Wholesaler · San Antonio, TX · Member since 2023 · 10 posts · 1 vote
Hello,
I am new to real estate and wholesaling. I've been fortunate enough to find a mentor who is showing me the ropes and is basically giving me cuts of his deals that I am working for him but we're going about it as a JV, as it's allowing me to learn the process of the sale, getting a contract, etc.
I am also currently in the process of buying my first home and the loan application is in the process of underwriting.
My question is, if I get a contract on a wholesale deal (still working on closing my first deal) and the take that to title, will that affect my loan process on my primary residence? I am under the impression that in a wholesale situation, that property would not actually ever be considered to be in my ownership, but I want to make sure of that so that I don’t screw up my ability to purchase my home.
If you arent getting a loan in your name, which you are not for a wholesale deal, then you can have 100 properties under contract and it will not affect your ability to purchase a home. If you dont have to give your ssn then its not affecting your credit. Doesnt matter if the house is on market or off market. These transactions are invisible to a lender. But the income you are making from working with this investor should be included to help you qualify for your primary home purchase.
The two don't relate, you're an investor, so no! Get an LLC, tho, to put on your contract instead of your personal name. I wouldn't even look for anything on market as a beginner it's hard to work with noninvestor-friendly agents and most of the time it's hard to wholesale those deals. good luck