Acquiring Real Estate "Subject To"
The presentation will go through the ins and outs of acquiring real estate subject to a seller's existing loans. The specific topics that will be discussed include:
- Legalities of acquiring property subject to existing loans.
- Understanding the due on sale clause.
- Understanding how certain loan types impact subject to transactions.
- Required disclosures for subject to acquisitions and dispositions.
- Reviewing the three main structures for subject-to-transactions.
- Going over the documents required for each subject to transaction structure.
- Setting up insurance on subject to transactions.
Speaker: Sean St. Clair
Sean St. Clair is a partner at the law firm of Fowler St. Clair, PLLC with offices in Scottsdale, Arizona, Casa Grande, Arizona, Alpharetta, Georgia and Sheboygan, Wisconsin.
Sean is licensed to practice law in Arizona and Wisconsin and has developed a niche of representing real estate investors in their transactions and business ventures. Sean co-hosts the weekly podcasts titled "In Rem: The Law for Real Estate Investors" and the "Creative Finance Collective."
Sean is also the founder and CEO of Missional Law, a 501(C)(3) non-profit, that works in Malawi, Africa to protect the human rights of those falsely imprisoned and to educate local villages on the issues of child marriage and violence against women.
Hosts: Geoff Possley and Chris Wolfert
Geoff Possley
Geoff is a part time buy and hold investor with investments in the Fox Valley and Sheboygan area. He is a full-time aircraft certification engineer for Gulfstream Aerospace in Appleton where he lives with his wife Laura and four children Carter, Madeline, Rowen and Brielle.
Geoff got started in real estate in 2005, with very little REI knowledge, when he purchased a single-family home with the plan to do a live-in flip over the next few years. After the bubble burst in 2008 his focus shifted from turning a profit to simply breaking even. This led Geoff to step away from real estate for a number of years until he discovered WiscoREIA in 2018 where he finally was able to acquire the knowledge and network that was necessary to be successful in real estate investing. His goal is to use REI as a means to retire early from engineering.
Geoff currently invests in single-family and small multi-family properties that he operates as traditional rentals as well as short term furnished rentals. In his free time Geoff enjoys camping with his family, playing golf, snowboarding, hunting, and good beer.
Chris Wolfert
Chris is a buy-and-hold real estate investor who got started in real estate investing out of necessity. In 2008, he bought a small condo in Chicago and shortly after, his family quickly began to outgrow the space with the arrival of their first child. When he went to sell the property in 2011, he realized he would take a sizeable loss. Therefore, he decided to turn the condo into a rental property instead. Despite his initial apprehension, he quickly saw the advantage of real estate investing.
In 2018, Chris began actively investing in real estate after moving to Sheboygan, WI. He invests in single-family homes and duplexes, which he operates as both traditional rentals and short-term furnished rentals. His long-term goal is to expand into larger multi-family complexes. Chris’s investing greatly increased after partnering with a good friend who introduced him to WiscoREIA.
In his free time, Chris enjoys spending time with his wife Marla and their three children, Finn, Lexi, and Fiona. He is an active coach for youth soccer and basketball, spending much of his time during the fall and spring coaching soccer and during the winter coaching basketball. In addition to coaching, he enjoys snowboarding, cycling, golfing, and craft beer.
Additional Meeting Information:
Meeting Location:
Legend Larry's
1142 Plankview Green Blvd
Sheboygan Falls, WI 53085
Come early or stay after! Bring your deals, too!
Your first meeting is FREE! After that Non-Members are $20! Members are always FREE!
WiscoREIA Sheboygan is meeting Every 4th Wednesday of the Month from 6:30 pm to 9:00 pm!
6:30 pm - Networking
7:00 pm - Meeting Starts
Hosted by: Geoff Possley & Chris Wolfert
