All Forum Posts by: Damien J Michalosky

To get around this law, what if a wholesaler, creates an entity such as a trust or LLC for each property they are interested in to use as the buyer on the purchase and sales contract. Then the wholesaler can market the entity with the goal to sell interest in the entity instead of doing a contract assignment. The same entity would then close on the property without any contract assigned.

I bet you can buy in areas of Detroit and Youngstown OH for cheap price as well. 
I visited the small town of Vallata in the Avellino province in Italy a few years ago. It was extremely isolated, no jobs, and  the roads were horrible. Many of the towns are built on the tops of mountains and some of the houses are built into the mountains and land itself so there are a great deal of unknowns to American investors. 

+1 to Kerry on getting a cash out refinance on your existing loan. Rates are low now too. Interest on that HELOC may not be tax deductible if you are using it to buy another property.

A HELOC will not effect your current loan's interest rates or payments. It is totally separate from your primary loan and will be the next position lien on that property.  

Here are some other things to consider:
- There are a few banks that may offer totally unsecured loans up to $25,000 depending on your credit.
- credit cards. If you have a LLC you can invoice yourself and pay your business account from your personal paypal using the purchase rate of your credit cards. If you take a cash advance, there is a longer wait and the rate is higher.

@Ryan Harsche What is the local class you are taking? I would like to look into this for my multifamily in Clifton, NJ.

@Jason Lee 
Those are all good points. The representative from NYStateMLS on the phone did not tell me exactly which brokerages were migrating over. It may have been lip service. 

@Jason Lee
Thank you. That's a lot of MLSs, but thanks for breaking it down.

I am a Broker and working independently. I got the reciprocal NY Broker license from my Massachusetts creds.  

I wound up calling the the NY State MLS and they told me that they cover the entire state and many of the brokerages are migrating over to them over time and are poised to becoming the default MLS for the entire state where they said the smaller MLSs will go away after some time.

@George Hermann, What about NY State MLS - https://www.nystatemls.com/ ?

@George Hermann Thank you.  That is good information. 

@Charlie MacPherson I have indeed heard of the Cape & Islands MLS now that you mention it. I was not aware that Berkshire had their own. I'm primarily inside 495 so I probably haven't had the need to cross those paths yet.

Fellow New York Real Estate Agents,

I have been a Real Estate Broker for about 15 years in Massachusetts. I have recently gotten my broker's license in New York. I am trying to figure out what MLS to join. I am going to be doing business in Brooklyn, Bronx, Westchester and Rockland Counties primarily. I see there is a NY State MLS which claims to cover all areas but there are also Brooklyn MLS, Hudson MLS, Long Island MLS and Staten Island MLS and maybe more. I am interested in current and historical data as well. Which MLS do I need to join?

In Massachusetts, this is something we don't need to think about, we only have 1 MLS there, MLSPIN.

Thank you in advance for any advice. 

Hey James,

I think it's a great strategy. You might want to take a look at the strategy used by Cameron Realty/Ocean City Development out of Boston. They are licensed real estate agents who wholesale or retail (MLS) depending on the clients need. Your wholesaling contract would be different than your retail contract (MLS listing). I've tried this myself without success as of yet. Being a Massachusetts Licensed Broker I still gave the normal agency disclosure (https://www.mass.gov/files/documents/2017/12/05/di...) at first meet.