All Forum Posts by: Michael Wilson

I am likely closing on my first owner finance deal in the next month. The owner has agreed to carry 126k on 5 properties that is in his portfolio with agreeable terms.

The one issue I have is that he is wanting to use an articles for deed non-recorded as title proof. 

I have no personal experience with doing this. I understand why it is safe and beneficial for the seller. I am wondering what are the ramifications for me as the buyer. 

Any insight would be great appreciated!

Thanks,

Mike Wilson

Hey Andrew!

I purchased a house to do a "live and flip" in in Clemson back in October. I used Mike Settle. He was very knowledgeable of the area and extremely quick to respond. I will for sure be using him for my next purchase in the upstate. 

Feel free to message me and I'll get you his info if you want it! Clemson is a really cool area and growing like wildfire right now. Good for you for finding a property that works for you!

Hey Y'all!

I would love any and all advice on my first potential SFR. My wife and I are moving from Clemson, SC to Anderson, SC and are considering renting out our house in Clemson rather than selling because the market is growing and rental income should be steady seeing as it is a growing university.

We would be purchasing a home in Anderson in hopes of doing a 2 year live and flip. However, my concern is the tax implications of owning two homes. This is where I need help. What all do I need to take into consideration when I am thinking about tax time? 

Thanks in advance for all your help!

@Christopher Phillips thanks! I definitely want to be active in the partnership!

@Christopher Phillips

Thanks for the imput!

We are unsure the best way to structure it as far as gift vs. putting my name on the loan. I currently have a conventional loan on my primary residence. 

What would you recommend?

That's great! Good luck!

Hello @Roberto Costa

This doesn't have much to do with your post but my wife and I are looking to do another deal here soon in the upstate of South Carolina. Where in SC did you do your flips? Were you successful in doing so?

Hey Everyone!

I'm looking for some advice here! My wife and I currently own our primary residence and are looking to get into multifamily investing. I just read the book on investing in real estate with low and no money down and my mind has been spinning, thinking about creative financing! Here is where I need some help. 

My brother is looking to get into real estate as well but doesn't have the capital to get in the game. Would it be a good idea for us to go in together on a multifamily unit and get a 203k or other FHA loan in his name and get started by splitting the 3.5% down? He would live in one side while managing the property and renting out the other unit(s). This is obviously assuming that after running the numbers, the deal we find is a good one. 

What do y'all think? Thanks!

@Doug Vigliano thank you so much for the feedback! That is great advice! How did you get started in wholesaling? Where would you recommend I start if that were the track I wanted to go down?

So I've been thinking a lot about why I actually want to start investing in real estate. Obviously we all want to create an awesome lives for ourselves and our families but I wanted to start thinking specifically FOR ME what do I WANT. Here is what I have come up with. I want my wife to be the most free woman on the planet! I want her to be able to do what she wants, to travel, to stay at home with the kids, work, or not work, whatever she wants to do. I want her to have the choice of what she wants to do with her life. I don't want money to be the thing that drives her decisions.  I don't want her to have to work to work to help provide for our kids. We got married last May and are in our early 20s. 

So the reason I am beginning my real estate adventure is to do that. In the next five years, when we start having kiddos, I want to have replaced my wife's salary with passive income through real estate investing. My goal is to pull in about $4,000 of passive income a month in 5 years.

If you were in my shoes, where would you start? I currently own the house we live in Clemson, SC and have about $30,000 in equity. Any advice would be greatly appreciated!