All Forum Posts by: Jacob McCann

Hello all!

When browsing local wholesalers websites It comes to my attention when I see a house in my area pop up for sale from a wholesaler I will see it listed on 3-4 other wholesalers websites also? There can only be 1 wholesaler with the property under contract, so are the others trying to advertise it for more and if they find a buyer also get cut a check? It’s often times fairly annoying as I will inquire about a property and the wholesaler will know nothing about it or can’t negotiate price or send me another wholesalers number to view property. Can someone give me some insight on the purpose of wholesalers advertising other wholesalers properties?

I plan on driving for $ / using propstream to build lists and send mailers. My question is how likely is the seller going to be ok with me buying it with a conventional loan vs. cash offers and quick closing. Every video / article I read people who are targeting off-market properties are all paying cash and closing quick.

@Maria Luna So I’m assuming you are looking to stop renting and purchase a primary residence? I also live in Florida and just got a primary residence I wasn’t at my job for 2 years but like you mentioned you took a 3 year break from work so that would be a problem. What I would suggest if you are set on purchasing a home ASAP, go onto Zillow, Redfin, Facebook. Search keywords owner financing, seller will carry etc. and target people who are willing to seller finance. You have a good amount saved and I wouldn’t see an issue in that. The other options could be lease options, cash, or the bank will allow just your husband to get a mortgage for a certain amount then you could cover the rest with your savings.

Best of luck!

@Pinank Parikh I second what alex said, in this HOT market everything is selling for top dollar. Turnkey providers are running a business just like wholesalers often exaggerate the numbers turnkey providers often do the same. If you do decide to go turnkey make sure the numbers make sense, and always get second and third opinions. Best of luck!

@Jesus Sosa The best way I have found if you are new, is local REIA meetings in your area. Introduce yourself to investors tell them your goals what you want to do in real estate and what they do in real estate. This is a great way to start a conversation, that could lead to more. Best of luck!

@Duncan Canter I would recommend option #2 and here’s why.

1. You are basically going to be living rent free just like you are now.

2. You are building equity into that property that someone else is paying for.

3. It will get your feet in the door being a landlord.

@Wesley Canhedo I think it would come down to what your goals are personally. Do you want to use cashflow eventually to replace the income from your job. Or do you plan on holding short term to eventually sell. I would personally rent it as-is, use the money I was going to spend rehabbing it and buy more properties that cash flow. Best of luck either way.

@Kobe Rosario hey, Kobe I’m in central FL, Lakeland to be exact. Would love to chat.

Quick question about a quit claim deed. Let’s say the owner, fills out a quit claim deed to his kids and they are 0% owners but still on the deed. Well let’s say he wants to sell the house now. Can he having 100% ownership take his kids off the deed and sell the house? Or would this need his kids signatures and approval.

Hello BP,

I’m in a different situation, I’m hunting for my primary residence and I happened to find a off market deal. The owner has stage 4 cancer and will sell me his house “if” he can live there until he passes, which unfortunately won’t be long. Well I got approved for a 5% down conventional loan. But the bank said if he continues to live their after I purchase I will need 20% down since it would technically be a “investment property”. Problem is I don’t have 20% down. He’s giving me a great deal and I don’t want to pass up on it. What kind of loans/ creative financing could I go about getting? Could I not tell the bank he’s living there? I have enough to put 10% down but even then I can’t find any bank that would take that on a “investment property”.

Any advice would be greatly appreciated.

-Jacob