All Forum Posts by: Brandon Krieg

Interesting that this is your experience... in West Michigan (Grand Rapids / Kalamazoo), there are definitely multi-family homes available that offer a very nice ROI. Granted, you have to work to find them (a lot are non-listed deals), but if it were easy, everyone would do it!

I'll PM you, as I'm not sure this falls in the range of the forum rules regarding promotions, etc. It's not me (I am not an attorney and nor do I work for a title company), but I want to respect the forum...

Thanks for the shout out @Josiah Swartz ! I will also be at the KARHA meeting this Tuesday, and the West Michigan REI Club meeting that he mentioned.

If you can't get enough, there are also RPOA meetings in Grand Rapids every Friday morning. All of these are good, and have different folks, so you'd get something out of all of them!

Great to have you here!

I love this site, it's a great way to keep fresh on topics and connect with other people in the field. It can be lonely, so it's nice to connect.

And if you've already read 20-30 books and have a partner, find a good deal and jump in! The water's warm, and it's nice swimming in Michigan as long as you watch out for the sharks and anchors. Good luck, and let me know if you have any questions!

Hey Josiah,

I work mostly in flips, so cash flow questions are not my expertise. However, have you talked to any landlords in the Kalamazoo local area? I bet they would have quick answers to a lot of your local municipal questions. I know a couple of folks that focus on rentals down there - if you need a reference, shoot me a message.

Welcome Randy!

If you're in for even more learning, there are a couple of great groups in the area for face-to-face networking. I'll send you a message with some more info.

Nate, that is my understanding. However, legal minds should chime in as well!

Hi Nate,

I'd be interested to look at the articles you're mentioning. Also, people may be hesitant to respond, simply because this is a legal issue and I know many people on here aren't attorneys (and therefore don't want to give advice that sounds legal). As the necessary disclaimer, I am not an attorney, so please don't take this as legal advice.

I can only add my own experiences, that I have not had problems assigning contracts here. This has often gone through a title company, and they just want to see all of the proper documentation.

As to my own understanding, a wholesaler is not buying or selling real estate at all... they are selling their interest in a contract. So any rules about the number of homes to buy and sell would not apply.

Typically, either the contract is assigned before closing (which is simpler) or the assignment fee is added as a line item on the HUD-1 form. Therefore, double closings are not a necessary component of wholesaling.

I have not conducted a 'double closing.' However, I have been told of at least one title company which is fine with them. However, the cash for both transactions must be on hand first (i.e., you can't use the buyer's money to pay off the original contract. You need a separate amount of money to do that). This would be where transactional funding comes in, as I understand it.

Again, if others have specific legal knowledge, I welcome those words as well. This is my understanding of the workings of it in Michigan.

Welcome Jeff!

This is a great community, and you can find lots of good SE Michigan people here to help you meet your goals. Congratulations on the great start, and keep up the excellent work!

Hi Nate! Welcome. There are some great REI groups over here as well that I would recommend joining... I'll get them to you soon. They vary from Kalamazoo to GR, but all are worth it.

I live in a more remote area myself, and can't always make every one, but I always enjoy them when I go.

This is a good spot to be.