All Forum Posts by: Jason Tobkin

@Jay Hinrichs

I’ve only been a part time agent for the past two years and I’m not too proud to say that I still have lots to learn. That’s why I’m asking questions. The wholesaler we’re working with has actually been very helpful so just be careful with blanked statements.

But yes, it’s certainly be a learning process. I’m just trying to enjoy it and not get too overwhelmed when unexpected things come up.

Thank you,

Jason

@Jay Hinrichs

It’s the title agency that’s throwing up the road blocks. I found out that the condo is actually paid in full and it’s the condo association that put the home in foreclosure. We have all the pay off amounts. So I’m not as concerned about the situation any more now that I have more information.

If you could refrain from the “don’t you know how to do this and that, that’s real estate 101” kinds of comments, I’d appreciate it. I’m never too educated to ask questions and gain additional advice from others.

Thank you.

Jason

@Wayne Brooks

I’m hoping it shouldn’t be more than that too. I don’t know when the exactly date of the change of status from preforclosure to foreclosure occurred but with a contract in hand and proof of funds the bank should be willing to work with us.

@Mike M.

Thanks for the comment. The auction definitely hasn’t occurred. The Wholsaler plans to call the bank in the morning to see what we can do to move forward with the closing in progress.

My partner and I were in contract on a wholesale property that we plan to flip. The wholesaler just called saying that the title agency found out the status of the property was actually in foreclosure. It was thought that it was in pre-foreclosure all along. Regardless, has anyone had success in working with the bank to move forward with the closing process after the property has changed to foreclosure?

I’m eying a 5 acre property that has an existing home currently in the lot. It’s located in an excellent spot backing an popular bike path, in a good public school system, and close to popular parks and recreation.

I’ve got a few different ideas for the property but I’m really just not sure where to start. I do have some knowledge of the process of developing land as I work for a commercial general contractor in the area and I’m also a residential real estate agent so I feel like I have many pieces of the overall puzzle but can see the full picture yet.

Any particular advice on where to start?

Thoughts on financing the project?

Thanks in advance.

Jason

I have yet to make my leap into to my first investment property but I'm trying to do so now. I'd like to purchase a second property for a new primary residency but keep my current home and rent it out. My issue comes with my DTI ratio being too high to have both properties on my credit report. What would be the best route to go to make it work to where I can have both properties?

I thought about "purchasing" my current property with an LLC. Is this a good route?