All Forum Posts by: William Patsalis

Hey All!

I have my eye on a property I want to buy but I just found out it is owned by Fannie Mae. What are the steps I'd need to go through to purchase this property? Is it possible?

Hello all,

I currently have a client looking to buy a house in SE Michigan and he has very specific wants on this house. With inventory limited already, it has been difficult finding houses for him. While we did just find one we liked, our offer got beat out. While it is frustrating to a first-time homebuyer, I am trying to find ways to keep him motivated and for him to possibly re-evaluate what is most important to him in a house so we can look at more properties.

I am looking for advice on how I can better align what my client is looking for and make his expectations more realistic in this market. I am also wondering about some tricks that you may use to get your offers accepted in this highly competitive market. We waived some contingencies, increased EMD, talked with the seller agent at length, and allowed extended free seller occupancy. Any suggestions would help!

I am currently a real estate agent and I am looking to work in another field of real estate so I can continue to grow and learn more about different aspects of real estate. I would like to get a job based on hourly/salary pay but I am coming here for advice on where to look. I am hardworking, very good with numbers, and can complete tasks within a deadline What jobs can you recommend that might help me grow? I was thinking something along the lines of property management or mortgage banking. However, I am posting this to learn about jobs I haven't thought of so any suggestions are appreciated!

@Michael Clark yes they do have FHA loans that will bundle repair costs into the loan. If you are interested in attending please message me your email and we can answer this question in much more detail!

 I took a self-paced online course but the requirement is 40 hours of education in Michigan. It took me about 3 weeks but depending on how fast you want to get it done it can differ

Hello All!

I am making this post as an encouragement to all investors out there. If you are interested in real estate investing I highly recommend that you should get your license. I have been seeing several posts both on this website and throughout my Facebook feed of people asking this question. In my honest opinion, it was one of the best decisions I have made. About 3 years ago I made my deep dive into real estate investing and it's something I fell in love with. I was debating at the time whether or not it would be worth it for me to get my license and would constantly make up excuses as to why I shouldn't. Finally, 6 months ago I decided to pull the trigger and become a licensed agent myself.

This is a truly eye-opening experience as it showed me how much I was missing out on. Prior to getting my license, I scoured Zillow trying to find deals, looked through way too many public record websites to track down homeowners, and wasted a lot of time trying to find an agent that was available to show me homes when it was most convenient for me.  It became so frustrating that I decided it was time I got my license.

Since getting my license, I have found it way easier to search for deals, access public records, find old listing data on homes, ETC. It has saved me a ton of time and provided me with a much more detailed overview of homes that I am thinking about purchasing. It also gives some leverage when bargaining deals as I am much more knowledgeable about market trends, home values, to make money off the sale (the commission).

Overall, it has been a blessing since I have gotten my license and I highly recommend to any investor, especially young investors just starting out, to get their license too!

@Meghan Alsiamer all you have to do is message me your gmail so I can send you the invite!

@Vashist Dhanani I was in a similar situation. Last spring I was a senior about to graduate college but I was dedicated to making real estate my real career. I love everything about real estate and how quickly you can scale if you are dedicated to it. So I took the class online and got my license at the same time of finishing up my degree. I took an online course that was self-paced and it worked out great for me.

I would highly suggest getting your real estate license if your even the tiniest bit interested. The cost is relatively low. I got mine for just over $1000 but that include the class, all fees that were due to my board, testing fees, office dues for the first month, etc. $1000 may seem like a lot but if you consider that you practically only have to sell one house at $100,000 to make your initial investment back it is a really entry price for a career. (assuming it’s a 3% commission rate and you split it 50/50 with your broker)

I would recommend finding another place to either work or go to school because the first couple of months/years will be tough to make money as it is all about creating a name for yourself.

I would be happy to talk more with you about if you’d like. Just send me a message and we can go into further detail!

Best of luck!

 He is not, he works through UMortgage and has his own team. He is very knowledgeable and could help you with any financing questions you may have!

Hello BP!

For anyone interested in investing in SE Michigan, I am hosting a Q&A forum next Wednesday (10/26) via Zoom at 7PM. I have partnered with one of the best investment lenders in the state in order to answer any questions you may have about the market, the buying process, or anything else you may be concerned about. Starting out as a new real estate investor is intimidating at times. We have set up this Zoom to better educate and prepare new investors on what to expect when closing on their first deal. Metro Detroit is a booming market that can provide great returns on your investment! 

For those investors that aren't from Michigan but are interested in out-of-state investing this could be a great opportunity to learn, ask questions, and connect with professionals in a market that can provide great returns. Much of Metro Detroit is young, vibrant, and trending upwards. There are so many diverse neighborhoods which provides flexibility to you as the investor because you can choose the class of tenant that you want to rent to.

Overall, we plan to make this forum a welcoming environment for all new investors and provide valuable information and guidance for those just starting out. If this is something you may be interested in please reach out!