All Forum Posts by: Stuart Birdsong

@Upen Patel Is it only 6 months? I have had issues where banks will still do LTC at 6 months, but LTV following a year.

@Jay Hinrichs You are correct, it definitely groomed me (Somewhat) for dealing with buyers' and sellers'. The buying and selling process is a little more emotional than a trip down the river though. 

@Shawn Jacobs Thanks for the response. ARV is a real value, and not value based on what might happen in an absolute best case scenario. If you are truly speculating then you may open yourself up to some criticism, and liability. If you are providing solid intel based on the comps then you are giving an honest opinion. "Under sell and over deliver" is a great approach to business

@Shawn Jacobs Are you asking how you can be a wholesaler and an agent? I think the most important element of  being a wholesaler regardless of whether or not you are an agent is to be transparent. That is to say that if you take a property under contract with the intention of selling/assigning the contract to an end buyer make sure that the seller is aware of this. More importantly that they completely understand your role in the transaction. Your E & O insurance will not cover this as you are not acting as a broker in this particular instance, so this is where you must tread lightly. This makes it even more important for you to explain your role in the transaction. I, as a licensed real estate agent have wholesaled a couple of properties, and have made it readily apparent of my intentions as well as explaining all of the options that the seller has. This includes what a cash buyer will pay, or what they could sell it for on the Open market regardless of whether or not I were the listing agent or the buyer. I let them make the decision that best suits their current needs. If it does not include me in any capacity, and they made the decision then I have been honest with them and feel comfortable with the end result. Cheers!

@Jose Torres It's not about what you wear, rather who you are. I wear my blue jeans and a button down shirt and seem to do just fine, but that's because it is representative of me. Be yourself and don't worry about what others think about your attire. Remember Steve Jobs wore a black turtleneck and jeans and was wildly successful. Just my opinion though

@Janet Taylor You should connect with @Upen Patel and see if he might be able to guide you in the right direction, but based on your credit it sounds like Private money or an FHA loan

@Annette A., It's funny, I have been told the same thing for my last 2 jobs. I was a fly fishing guide for 12 years and people kept asking me when I was going to get a 'real job'. My answer was " you mean doing something I hate just to make ends meet?" The same question is asked of me now, but I just laugh and respond with, when I am ready to enter the life of boredom I guess then I will have a real job. Cheers! 

@Joshua Dorkin Great share, Thanks!

General Warranty deed should cover over all previous ownerships. Special Warranty deed is only during the ownership of the previous owner. There is also Owners extended coverage which will insure over all deleted items in exceptions, thus providing greater insurance over all unfound items during title search. I would assume that a Special Warranty Deed would provide fewer protections in this case and would make more sense to me if this is why the wholesaler is being sued. However, there may be extenuating circumstances we are unaware of and therefore why there is a 66k lawsuit. 

@Sophia Wang, What do you have to bring to the table to acquire the property? This might be a good staring point. If the wholesaler is asking 5k cash and your cash flow is 400/month, you COC is pretty darn good. Not to mention this loan does not register in your financials, so if you go to get lending on another property..... However if he is asking for 50k and now you have 50k tied up for minimal cash flow that might deter your interest. Just a thought!