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All Forum Posts by: Anthony L Amos Jr

Anthony L Amos Jr has started 6 posts and replied 494 times.

Post: Just inquiring about wholesaling jargon

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
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

Post: Stuck on Proof of Funds...

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
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

Post: How long should an inspection period be?

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
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. 

Post: Finding Cashbuyer's ??

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
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. 

Post: Live-in Flip & Cash-out refinance

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
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

Post: Newbie to Real Estate

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
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. 

Post: New member introduction

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
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

Post: New Member Introduction

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
Quote from @Tyler McKown:

Hi all,

My name is Tyler McKown and I am a college student at Kent State University studying economics and marketing. I graduate in December and would love to get started in real estate but want to learn before I dive in. I have some interests in real estate topics but I am open to any kind considering I just want to learn as much as possible and find my niche. After I graduate, I would love to take a little time off and not jump into a job right away. Instead, finding a mentor or real estate internship would be something that I would love to do. Feel free to reach out to me and connect or send any possible connections my way. Thanks everyone!


 Welcome and Congratulations on your upcoming graduation! 

If you haven't already, read Rich Dad Poor Dad (Kiyosaki), Get Free Houses (Rutherford), and The Multifamily Millionaire (Murray&Turner). 

Post: Advice on finding properties....

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
Quote from @Josh Wright:

Hello!

My name is Josh Wright.  I am a REALTOR in St. George, Utah. I am wondering if you all have any insights on finding properties to buy and flip?

Thanks!


 Driving for dollars, calling bandit signs and working with wholesalers, following up with other realtors you meet and ask for pocket listings, and direct mail to distressed properties are a few ways to find discounted properties to flip

Post: Advice needed for out of state investing

Anthony L Amos JrPosted
  • Real Estate Agent
  • Columbus, OH
  • Posts 506
  • Votes 691
Quote from @Ivan Luna:

I would like to get some input/advice on what to do next. I currently own a rental with my brother in Oceanside CA which we house hacked for a couple of years, until recently I moved out to purchase my own home. I would love to keep investing here in SD but it is nearly impossible with the current home prices and interest rates. I have also thought about building an ADU on the rental property but I do not want to refinance and pull money out of the current 2.8% loan. I have decided to invest out of state but am in analysis paralysis as to which state/city to invest in. I have about 25k to invest and would like to hear your ideas of what would be the best strategy . I appreciate any input , thank you.


 Markets like Toledo and Cleveland are affordable and can create good cash flow using them as long term rentals