All Forum Posts by: Zoran Stanoev

The location of the property dictates which state’s law is applied. However, if you’re really close to another state, I’d be careful where your seller/buyer are located and if they’re also crossing state lines. But if you’re in IL selling an Indiana property to an Indiana resident, Indiana law will apply and the IL wholesaling law will not apply.

It's negotiated between the two parties. There are several variables that can be negotiated, so there's a back and forth.  Typically, if the investor is newer, the lender will have more leverage. If you're a seasoned investor with a proven track record, you can drive the terms. 

Finding an attorney to be a partner that buys properties for you until you can legally do so and then buying him/her out sounds like an internet scheme.  I'm sure the attorney would have to deposit money into your account first too?  I would be very leery to do this type of business deal with anyone over the internet that I've never met and property vetted. If your friend had success with an attorney in Indiana, maybe try doing the exact same thing.  Good luck

Welcome Joshua! Keep going on your quest for knowledge. Learning is always a good thing. My piece of advice would be to get specific about your goals and let that be your guide. Nothing is going to happen by accident. Also, really get into the numbers of your finances, tracking where you spend money and how you can save money. Lastly, get the word out to everyone that you've got a new interest and find like-minded people and other investors. Attending REIA's or meet ups is a great way to do that. Best of luck!

Every sponsoring broker will have different terms, so shop around for the right one.

Is the seller holding the note? If not, the seller has no control over the downpayment amount, that's something the lender requires and determines the amount.  

Mason City and Mason County are quite small, so I think your request may be too narrow. I'd recommend searching for one in either Springfield, IL or Peoria, IL (both seem equidistance to Mason City based on me taking a peak at Google Maps). If you haven't already, I'd ask your property manager for a recommendation. (excuse this suggestion if you already have). Good luck

I'd echo the sentiments of everyone above.  Couple things to keep in mind.  Just because a FAFSA is free to apply doesn't mean the money will be.  While it may be a low rate, it'll still be an interest loan.  Also, if you're going to a CC, I'd recommend getting a job at a real estate broker's office and learning about the business.  Or a real estate attorney's office.  Even if you just start by answering phones or being a runner.  You'll get great experience that you'll never learn in school or by taking the agent's test. 

It sounds like you have really good intentions, but a lot of people have found themselves in jail for buying someone's house and then renting or selling it back to them.  It's basically mortgage fraud, so I would avoid that scenario completely.  I know you want to help and it's noble, but buying it from them and then selling it back is not the answer. Sounds like they shouldn't have gotten the original loan. If them moving out of the house is a non-started, I'd keep moving and look for the next deal.  However, if they want to avoid a foreclosure and are willing to move, you can work with that.  Good luck. 

@Kyleigh Morgan have you read David Greene's book on BRRRR? I think it does an excellent job of explaining the entire process and what to expect at every turn. Good luck!