All Forum Posts by: Saravanan Saravanan

@Justin Warren If you purchasing through a realtor, can you ask that realtor for recommendations as well for Property management?

There are few who can do well in Warren, MI for property management

Congratulations @Jared Prevost on doing this PPT. Looks nice.

Started the RE journey close to 3 decades ago and I did raise private money with friends and family.  We have to be careful so that the deal is solid and not take a risk of losing money, as these are people whom you know in real life over many years.

Once you start doing deals, then you can keep refining your approach and way you work with investors.

Good luck

@Alicia Yarbrough Most likely you cannot do the assignment of contract on most contracts that you work with the bank as a seller. Even though this is a short sale, this is still a bank involved, as they have reviewed the HUD and other documents at closing.

@Montez B. Welcome to the world of investing. In addition to the contacts you develop here, there are REIA meetups in person and virtual in Michigan; that can also help you soak up more knowledge

Feel free to reach out to me.

Good luck on your success

@Eric Green Very nice appreciation over the last couple of years.  Congratulations.

Is this a rental property?

@John Tran Are you thinking to purchase first and then do these?  If done after purchase a  realtor can help for some added costs.

Also, you need someone to help with showings, etc too; if vacant?

@Jessica A. These days lenders are hesitant for higher LTV; particularly for investment properties. Sometimes the location of the property makes LTV variations. When the value is less than $60,000 market value; the lender seems a high cost of maintenance compared to revenue generated with that.

Good luck

@Lucas Duncan As a wholesaler, you might have to show POF to show you have the ability to purchase. Also, it is good to be transparent to the seller that you are going to assign this contract to someone else. Might consider saying, you may not close within 30 days and your contract expires, etc.; so that you are honest in your dealings.

There are folks like us who can do double closing to facility funding as transactional sources.

Good luck

@Ander LantiguaBeing transparent is a key aspect in my opinion for running a business well over life time or generations to come.   If you are purchasing and then selling to another investor; then you don't have to say anything special.  However, if you are going to do an assignment of contract; then you have to put that in contract on both buy and sell-side.  Most title companies would need to see that for payoff during settlements.

The objective of double closing by using transactional funding. In this case, the buyer or seller will not know the profit you make.

FYI only: When the margin is small, say under $5,000 or under 3% of property value; then contract assignment generally is not a problem. When things get bigger; double closings are a better alternative.

Best wishes.

@Samantha Prince Just like any field of work; initially things might look easy or overwhelming at the start.

Once you understand the steps involved, it would become second nature.  

Understand the rules of the LLC in your state, along with requirements on accounting, taxes, insurance, and legal perspective. Then implement on one property. This way Learning and doing it right from the beginning would be wise and you would get better with it on a second property.

Good luck with your success.