All Forum Posts by: Jose Garcia

Hi everyone I'm hoping an investor who is also licensed as an agent can help me out with what this means for my future being a licensed agent and trying to wholesale!? doesn't seem like the state brokers i talk to want to help me, i am looking for a more creative way to go about things.

I am trying to begin wholesaling with my separate llc entity but it seems almost impossible to do so as an agent for EXP in florida. or maybe I'm not understanding this text in the attached photos. How can i go around this besides doing a double close? how do agents wholesale, what entity do you guys use and how is the whole agent world and wholesaling world able to co exist? i just don't want to get in trouble trying to wholesale deals being as i am an agent and whatnot.

Regardless i am going to do the required steps in the second photo, but how does everyone else do it? Do i really need to purchase insurance as well?

hey so i was wondering if someone can offer some guidance or advice on how business credit cards/business loans/business lines of credit work. also what is the difference between the 3? any good reputable companies i can try applying with? no current income to report but i have decent credit (690+) and have had my company since 2019. i just created a DUNS number, and have a business credit card with capital one with a credit limit of $2000 and have an experian business risk grade of B according to NAV (NAV is like a credit karma for your business from what i understand). im trying to get this funding to jumpstart my fix and flip business any and all help is greatly appreciated thanks! 

Hey Bryan lets connect ! i sent you a PM

Well to your second question, General Contractors I suppose..? or do you mean one party that does all the repairs without sub contractors?

Hello BP I am looking to acquire an as is sale to do the BRRRR strategy, but confused as to whether I should have a GC look at it and come up with a bid (well multiple bids in one day) or have an inspection done to see what problems there are before having a GC come out.

Having a bid done will be less costly than getting the inspection, but I don’t want to have the GC overlook or miss something that needs attention. Whereas the inspection lays out all physical problems if I’m not mistaken.

I just don’t want big ticket items to pop out of no where , ie. foundation problems, mold, termites or whatever else that can be an unexpected headache.

Please help? I appreciate all tips advice and solutions thanks !

@Eli Gilbert

I’m a newbie as well, but maybe you can look for a portfolio lender ? From what I heard some can do refinances based on the performance of the asset

So I’m trying to start off doing long distance BRRRing but have trouble with getting a team

With a lender : my biggest issue is not knowing if they are legit or not . I had a lender say he would fund everything with upfront costs of underwriting/appraisal and soft costs. But what paperwork should be in place before wiring the money upfront anywhere? Just to make sure I’m not getting scammed or the smaller end of the stick.

With contractors : how can I get multiple bids in one day so I can pick and choose the better option for me ? Do I just call all contractors I have an interest in and send them to the subject property 2 hours after another or something like that ?

I have a good deal finder and I have yet to call a property manager. From what I hear a property manager can be what ties everything up and does the most from any other party (lender, agent, or contractor) and will clear up a lot of confusion. I guess I just want to know how to pick the right one. My goal is just to make sure everyone is legitimate when working with them and can help with problems that arise down the road.

So I have this deal that I’m looking at and want to know if the deal would be worth it ? Someone please help and I thank you in advance, here are the numbers :

Asking price : 39k , repairs are around 15k and ARV is 72k taxes are 1600 ,

The terms from my lender are as follows for 50k loan : 6 months for 3 points and additional 2 points for 3 month extension so 9 months for 5 points , the fees are 1200 and I will be rolling fees and points into the loan with an interest rate of 8.29%

Now I will be getting an inspection soon for $325 and I want this deal to workout but the only thing that I’m thinking of that’s having me worried is if the property will appraise for the 72k , along with the inspection if there are damages that might exceed the 15k once I have a contractor give me a bid. Am I being too hesitant for the wrong reasons ? Or is this a good deal considering all numbers ?

@Anna Watkins

Thank you for your response Anna

So the seasoning period essentially starts at the time you obtain the mortgage, not once you get a tenant in place ?

@Kenneth Garrett

@Craig Jeppesen

I Greatly appreciate your guys answer it makes sense, pay off the initial loan and don't try to force the extra funds if it'll eat up my cash flow and ROI I'm willing to accept. But then how would I repeat the process thereafter with no additional funds ?

Thanks again !