All Forum Posts by: William C.

I'm not sure about the one owner search.  For utilities you can get certs from each company that will give you either a past due balance or confirmation it's paid.  Title company should be able to point you in the right direction with all of that.

A title company is going to be your best friend in this situation. They are able to pull all the data you need. The gurus will have to tell you what to expect in terms of fees. I would think a company will run the data for you in hopes of capturing the title insurance at closing. Best of luck.

Why wouldn't you want to? Just curious. Shouldn't change anything. Or maybe it would?

I decided to go somewhat in the middle with a 20 year amort. The payment was $300 more a month but dollar for dollar that $300 is applied towards principal. We are still getting nearly a 20% coc return with the 20 year option so I looked at it as forced savings. The equity isn't liquid, but I'm OK with that for now. I went through the same process as you. The lower interest rate certainly makes the 15 year more attractive. I think it's 100% a personal preference, so go with the option that fits your goals. Best of luck with your decision.

Wouldn't "whiting out the name" be useless since there's a property address on the contract and the seller could easily be found with that info? Aside from that I tend to side with the crew that considers some forms of wholesaling as practicing without a license. There is a fine line. Some do it correct. Some don't. If you personally cannot close on the property in the event you don't find an end buyer you have no right in my opinion to even sign the contract and should lose any deposit you put down. Just my 2 cents. More power to those wholesaling the right way, I'm all for it. For those that don't, just get a license it'll cost around $500...

Your getting your license and plan to place the 8-10 extra tenants into another rental and collect the commission? I'll warn you right now that is a bad idea and likely to be a complete waste of your time. The "commission" for placing a tenant is usually 1/2 months rent, minus 40% for the broker split minus 35% for taxes and dues. So for example a tenant who rents a $1000 rental would net you around $200. From experience, there is zero money to made this way. 1) you'll need to screen them to make sure they even qualify to rent. 2) you'll have to show them units until them find one they like. 3) nothing is stopping them from finding a place on their own. 4) as I illustrated above even if your successful the payoff is minimal. 5). One day in the future you might find yourself being blackmailed by a landlord who is claiming you placed a bad tenant in their unit and says it's all your fault.

Welcome to BP and real estate. Wholesaling as I see it very simply put means you need to go out into the market place and beat all other more experienced investors and agents to the deal. Then you need to negotiate a super duper deal with the seller so that you can take that deal back to those experienced investors and sell it to them at a price that will pay you for your work, but also leave enough room on the deal for them to profit. Best of luck. I'm in no way saying you can't do it. Im just giving my 2 cents on the process and think it's not usually the best place for someone new to the industry to start. Personally I'd learn who are the players in your market and ask them how you can bring value to their business in some way. Work with them to learn the business, not against them.

Link to Inman Article: www.inman.com/2017/05/22/zillow-launches-instant-offers-pilot-program-for-homesellers/amp/

Zillow rolled out a "test" in 2 markets recently in Las Vegas and Orlando. Simply put they give sellers the option to review up to 15 instant offers from investors they have lined up. A CMA is also provided from a local agent which is supposed to show the seller what they might expect if they were to list as compared to the current offers on the table. The real estate community is already up in arms about it as Zillow begins to bring buyers and sellers together without being a broker. What does the investor community think about this move? Surely this will have an impact on the way business is done in the future. Zillows brand awareness sets them head and shoulders above the small time investor trying to compete online for motivated seller leads. As an agent and investor I certainly won't let something like this hold me back from achieving my goals, but to ignore the beast and act like I won't be affected in anyway down the road would be foolish.

Selena Walsh you may want to verify they won't be sourcing those funds even though they are a gift. Typically, a gift giver will sign a form stating it's a gift, and then the bank requires them to show a bank statement that reveals the transfer. Any large deposits into that account will be a red flag. But maybe they aren't going to source them at all and you'll be fine. Another way around sourcing funds is a seasoning period. It's usually 60 days. So if the money is in your account, the bank usually only needs to see statements that go back 60 days and the money will appear as though it were always there. Just to be clear, lenders don't allow Credit to be used as a down payment since that's essentially defeating the purpose. A down payment is skin in the game. If one is required to pay back the skin in the game, it's not skin in the game anymore. They also require gift letters to ensure your not responsible for paying it back since they are not accounting for this debt in your DTI. Have you looked into low down payment loans? 3% conventional or 3.5% FHA