All Forum Posts by: Connor S.

@Jung Won Kim

I don’t believe it will count but I would call up some local banks and see what they tell you. There may be other options.

If you don’t have the net worth, you could get someone to sponsor the loan in return for a small amount of equity in the deal.

@Jung Won Kim

Yes this sounds like it would be legal. Although it could make more sense to do a JV or partnership.

There is no black and white answer to who a sophisticated investor is. Basically A sophisticated investor is someone who understands the risks that are associated with this type of investment and understand that they could lose all of their money. At the end of the day it is up for the sponsor make a judgement call weather or not the investors are Sophisticated.

Also I see you said you guys have enough capital to syndicate the down payment. You will also need a combined net worth greater than the loan amount.

Hope this helps

Thanks for the help dave!

Does anyone know if you are able to do delayed financing if you use a 1031exchange to buy a house? From what I understand if the government believes you are doing a 1031 and a cash out refinance directly after just to avoid paying taxes than they will not allow it. However if you are refinancing for a business purpose (aka to buy more houses) they will allow it? 

Any advice would be appreciated! 

Thanks Steve

I am looking for wholesalers in Wilmington NC, I am looking for rental property or rehab under 100k preferably. 

What are the Best ways to find wholesalers besides craigslist!

Thank you

@Roland Paicely

Thank you for the help!

How would I go about coming up with a reasonable Subject to offer? 

Is it still ARV x .70 - repair cost - assignment fee

The property is in Wilmington NC, ocean front property. 

The seller is open on the price and didn't give exact number? 

How would I calculate an offer for subject to? Is it same offer as wholesale? 

@Roland Paicely

Im not sure this is a wholesale deal I think it is subject too or maybe owner financing. I am new to wholesaleing and have sent out direct mail and this is first call I have gotten so was looking for a little help/advice.

ARV = $ 1,109,100

Doesn't need any repairs maybe just a paint job its in fairly new condition Rents are around $3,500-$4,000 a month It is a townhome 3 beds and 3 baths Mortgage = $240,000, $1,600 a month, 2.875%
Could I do subject too or owner financing? Would I need different contracts? How would I put it together?  Would it be difficult to wholesale because of the high price?  This would be my First deal please PM me if interested in helping  Thank you