All Forum Posts by: Joseph Back

@Robert Wilson If you are attempting to wholesale the property your next step should be to start marketing it. I would suggest trying to put together a good repair estimate, comps backed ARV and asking price to start sending to potential cash buyers. Great places to post your deal would be local real estate investor or landlord focused Facebook groups and craigslist real estate for sale. I would also recommend to look on your county's tax assessor's website to see if there has been any people or LLCs that have been actively buying properties in that specific neighborhood. For those you find I would recommend skip tracing for their number and then giving them a call.

@Mark Sewell You are correct, seems to only work for marketing deals to buyers. Don't see a way to legally send mass marketing text messages to potential sellers without having some sort of relationship prior to sending. If there is a way I would definitely be interested.

@John Thedford I understand where you are coming from and there are indeed a lot of fraudulent wholesaler out there. Our business model is to never put anything under contract unless we would purchase it ourselves. If some other buyer wants to come along and pay me to assume the rights on a deal I spent money to find and time to negotiate then by no means and I going to pass that opportunity up.

@Shannon Phoenix I appreciate the kind words. Feel free to send me a DM if you have any other questions.

@Josh Levan I am down in Lexington so don't know much about the market up there. I would recommend reaching out to Garth Kukla with Tri-state discount properties. He is the top wholesaler in Northern KY.

@Chris Sellers Only reason to transfer into your personal name is so that you can get conventional financing, 30 year fixed. If you keep it in the LLC your stuck with having to get commercial loan with a local bank who is most likely going to only be willing to do an 3-5yr ARM so your rate floats in 3-5 years. Really comes down to your comfort level with the possibility of your interest rate being 200bps higher in 3-5 years versus the surety of 30 years fixed rate.

@Account Closed I recently was able to negotiate with a seller to provide seller financing with only 5% down and a 30 year amortization. Have found when negotiating with elderly investors who own their property free and clear, seller financing can be very attractive given the tax benefits and ability to earn a decent return on their money. As far as planning for the future and a sustainable funding source going forward, I would recommend to start networking with as many hard money lenders in your area as possible. The best funding system we have been able to use is to purchase using 100% hard money and then going to a bank to get a cash our refinancing. The stipulation here obviously being you need to find properties at 70-75% of appraised value given the hard money costs and the bank only offering loans at a max of 85% LTV. Feel free to DM me if you have any questions.

@Isaiah Elysee What is the size of the loan you are looking to get? We recently worked with Arbor Realty who offered us a Fannie Mae small balance multi-family with pretty attractive terms. 30 year fixed, non-recourse at a 5.00% rate. Only downside is they required 25% down.

@Joshua Mayo I have never heard of Fund & Grow, but they seem to have a really interesting business model and look forward to seeing how it turns out for you. I have 3 properties in my portfolio and come across many amazing deals everyday given I work full time as a wholesaler. Really interested to see how quickly F&G can build a large line of business credit for you and at what rate. Always looking for new ways to fund purchasing more cash flowing real estate.

@Jesse Aiken This would definitely be quite difficult to do unless your are getting all of the properties well below appraised value. Only way I see being able to get this done is to use a hard money lender to purchase the properties all cash up front and then do a cash-out refinancing with a local bank that does not have seasoning requirements. If you are getting all of the properties at around 65% of appraised value you could use this strategy to own all 3 buildings with no money out of pocket.