All Forum Posts by: Ed Potter

I am a newbie but I just verified that loans from sofi that are used for real estate (except mortgages) are not permissable. I live in Michigan so is this a Michigan exception or is what people are discussing here borderline illegal?

****Just saw the previous posts***

Thank you Greg. I will definitely keep that in mind. I think we will try to find a nice local bank and see what we can do. 

Thank you Grant for those suggestions. Really appreciate it!

Hi folks, my wife and I are beginning our journey into real estate investing but after some discussions with some investors we've found that we should be focusing more on securing financing than finding good deals. Which has led us here. We are looking for financing options other than the traditional sources. Given the area of the market we are looking to invest in, we are unsure traditional lenders would be a viable option. We will be exploring traditional lending options over the next few days but wanted to see if there were any private or hard money lenders here that would be interested in working with us and if so, sharing their loan requirements. Thanks.

Hi folks! Well, the wife and I might try to venture down a different route. We are looking for our first BRRR! Just starting to look and working on securing some cash via hard money, private, or traditional. If anyone has any leads on deals or lenders in the Lansing area let me know!

Thanks for the inquiries folks!

Thanks Joe. Explored most of those options. We're locked in our primary residence with an fha. Looking at seller financing but nothing worth jumping at as of yet. 

We have a few thousand to play with. We're discussing wholesaling as a way to create more capital for our long term goal of buying buy and holds. Keeping at it I guess I was looking for some more creative means that aren't in my potential tunnel vision. Hoping to network and discuss more at the next REI meetup but until then struggling to find a deal. Thanks again

I'm a new investor with a small amount t of cash for my first investment. I have no immediate friends or family that can invest currently. I have sought out private/hard money lenders but all request large deposits. Feeling discouraged but still motivated to find my first deal! Thanks.

Thank you for the wealth of information Clay. Definitely aware of some of the "gray areas" of wholesaling. Still actively looking. Have some lines out there waiting for some answers. Brother-in-law is a lawyer and waiting to see if he can connect me with any real estate attorneys. Want to ensure I am doing things by the book.

Licensing is definitely an option if we reach 4 deals and its less than a month. We also want to eventually branch out to buy and holds and that would greatly benefit us if we had a license.

I was also wondering if anyone knew about how the commission from a wholesale is taxed or could point me in the right direction to find out more.

In addition, would creating an LLC have any implication in the taxation of profits from wholesaling?

@Ray Lai

Thanks Ray! Thanks for the advice. I have just started to attend some REI groups in Lansing and plan to continue. Hopefully, build my buyers list up a little more as well as network with a lot of other experienced investors. I like the idea of a checklist before marketing. If it's not too much trouble could I take a look at some of your resources?

Thanks again.

Thanks @Greg Scott. Appreciate the advice. Our long term goal is buy and hold properties. Without much capital to play with now we are venturing into wholesaling as a way to build capital. We are creating our buyers lists and working out the final pieces to our direct mail marketing. We are planning on using an assignment of contract. Figured with a double close we would, naturally, pay double the closing costs. The privacy/anonymity of the double close is attractive but with us using a lot of our capital on the front end for marketing, we would like to minimize any other costs if possible. 

Do you know if title companies have issues with an assignment of contract? Is there anything perceived "shady" about that, from a title companies perspective? Or does it not matter to them?

Thanks again.