All Forum Posts by: Nikola Magdelinic

 You have a PM from me

Over and over again we can see that the same story goes when it comes to wholesaling and that the same people are trying to prove that it is an illegal business.

We've had guests on the podcast who are definitely making money doing wholesaling, and who said that they have over 400k monthly revenue from this business. So to say that only gurus make money is definitely not true.

What I can notice is that 2019 is the new 2006, we are at the peak of the real estate market and that every not educated person wants to enter the business because they think it is an easy way to make money, which is not true at all. When we enter the real recession next year or 2021, all of them will disappear from the market and only those with integrity and education will remain.

So my advice to the author of this thread would be to do business with the goal of helping the seller and fixing the problem rather than exploiting the bad situation. Only to deal if it is win win for all parties.

Thank you gentlemen for your answers @Christopher Phillips @Wayne Brooks @Tchaka Owen

There is an option for title insurance, I just read Purchase and sale agreement :

"Buyer's Option to Select Title Provider and Closing Agent. Buyer acknowledges that during the course of Buyer's negotiation with Seller, Seller selected its choice of (i) title insurance company licensed in the state where the Property is located to provide Buyer with its title insurance policy(ies) (the “Seller Title Provider”), and (ii) the closing agent, and Buyer was given the option of either: (a) Approving the Seller-selected closing agent and the Seller Title Provider, in which case Seller would pay for the cost of Buyer's title insurance policies and all related search fees in accordance with Section 8.2.2 hereof, AND one-half of all escrow and closing fees charged by Seller-selected closing agent, not to exceed Four Hundred Fifty Dollars and NO/100 ($450.00), unless otherwise required by law or agreed to in writing between the Parties; or (b) Rejecting the Seller-selected closing agent and the Seller Title Provider in favor of a different closing agent and title insurance company licensed in the state where the Property is located to provide Buyer with its title insurance policy(ies) (“Buyer Title Provider”), in which case Buyer would pay for the entire cost of Buyer's title insurance policies and all related search fees and all of the escrow and closing fees charged by the Buyer-selected closing agent, without any contribution from Seller, and the provisions of section 8.2.1 shall apply"

With the Owner's policy I will still be responsible for Lis pendens for code violations or not ? Thanks in advance

Good afternoon to all ! 

I am analyzing 1 property which is listed on Hubzu auction. I found out that there are multiple code violations on the property and the seller (DEUTSCHE BANK) received LIS PENDENS from city Chicago which claimed  $4,500. Also, I found out that there are unpaid taxes in amount of $631 for year 2018. Square footage listed on auction is way above what is on tax records. I already contacted listing agent about that issue. 
My question is: If i buy property on this auction, am I responsible to pay for this stated above ? Please take a look at info bellow. Thanks

Thank you for warm welcome @Matt Nusbaum @Brian Leigh @Ian Gilligan @Dawn Brenengen

After some time being with bigger pockets forum, actually more than a year, I decided to introduce myself.

Title says a lot but I will say few more words.

I came to NYC two and a half years ago from small but beautiful European country called Montenegro. Just after I completely rehabed my  family apartments in Montenegro, I moved to NYC to share 4 bed/1bath condo with 12 other people, mainly construction guys and with $900 in my pockets.

I went to Union square and for 3$ from street sellers I bought a book Loopholes in real estate. My next one was Brandon Turner's The book on rental property investing. Thats how I found out about bigger pockets. My first "gig" was demolition job at one of Manhattan condos at West side. Landlord of the building where I lived introduced me to BRRRR strategy. He explained to me that he bought 12 unit apartment building, rented it out and refinanced. He was able to pull more money then he invested and with that money he bought another building. That was aha moment for me. I worked my *** off as a moving contractor, helped people to move in and out and visited 1400 different properties in NYC and along East coast. I saved some capital, moved to Miami beach less than year ago and immediately got real estate licence with KW. I partnered with people looking to invest in Florida and out of state.

I can say that I am punctual, persistent, determined and willing to help as much as I can. Will be happy if I can give back to bigger pockets community in any way.

Warm regards from sunshine state,

Nikola