All Forum Posts by: Maciej Michalak

Hey Jonathan,

I just wholesaled one exactly like this 2 weeks ago. My buyer is looking for a lot more in the area. Reach out to me at your earliest convenience and I can try to get it sold. 630-418-9955

-Max

Congrats! This is great!

Erick,

I want to tell you this is not an uncommon event. I know a lot of people (including myself) that received negative feedback and words of discouragement. This is usually due to lack of knowledge and education from those individuals. It is very easy for people to talk down things they don't understand. Find a meetup group where you can learn, grow and share ideas. Never stop learning and communicating with like-minded individuals. Most importantly never doubt the business and yourself. A lot of people on this site have done multiple deals and know this works so the worst thing you can do is let the negative things influence you and make you start believing the bs. Stay positive, stay busy, and keep hustling. It will all pay off and you will soon find yourself surrounded by people who ask you how you have done it. If you need any help running deals or just have any questions feel free to PM me and I would be glad to help.   

Thank you for the advice, currently we wholesale in the chicago suburbs so most likely somewhere within 20 miles of the city. As of now I want to consider all the different options and strategies available to me before I pull the trigger. 

Hello everyone,

I am currently looking to create a strategy on acquiring my first rental property. Through Brandon's podcast the BURR strategy really caught my eye and I am curious about some financing options. I would be a first time home buyer qualifying for an FHA loan. I understand the loan insurance would increase my payment and bring my cash flow down. I would be looking to purchase a 3 flat where I could live in one of the units until I purchase another one. For you experienced investors out there how would you recommend on tackling this issue. Should I try and get a private money loan for the first year and then refinance or take advantage of the low down payment option on an FHA?

I agree with Duane, Do not pay for POF letters! They are free at most of the sites. There is places out there that will give them to you free. Better yet there is places out there that will actually provide POF's and the actual funds for the double closing. This is the best way to do it in my opinion since these places actually will confirm funds are available in case anyone has questions.

Ok so pretty much got it all figured out. I appreciate all the responses. I found a company that will provide a proof of funds letter as well as transactional funding. It will solve all my issues as well as provide me with an option to double close. Thanks Guys

Thats an awesome idea, I did not think of it this way. It could work in some situations but since I need the proof of funds to even get the house under contract how would that work? Usually we get the house under contract and then find the end buyer. I mean in some situations you could have a buyer lined up before you have it under contract but that does not seem to happen as much.. 

Yes I am aware of the ernest money. I guess thats a risk all wholesalers have to take when dealing with mls properties unless the seller is so motivated they will sign anything to get rid of it (usually never happens but you never know) As for the proof of funds, since im not the ultimate end buyer but "acting like one" I do have to show i am "able" to purchase the place. hence the POF. Just wondering if anyone knows of any of those websites and had good experience with them.

I am a wholesaler and came across a great deal. The property is on the mls and in order for us to sign the contract they are requesting proof of funds. Can someone help me out on this one. Thank you.