All Forum Posts by: Samuel Santos Borges

I'm trying to decide which area would be the best for someone just starting out. The cities on my radar are Tampa, Jacksonville, Orlando, and Miami. I'm hoping to gather insights from those with experience in these markets. Which city do you think offers the best environment for a wholesaling newbie? I'm interested in factors like market demand, competition level, and overall growth prospects.  Any advice or personal experiences you could share would be greatly appreciated!

Thank you!!

Firstly that check is heavy 😂. 

How would I focus all my energy into being the easiest person to be found to this specific audience that are willing and motivated to sell their houses. So ultimately these sellers are coming to you, is it through SEO? 

 Got it, thank you for the help! Will be reaching out to some real estate attorneys in my area. 

Hi everyone,

I'm in the process of scaling my wholesaling business and am exploring the idea of hiring someone to not just make cold calls, but to also play a crucial role in finding properties and securing buyers. This person would essentially be instrumental in putting the entire deal together.

Given the significant role this individual would play, I'm curious about how their involvement is typically reflected in the closing documents, if at all. Specifically, I'm wondering:

Does the person responsible for finding the house and buyer need to be explicitly mentioned in any of the closing documents?

What legal considerations should I keep in mind when formalizing their role in the deal-making process?

Are there any standard practices for acknowledging their contribution in the transaction, or any recommended ways to structure this working relationship to ensure it's beneficial and compliant for all parties involved?

I would greatly appreciate hearing from anyone with experience in this area, whether it's legal advice, personal experiences, or any insights on how to navigate this aspect of wholesaling effectively.

Thanks in advance for your help!

Hello Everyone!!

My name is Sam, im originally from Brazil. Currently living in Miami, Florida. I started getting really into Real estate in the beginning of 2023, specifically the concept of buying SFH and renting those out to Section 8 tenants. While I set a goal for myself to buy a house before the end of 2023 that was not possible, however; I did manage to close on my first SFH this month on the 26th! Im very excited since now this truly makes me a real estate investor, I will be sharing my journey with everyone. Hoping to share my wins and mistakes with everyone learning along the way and getting closer to living a care-free life when it comes to money.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $17,000

4401 41st Pl N, Birmingham, AL 35217
My first investment property. I spent a lot of money on inspections, probably in the thousands before I got a property to close. This was the one that finally passed inspection. Closed on Friday, January 26th. Unfortunately the house is already rented out to a tenant with a lease that goes until august, the tenant is paying $730/month. Looking to get it rented for Section 8 at $400-600 monthly Profit after the current tenants lease expires.

What made you interested in investing in this type of deal?

This was in the sweet spot that I want to buy in. Single family in between the range of $60,000 to $90,000. The house was in a good neighborhood with a good expected FMR.

How did you find this deal and how did you negotiate it?

I found the deal through Realtor.com, at first I had sent an offer for $70,000. The final offer that got agreed upon ended up being $75,000 with the seller and I splitting an entire replacement of the roof 50/50 and the seller also putting $5,000 towards the closing costs.

How did you finance this deal?

The deal was financed through a DSCR Loan.

Lessons learned? Challenges?

First lesson learned was not to use the lender I used. Also while buying properties with a tenant already in place might look like a safer option since it already has someone with a history of payments, it might be a more profitable option to market the property yourself so you can get that Rent closer to FMR as possible. Browsing other lenders and knowing the I.R beforehand is also crucial.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $17,000

4401 41st Pl N, Birmingham, AL 35217
My first investment property. I spent a lot of money on inspections, probably in the thousands before I got a property to close. This was the one that finally passed inspection. This was nowhere near as easy as I wanted it to be. Im a student with an F1 visa in the United States, problems started to arise with the lender. It seemed as though we would never close on the house, however; we finally closed on Friday, January 26th. Unfortunately the house is already rented out to a tenant with a lease that goes until august, the tenant is paying $730/month. The interest rate for this loan ended up being a little higher than we had expected. The plan is to wait out until August when their lease end, and either negotiate with them a higher lease or find a new tenant to replace them, we want to implement the house in the Section 8 program. I am expecting after August to have this house cash flowing me, $400 - $600.

What made you interested in investing in this type of deal?

This was in the sweet spot that I want to buy in. Single family in between the range of $60,000 to $90,000. The house was in a good neighborhood with a good expected FMR.

How did you find this deal and how did you negotiate it?

I found the deal through Realtor.com, at first I had sent an offer for $70,000. The final offer that got agreed upon ended up being $75,000 with the seller and I splitting an entire replacement of the roof 50/50 and the seller also putting $5,000 towards the closing costs.

How did you finance this deal?

The deal was financed through a DSCR Loan.

Lessons learned? Challenges?

First lesson learned was not to use the lender I used. Also while buying properties with a tenant already in place might look like a safer option since it already has someone with a history of payments, it might be a more profitable option to market the property yourself so you can get that Rent closer to FMR as possible. Browsing other lenders and knowing the I.R beforehand is also crucial.

 I have a work authorization but it is limited to the field of study in which I graduated, which has nothing to do with real estate. 

I talked to a immigration attorney about buying and renting out real estate, which is legal with my visa. When I asked about wholesaling the attorney was unsure what it was and wasn't able to offer me with a precise response on the legality of it, so I was hoping someone had gone through a scenario similar to mine so I could be within the law.

Hey everyone,

I'm a Brazilian grad who recently completed my studies in the US, and I'm currently on an OPT visa. Lately, I've been intrigued by the idea of wholesaling real estate as a way to earn some extra income. But, I'm a bit unsure about the whole legal side of things and if it's doable with my OPT status.

I'd really appreciate it if anyone here has some insights or experiences they could share. Can I actually go ahead with wholesale real estate while on OPT? Are there any rules or restrictions I should be aware of as an international grad in the US?

Your help would mean a lot and could steer me in the right direction. Thank you in advance!