All Forum Posts by: Calvin Schmeling

Structuring my creative finance deals as a wholesaler, how long of a balloon payment would a buyer be interested in. I know they would want to be able to be able to pay the note down enough where they can refi, and not have to change cash flow. But what's generally a good balloon term?

I have an LLC in Wisconsin where I wholesale. I would like to stretch out my opportunities to different states. Can I use my LLC to wholesale properties in different states? Or should I form multiple LLCs for the states I will be wholesaling in? It would be a lot more convenient to just do all my wholesale deals out of one.

I was planning on Wholesaling this on market deal that I had locked in contract. In the contract it states Im buying it as is and attaining tennants. I was completely aware of both. I didn't find out from my agent how long of a lease they were on until a couple of days after signing the agreement. (Thats definitely my fault) But they happen to be on a 3-year lease. And long story short, I wouldn't be able to find out if the tenants would be able to leave the property until after COE. Also, it took the seller about a week in a half of following up to send the leases, and there is nothing in there of leaving early or buying out. Because of how long it takes to get answers I just had a gut feeling I need to back out and I know none of my buyers want to wait out the lease. The agent sent me a cancellation to sign and the buyers refused it. The agent came back to me and said they would keep the EMD which im not worried about, or they can sue for damages after as well. I don't have the time and money to go through a lawsuit right now. I wrote a letter to the seller to try to come to an understanding. But what is the best way to go about it? How I have my LLC structure set up is my Wyoming LLC owns my wholesale company in my state. Would that do anything against a damages lawsuit?

How would one assign a seller finance contract. What would be all of the steps. Would you enter into a promissory note with the seller and then assign that to another person?

I have a property locked in contract and my buyer wants the tenants out right away. They have a year and a half left on their lease and on the lease there is nothing in there to buy out the tenants or anything, the only thing it says is,"

LEASE TERM: This Agreement shall be a fixed-period arrangement beginning on October I 2021

and ending on October 1 2023 with the Tenant) having the option to continue to occupy the

Premises under the same terms and conditions of this Agreement under a Month-to-Month

arrangement (Tenancy at Will) with either the Landlord or Tenant having the option to cancel the

tenancy with at least thirty (30) days notice or the minimum time period set by the State, whichever

is shorter. For the Tenant to continue under Month-to-Month tenancy at the expiration of the Lease

Term, the Landlord must be notified within sixty (60) days before the end of the Lease Term

Hereinafter known as the "Lease Term"

Would I be able to get the tenants out on notice?

Do I need to include the legal description of the property in my PA Agreement in Wisconsin? Can I lock it in contract send it to the TC and find out later? How does that work?

@Chris Seveney How would I structure a SF wholesale deal? Would I lock in the terms of the deal through a purchase agreement and then start the title search with the TC, and then have them sign a promissory note and the mortgage? Or would the end buyer sign that? How does that work?

In a sf deal, do I get a signed purchase agreement followed by a promissory note and deed of trust? And I heard some states require promissory notes to get notorized if there is real estate involved so how would I do that if I am doing it virtual?

I currently have two LLCs. I have my Wyoming holding company and that owns my wholesale LLC that's owned by me and my partner. How do I have them filed as? I am new to the LLC world and I hear a bunch of different things. I have somewhat of a background on the different types but I just wanted to hear what you guys do for your wholesale business and how you guys set up your LLC to save the most on taxes.

I read a book called profit first and it gave me tips on how I should manage my money. In there it talks about having 5 separate subaccounts to manage your money and where it goes. My question is what bank is best for opening multiple accounts with little fees? I really like chase but I was looking into them and it looks like they have monthly fees per account.