All Forum Posts by: Ej Sorrento

Quote from @Cynthia Irwin:

I’m a gator under Pace Morbys mentorship. And we have the contracts that protect us. It is risky without them yes. But an amazing business model. 

We help fund the wholesalers EMD to get the deal under contract. We also help when there's a need for double closings. Or when a wholesaler has multiple deals, sometimes they're stretched thin and need someone to help find their EMDs.

It’s not so much to help the end buyer buy the deal. That’s silly. And I can see why that would be more of a risk. At least with the wholesaler, with the proper protection , your funds are covered. 

@Cynthia Irwin Just off Pace's promotion of another Gator method, not currently a member.
One thing I'm concerned about is that I already have a line of credit, he mentioned it needs to be and LOC done through his suggested companies. Do you have any insight on this? This could be an obstacle for me, at least initially.
I'm also curious about your thoughts on the program.

Quote from @Michael Germano:

I am a lender "gator" and would be happy to share my experiences. Essentially a small piece of what I do is help Wholesalers with EMD's that could be 1k+ Its a great way for wholesalers to get into more contracts without having concern of deploying or running out of there own money. Utilizing a gator lender like myself could be a huge boost to getting more deals done. Would love to chat more if anyone has interest. Thanks

 @Michael Germano

Just off Pace's promotion of another Gator method, not currently a member.

One thing I'm concerned about is that I already have a line of credit, he mentioned it needs to be and LOC done through his suggested companies. Do you have any insight on this? This could be an obstacle for me, at least initially.

I'm also curious about your thoughts on the program.

Hi all,

Bare with me, I'm new to this and really want to get started replacing our incomes. Forgive the essay. I've been looking to pursue real estate for many years now and finally am in a better position to make some moves. I've learned a lot from books and BP podcasts, but I've never pulled the trigger.

Just got married and took out a HELOC right before the wedding with the blessing of my new wife to pursue my first rental after we got back from the honeymoon.

I've got what could be a good opportunity to buy my father's first home that my uncle had been living in for years; my dad put my uncle on the mortgage so they both own the house. Long story short, my uncle moved in after my dad bought a bigger house and paid my dad for the mortgage, then my cousin lived there for the past two to three years and did a bunch of weird, incomplete renovation; this is important because the "work" my cousin did definitely decreased the value of the house. The house looks like a trap house inside, but that's okay, that's what the HELOC is for.

 My question pertains to how should I go about the following. My father has no problem with me buying this house and has no problem seller financing it to me at a family discount, but my uncle thinks it's worth $160-$200k, which is what the other houses on the block sold for and they are fully renovated and look beautiful. The house in question is so beat up I doubt it even scratches $100k, maybe $120k tops. The roadblock is my uncle because although my father has final say, uncle is still super stubborn, thinks this house is worth what Zillow tells him, and won't listen to any other perspective. He put a "For Sale By Owner" sign outside last Friday.

How would you go about this? Should I just go to my uncle and lay out my offer like my dad told me to do? Is there a better way to approach it? Should I skip it and go for other properties in the area that don't involve my uncle and already priced to sell? Any advice is appreciated and I'm willing to continue elaborating.

I'm excited to get this deal or some other deal moving; regardless of what happens here, I intend on buying my first property within the next two months or so.

Thank you for your help in advance.

EJ