All Forum Posts by: LuAnn Leighton

@Gregory DeRosso, I have not but cannot wait to see your responses.

LuAnn

@Jaysen Medhurst thank you for MAO formula, for some reason I was confusing myself. I am crystal clear now.

LuAnn

@Austin Durham, let me know if you identify other HML.

Thanks, LuAnn

@annik C- V. I am also looking to implement the BRRRR method in Baltimore. When you say Northeast are you meaning the Belair area?

@ , I am waiting to pass my real estate exam so I can find great deals and get a commission for purchasing the property.  I am planning to take the exam next week. 

LuAnn

@, no the house doesn't lose value if a death occurs on the property.  I know this is a disclosure that real estate agents cannot share with future buyers.  So, the value of the home will be determined based on the comparables in the area the house is in.

LuAnn

I think you should utilize your current LLC. Since you know with wholesaling, when you write out your contract, ensure that their is an assignment contract and that you add a clause that allows you to get out of the contract should you not be able to assign a cash buyer and remove your liability. Once you build up capital, then you can create another LLC to support the wholesaling business. I agree that wholesaling requires some income for marketing to the sellers. I am sure you can DO THIS. Congratulations for identifying the benefits of wholesaling.

LuAnn

Great information!  Keep sharing...

LuAnn

@ , that is a great accomplishment.  I can't wait to make similar strides.  Be sure to share future deals.

LuAnn

Hi Cory,

You have options, you could either use the equity from your home, wholesale to build a cash reserve or use a hard money lender.

Using your equity: Allows you to buy, say a property from an auction, rehab, rent and refin.

Wholesaling: Allows you to build up cash flow where you can ultimately purchase the house with the cash you stock piled and follow the same BRRR process.

Hard Money Lenders: Allow you to finance your deal and rehab cost and flip the property. The capital gain you receive, you use the BRRR process.