All Forum Posts by: Hochi Yang

Thank you very much everyone for sharing your advice and opinions. I really appreciate the time and value you all have put into responding. I am actually finished with the course now and currently working on the Final Unit exam to get prepped for the pre-licensing exam. I came much too far to turn back so I have made the decision to go forward with it and execute. Thank you all again for your time! 

I live in Wisconsin. I am currently taking a real estate licensing course to acquire a license. I just recently started looking into wholesaling and found out that you don't need a license in my state to wholesale. I've been told by many investors at my REIA meetup to not get a license. The course that I am taking is actually paid for my Keller Williams. I reached out to them on a job posting that they had offering to pay for the licensing course. Now I'm not sure what to do. I've been fighting myself back and forth about the decision. I heard it was highly beneficial and have great advantages to having a license while wholesaling. On the other hand, a bunch of investors at my local REIA are telling me that it's against the rules of a broker and illegal for me to be an agent and wholesale at the same time because I would be unethical and also that the broker will force me to get a cut of all assignment fees if I wholesale. Are there any way around this? Should I opt out of the course and Keller Williams altogether? Can I still go and get a license and not work for a broker but have it for credibility when I wholesale? I'm not sure what to do. If anyone can give me some great advice, I would greatly appreciate it. Thanks.

I know this is an old thread but I just recently registered on the Epic Real Estate - Epic InvestED website for the free registration. I answered a questionaire that they had there and today I received a phone call from a consultant from Utah for Epic Real Estate. He asked me a bunch of questions. It was pretty much an interview. However, my wife was not with me at the time so in respect he had to end the conversation, because I'm sure it was eventually going to lead to making a decision on whatever they were trying to market. So he will be calling back tomorrow. Before I make any decisions for the phone call tomorrow, can someone PM me if you've had any experiences within the Epic Real Estate programs/courses? I would greatly appreciate it if you can elaborate about the details if not on here, please PM me. Supposedly, this is great for beginners as I am one. I just want to know what I'm getting myself into. It just seems a little too good. Please let me know. Thank you!

Thanks Ty Ash. Much appreciated. To answer your question, no, none of us will be occupying the property. We want to buy it and continue renting it out to college students on campus since we see potential in the cash flow. The owner is putting the house up for sale so we just want to take over as a start. Seems like a great way to launch our Real Estate Investing venture. 

Thank you for the feedback Loren. The problem here is that I am married and so is my friend. So we are two couples going into partnership in Real Estate Investing and it would not be ideal for one of us couples to inhabit one room especially because it will be rented out for college students in particular. Can you or someone elaborate as to why it would be better for just one of us to be on the loan? I thought with the multiple income totals and income to debt ratio, it would gives us an advantage? Correct me if I'm wrong or maybe it's a strategy that I'm not familiar with in REI as we are still really new at this stuff. Thank you.

So my friend and I are going into Real Estate Investing as a Partnership. So him and I will be first time home buyers and we are trying to secure a SFH that is put up for sale in the UW Oshkosh college campus area. So it is currently used as a Rental Property for college students to live in. It is a 5 bedroom SFH but is being rented out to 5 college students. We are obviously trying to buy it for an investment. I went to try and get a mortgage loan through my bank which is a Credit Union and the mortgage loan officer had told me that I would have to apply for a Business Loan instead because it won't be used as a primary residential mortgage and that we won't be living in it. So I went to the Commercial Loans Department to apply for a Business Loan and at first the loan officer had told me that they don't do that there and told me to go look elsewhere. However, when I explained everything in great detail about the SFH rental property and our plans of continuing to rent it out, she started to be a little more interested and started listening. She then started explaining more about the loan process and terms and conditions. She sent me a bunch of forms to fill out via email for the Business Loan. I noticed that the forms were quite extensive and a lot of them asks a bunch of questions pertaining to your business. We don't have a business yet. We're just starting out. It seems like we might have been misunderstood and have been steered in the wrong direction unless I'm just overthinking it too much, because upon research, it seems like a Business Loan applies to Commercial buildings and this property that we are trying to secure is considered a SFH. Am I missing something here? Should I go on with the loan process? Or what are the other options? Because I could not find any information on any Real Estate Investors talking about applying for a Business Loan for a SFH. I only see conventional loans or mortgage loans. Please if anyone can clarify or give me some incite, that would be awesome. Thank you in advance! Any help is much appreciated!

@Louis P Lessor Hey thanks Louis. I appreciate it. I am looking to do my first deal soon. Still have a lot to learn but I also want to start applying myself. I hope to progress to that point soon. Thanks again!

@Steven Wilson Thank you Steven. I will have to look into that market. Eventually I will be looking to expand in the Cincinnati and Columbus area so that's pretty awesome to know that.