All Forum Posts by: Kou Vang

Deal! but first umm how do i get it under contract? lol

Property is in the north side of milwaukee.

Hi guys,

I been on bigger pockets for about a year now and i been reading and learning as much as i can about wholesaling, but i have not done anything yet. So today i was up on Zillow and saw that my next door neighbor was in pre-foreclosure, so gather all my will power and i went over, knocked on the door and say and basically said hey i want to buy your house for a low price. so we talked and he's willing to sell me his house for what left on his loan. which he says its about 25K. The property is worth about 90K so i thought this is a pretty good deal (thinking i can whole for probably 35K) so i told him that  i will have a contract for him in the next few days, and can close in about 3 weeks. 

So my problem is that i have no clue what to do next, i don't even know where to get the contracts or what i should put in. What are the steps i should do and can i even wholesale a pre-foreclose property? also is there anything i should be aware of? i know im asking for alot of info but any help would be much appreciated and thank you for looking! :D

My first offer always include " 

Go to Craigslist and post your duplex for rent. Say everything about your work that will be put in and that it will be available next month (or whenever it is). Also state the price of rent and any other fee's. This way you would have renters beforehand.  Also if you don't get any response, it may be a bad idea. That's what i would do before buying a rental.  Best of luck :)

We dont buy property my friend, we buy profits.  Run my friend, for example what if you need a new roof in 10 years? Will the income cover the new roof? Also dont forget about the A.c which has the life spam of 8-10years, water heater? What if someone breaks a window? Also what if you dont find anyone to rent? These are all things that will happen,  and 42$ a month will probably not cover it. 

We dont buy property, we buy profits. .

We dont buy property my friend, we buy profits.  Run my friend, for example what if you need a new roof in 10 years? Will the income cover the new roof? Also dont forget about the A.c which has the life spam of 8-10years, water heater? What if someone breaks a window? Also what if you dont find anyone to rent? These are all things that will happen,  and 42$ a month will probably not cover it. 

We dont buy property, we buy profits. .

Oh I forgot to mention,  if you don't sell you will probably be blacklist on your lender, your score will suffer and your cat will probably be hungry for a while. ;) just saying  but best of luck and keep us posted :)

Do you have a credit card? If you do, Call them and ask for a rise,  then get a confidential check from your credit card and write the check under your name ;) now you have 10-30k in your bank. Then go get that 50k loan, and then you should have 60-90k in your account :) use 50k to buy/flip, and use the rest to pay the monthly payment from The loan and credit card until you sell the house., then you should get 30-40 profit and pay off everything, and ta da :) free house with no use of your money at all and your credit score rise :))

But course you need a high enough credit card or lots of cards ;)

LLC = your. rental property

S-corp= your flipping property. 

Also you do NOT want to be the member holder of any of your entities. If something happened on your property or if someone just want to sue you, they Can find you if your the owner.

Also talk to a tax strategies Not a CPA.

CPA= can't protect assist.