All Forum Posts by: Michael Spencer

I have a quick question regarding purchasing properties and selling the entity it resides in. How does this work with resale restrictions from Fannie Mae? Is it viable/legal to sell the entity if the property has time on the resale restriction or is this a loophole people are utilizing?

Landwood Title, they are more than helpful and investor friendly. Call and ask for Michelle, she helped me with everything and is very nice.

She also attends REI clubs so is familiar with the needs that investors have.

If you call her, tell her I referred you :)

David Littleton Can you explain the benefits of why to get an LLC?

Marc Therriault You can find wholesale contracts online, just google them. I wouldn't suggest using them from an unknown source and especially from a different county as the rules in Canada would probably be different.

As for the 70%, that is more of a guideline. If you come across a home with $0 in repairs needed that is move-in ready you could lock it up for higher percent then assign that to a buy-and-hold investor (from what i've heard and seen they will pay more for properties than the standard fix & flip).

This is a bad train of thought to have. There IS value of mentoring a newbie wholesaler as they will probably go to you when they get their first deals which gives them the opportunity to JV and make some cash. Also, everyone has had help at some point, it's good to give back once you are established and have the free time to do so.

Brian Stone Congrats, mentors are a great idea as mine has been a HUGE help to me. Though when you say fee's do you mean he is going to charge you to become his mentor?

If so, i think this is the wrong mindset. He should be helping you out to help you out. A plus of coaching a newbie (who is serious) is they will probably go to you with a couple of their first deals and you can earn some extra money as well as have the potential for good partnerships.

These thoughts are from my point of view. If (when) I become successful, I won't forget who helped me out in the begining.

Brandon Foken Off of my first batch i mostly got curious callers asking about what i did and asking for a free appraisal.

My second mailing (of 500) I got my first motivated lead, a very motivated lead. I mailed to this lady who had passed away (8 months ago) and her son inherited her absentee owned property as well as the one she was living in and wants to dump them asap and split the profits with his 3 other siblings. We're meeting him today to look at the properties and hopefully make an offer. :D

Oh to answer your question I've been getting calls for about 2 weeks now, I was really nervous for my first call, but after that it's been a breeze.

Brandon Foken My first mailling (of 500) was on a Saturday and I received 7 calls my first day :)

James Vermillion Congrats!! Would you mind posting some details about the purchase and what you rent it out for? :)

I love reddit.... unfortunately (for me) my time is usually wasted looking at the funny meme's (pictures) :/

It's a time-suck that i'm weaning off of.