👍

@jamelgibbs Месяц назад

Thx

@Chief_Cochise6 24 дня назад

Hey I have a question. Is there a specific name for the document you mentioned in the bonus clip that the seller can get from the title company that will help offset their debt to income ratio?

@jesham7627 2 года назад

What are the actual agreements used in wrap around mortgages? Are you able to share these types document(s)?

@timsmith1033 2 года назад

does the seller take out the loan to replace the existing loan?or the buyer?

@Whatever0704 Год назад

You can also get the sellers debt of "the books" with a SubTo so the their DTI will not show the loan and they can qualify for a new loan

@breelonbryant7472 3 года назад

I understand this concept but I hear you mention "unlike a subject to" when referring to this wrap mortgage. What are you using for acquisition prior to placing a wrap on it? Are you doing subject to then wrapping? Im curious to the acquisition before being able to place a wrap

@jamelgibbs 3 года назад

The phrase "subject-to" all by itself indicates taking ownership of a property subject-to it's existing financing (and often subject to other existing liens and debt). You get a deed and you make the borrower's payments. "Wrapping" indicates an additional mortgage executed on the property. (This came directly from Google)

@megandill6071 3 года назад

Good video! How do you get around the alienation/acceleration clause? I want to do this strategy for my current rental but I’m afraid they may call the full loan amount due

@jamelgibbs 3 года назад

Great question. You can’t. Honestly though, chances are they will not call it due. It hasn’t happen to me or anyone I know, and I’ve been doing this since 2002. Just did one last week. Hope that helps!

@healeybomb516 Год назад

Bank just wants their money. Keep the payments up and they very likely won't call it due.

@healeybomb516 Год назад

What is the instrument called that the seller can use to not have to show the mortgage in the wrap so he can qualify for another loan?

@jhameldjones1637 4 года назад

Im about to acquire a property using the sub2 method. fresh 30yr VA loan exists at 144k at 3.4% interest, 1018$ a month PITI. My plan is to sell owner financed for around 165k at 4.3%. How would i structure this if i do a 10 or 15 year deal with buyer while i have a 30 year mortgage? how much would they pay monthly? Would i have to pay more than the 1018 monthly to get it paid off sooner?

@jamelgibbs 4 года назад

Check out this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-pCMZRONj-9s.html

@TheKB10 5 месяцев назад

What if the seller does not pay the bank because they have the offset letter? How can you ensure the seller will always pay the mortgage?

@timothyrhodes9356 4 года назад

What is the document called that the seller needs to clear their debt on that property?

@jamelgibbs 4 года назад

Basically, the seller can claim the credit for the income on a wrap. They will simply show this to the lender. This will offset the mortgage debt. Talk to your attorney about this. Hope that helps!

@myrealtv7830 3 года назад

Can this trigger the"due on sale" clause the same as "subject to" ?

@jamelgibbs 3 года назад

Yes. But it’s never happened to me. Chances are slim to none.

@Thejasonrogers 3 года назад

Jamel what if I sell the property and the buyer pays me I then pay the seller that is selling me the property but he does NOT pay the mortgage? How do I make sure he’s going to pay the mortgage since I can’t because the loan is not under my name? Thanks !!

@jamelgibbs 3 года назад

When you close the transaction, you should have access to make the payments yourself.

@rw6935 3 года назад

You explained it well. My question is how much would you offer to pay the seller monthly? And does the buyer get the deed on both a wrap deal and subject to deal?

@jamelgibbs 3 года назад

A lot to explain here, so maybe I'll do a video on it.

@rw6935 3 года назад

@@jamelgibbs Ok cool!