All Forum Posts by: Anthony L Amos Jr

Hey my name is Kendra and I’m new to this platform, i have been a nurse for over 30 years, but has always had a love for this business,I am very familiar with this business because of my Dad he has been an architect and developer, I will be developing houses for low income families. Looking for to connect and giving my services to help others.

There will always be a need for affordable housing so welcome to the platform and Thank You

0 Votes

Quote from @David Derus:

Hi All,

I'm just starting out this journey with a friend of mine who is a realtor. We have money lined up and about 140k to start between the two of us. Currently in Los Angeles and that kind of cash doesn't go far. My first question is, how do you look for a market that you are not living in? What factors go into that decision? Thoughts on where we should start? We want to flip about 3 or 4 a year plus buy and hold 1 or 2 duplexes. I'm excited to be here and learn.

Do you have any family or friends who live in another area? I would start researching those markets first. If none of those markets make sense for you then research best cashflow markets for your buy and holds.

1 Vote

Quote from @Carla Jones:

If a home have a negative est. equity and open loans and reverse mortgage and should I run quickly..😊

Nurture this lead. Unfortunately this is a terrible postition to be in. Once upon a time this home had equity or no mortgage that the elderly borrowed from and now the home value has decreased (at least this is what appears to have happened) and now they are seeking help. You should network with people who are experienced with short sales and creative financing and maybe you can still make money on this because one way or another they will be forced to sale the home if they don't come up with money.

0 Votes

Quote from @Carla Jones:

What does JV means can someone tell..

JV means Joint Venture as others have mentioned. It is partnering to get deals done. One popular way to JV include bringing buyers to wholesalers or others who have property they are having trouble selling

2 Votes

Quote from @Ryan Eagleton:

Starting my wholesale journey soon and I am stuck on one thing... proof of funds.

I obviously do not have this money in my bank account and I hear negative things about Jerry Norton's proof of funds.

Do agents accept websites like doubleclose.com and other websites like that? I feel like as soon as they visited those websites or called them, there would be an issue.

Are there other ways around this? Such as using a family member's POF?

You can apply with a hard money lender or find a private money lender that will work with you. If you have a family member who will partner with you, you can pool together and use a platform like tribevest then get the pof from the account

1 Vote

Quote from @Mike Schorah:

I heard that the least you want to do as a wholesaler on a really good day would be 7-10 days. As a beginner, I think that’s way too tight.

Since I’m just starting out, could I do 30? We’re not in a really good market, so I’m not expecting sellers to balk at this. Would realtors have a heart attack?

I heard that the normal inspection period for a retail contract is 10-15 days. I’d like to ask for 30.

If they’re really sloppy properties and they’re a train-wreck and a mess, can I put 90?

It all comes down to how fast can you put money in the seller's hands. If your competition is closing in 7-10 days then you should aim for that as well. One of the advantages of working with wholesalers is quick closings. Establish relationships with inspectors and contractors beforehand so you can call on them to do an inspection asap.

1 Vote

Quote from @Carla Jones:

Is It really hard to find cash buyers I'm new and I got someone that's willing to work with me in Rex, Georgia and I'm doing this virtually what's the first thing I should do

Keep posting here on BP, look up local real estate investment groups, pull a cash transactions list in the area your working, skip trace, and call the buyers are a few ways that works.

0 Votes

Atlanta, Georgia

Quote from @Heeyeon Chung:

Hi BP!

I am curious to know if anyone has done cash-out refinance after live-in flip of their primary residence. I see many successful stories of live-in flips and selling them, but I want to know if cash-out refinance can be a viable option.

I am eyeing on a property to use it as a primary residence, but it needs upgrades and improvements. My plan is to buy it with VA loan, upgrade it, get a new appraisal, and refinance it after taking cash out using VA cash-out refinance.

Please let me know what your thoughts are! Thank you!

This is something I wish I would have done looking back. I have done multiple live-in flips and made great returns however I should have kept the properties. I should have done a cash out refi (rates were much better) and used the cash to purchase my next primary residence (lower down payment) and rented the previous property. Of course, you must be willing to move around a little. This can work for 2-4 Units as well and I would recommend it

1 Vote

Quote from @Doneicisa McLin:

Hello, I’m a newbie to the real estate world and in need of some guidance. Im starting off with wholesaling real estate but don’t mind doing joint deals. I am also looking for a mentor as well. Thank you so much for your time

Welcome @Doneicisa McLin! Join your local real estate investing groups and let them know you exist by continually asking questions and bringing value in terms of education and deals.

0 Votes

Dallas, Texas

Quote from @Josh Zeb:

Hi there I’m Josh I’m a new real estate investor based out of Denver Colorado. I am 26 years old and work as a traveling surgical technologist saving money for my first rental property! I’m an avid fly fisherman and want to get into rental properties for financial freedom. I’m interested in a multi family for my first property.

Thanks for reading,

Josh

Welcome Josh! We have a lot of great things going on in Ohio. Let me know if you want more info

0 Votes

Denver, Colorado

All Forum Posts by: Anthony L Amos Jr

Anthony L Amos Jr has started 6 posts and replied 497 times.

Post: Real estate agents and developer

Post: Long Distance Beginner Question

Post: Wholesaling your input

Post: Just inquiring about wholesaling jargon

Post: Stuck on Proof of Funds...

Post: How long should an inspection period be?

Post: Finding Cashbuyer's ??

Post: Live-in Flip & Cash-out refinance

Post: Newbie to Real Estate

Post: New member introduction