All Forum Posts by: Zoran Stanoev

I think it sounds like a great strategy. I like how you are going to remain focused on your primary strategy. Just make sure you don't view a property manager as something you can ignore and everything will go perfectly. It will still require some keeping tabs on.  Good luck.

If you're looking to invest in larger properties, why don't you sell your two properties and use that money to find a bigger building?  

I need to sell my ticket to the conference (and Sunday’s networking event). Does anyone need a ticket?

Thanks for the update @Robert D. As you mentioned in your original post, please keep us updated on how this plays out. I think there’s a lot to learn. Sounds like you’ve got it under control. Good luck.

I'd be careful relying on the "the note rarely gets called" because if it does, you put the home owner in a really bad spot if you can't pay off the note.  

I can no longer attend and need to sell my ticket. Anyone still looking?

The Illinois law requiring a broker's license to wholesale is applicable to properties in Illinois.  It's meant to protect Illinois property owners. If the transaction/closing doesn't occur in Illinois, you should be all good.

I'm guessing your bank is a portfolio lender that doesn't offer an FHA or Freddie/Fannie product? Do you happen to know the answer to the question anyways? thanks

When you do sign up with a brokerage, be sure you read the contract you sign because you may not be allowed to do wholesaling on the side or independently as you mentioned above. I'm guessing it will state that you are not allowed to do so.  I think most brokerages, if not all, would not be happy to hear you're transacting real estate business on the side. You're basically taking money out of its pocket. 

So we're on the same page, anything other than purchasing with traditional bank financing and cash is considered creative. I think creative financing works best when one of those two options doesn't work for the seller. I think some people want to use creative financing that they try to fit a square peg into a round hole when they should be looking to solve the seller's problem. There really are countless possibilities, so I'd recommend keep reading and learning and finding someone at a local REIA that has a lot of experience that you can approach when you come across a situation where traditional financing or cash don't work. good luck