All Forum Posts by: Kwaku Farkye

@Russell Brazil good point as well

@Tom S. thanks, makes sense.

@Bill B. lol... I thought it'd be better to ask on the internet instead of when I was talking to the lender.

@Theo Hicks @Account Closed thanks, I definitely don't plan on going that route, but I was curious to understand. some rules are meant to be broken, others not so much. gotta love risk and reward

I recently went to Wells Fargo and they're offering me 5% down on an owner-occupied duplex (I think it's a program they have for first time homebuyers). I'm all for playing by the rules, but how does a lender even verify that a home is owner-occupied after they provide the loan?

It'd be nice to start renting out the owner-occupied unit and receive income from both units. What's to stop me from renting out the owner-occupied unit? Is there a penalty of some sort if caught?

The only thing I can think of is taxes, where I'd miss out on some incentives because the home is a primary residence and not an investment. Any help understanding this is much appreciated.

@Jeremy Clendenin if you've run the numbers and things look good, do it. 

make an offer contingent on inspection, and get a professional inspection done, then if something is wrong with the place just rescind the offer.

do you know why it's priced that low compared to other offers? will you need to rehab at all?

good luck!

Hi @Tom Port and welcome!

There are various methods of identifying building classes, this BP blog post was helpful for me.

Also, search feature is the magnifying glass icon in the upper right hand corner

@Tanner K. great question!

I think out of the business degrees you mentioned, business management would probably be the best since it would teach you skills around operations, people, and project management, which are all important in real estate investing.

Real estate degrees would be good too, though those degrees tend to be more targeted from what I've seen (which could be good if you know what type of investing you want to do).

A couple other degrees to consider: Civil Engineering, or Construction Management if you're interested in real estate development/rehab/contracting.

@Andrey Y. once you have the app installed then just open the app, plug in your ledger to your computer, and it should walk you through the pin authentication process. if you don't remember your pin then you'll need your 24 word recovery seed to regain access to your account.

@Andrey Y. yes ledger used to have a chrome browser extension, but now they have dedicated desktop apps you can download. You can access your coins if you remember your 4 digit pin number, or have the 24 word recovery seed, which you should have written down on a piece of paper when you first activated the device

Hey @Michael White 

A good way to locate potential investors is attending REIA (real estate investment association) meetings in the markets you want to wholesale. You can find them pretty easily online or via meetup.

Also, BP has local real estate forums so you could post in those location specific forums so that interested folks can request to be added to your distribution list.

Hope this helps!

@Matt R. it's definitely a solid investment but only if you understand it's value and potential (the same as picking a stock to invest in). btc has made life easier for many people across the world (think cross-border remittances), but I can understand why some folks avoid like the plague.

I would accept btc but there's things I'd consider. Let's say I normally charge $2k usd for rent, how much would I charge in btc? Personally, I'd want to charge enough to make $2k usd after conversion and taxes, plus have enough btc leftover to hold as an investment. It'd be hard for me to justify collecting rent in btc without converting some to cash and holding some as an investment.

In the future, I think blockchain helps with easier transfer/distribution of equity for real property (see Fortem), title/escrow/closing (see Qualia), and others. Imagine how much easier it'd be to access public record to find info about a property if it was on a blockchain. Wholesalers should probably be blockchain activists.