All Forum Posts by: Alisha Gilliam

Hey everyone! We are looking into purchasing a mobile home park in TN. What questions should we be asking? What should we be looking for? And what due diligence should we be doing on the front end? And is there any lenders anyone would recommend? Thanks so much for any help and guidance you have for us!!

Good Morning!!  Just a quick question about real estate licenses and wholesalers.  We are purchasing a property from a wholesaler who is licensed; I am a licensed agent as well.

When writing up the paperwork to buy the property, the wholesaler stated that we were unrepresented in the transaction. Typically, how does this work when an agent is buying from a wholesaler?  We are having to do a double closing, but I'm not sure if that is why it is written the way it is?

I definitely do not want to get in trouble with my broker.  Anybody ever dealt with a licensed wholesaler when purchasing a property (and you were licensed too??).

Thanks so much!!!

Hi there. I am trying to understand the BRRRR methodology but am having some trouble. I get the first first few steps. Buy=got it! Rehab=got it! Rent=got it! REFI=not so much.... I dont understand the refinance portion of this as clearly as the others...are you refinancing it after a certain time frame? I'm just thinking that you can only do this so many times before the bank is going to say no, you're debt to income ratio is not high enough. (Personal or business). Am I wrong? I know I have heard that some banks require "seasoning." Is this a time frame that a bank usually determines is long enough and then will give you a loan against it? I'm sorry for asking such rudimentary questions but I just cant get past it. Thanks for any advice or words of wisdom. I really do appreciate it! P.s. I will be selling my home shortly and will receive about $70k in profit. If you were me, how would you invest it? Thanks again!!!

@Dylan Williams That is awesome!! Sounds like either contract is good as long as it is stated what exactly is going on. Are you an agent as well? Thanks again for the post!!

@Jay HinrichsVery nice!! Yeah, I'd say that was a pretty nice profit for those duplexes. Lol I know this may sound silly, but I honestly had not even thought about wholesaling off of the mls... it just seems strange to me. And your right, almost unethical in a sense. In my mind, I was thinking of finding off market deals, letting them know upfront who I am, and that I was planning to assign the contract. But I understand what you are saying as well. At what point do you tell the seller what your wholesale fee will be? And how do differentiate that from your normal agent fee? Do wholesale sales have to be done with a real estate agent involved? If so, how do you go about the breakdown of fees between yourself and broker? There definitely may be times when we will purchase the property for cash, but I know right now as beginners, we probably wont have the funds to buy every deal. I'm trying to learn more about creative investing/financing. 😊 Thanks again Jay! I appreciate all the advice!

@Jay Hinrichs Great!! That's exactly what I was thinking, but definitely wanted to check before I got in any hot water. 😊 Do you think me being a real estate agent and wholesaling is a bad combo? Or as long as I am open and truthful with everyone involved, I'll be alright? Thanks Jay!

Hi again! So I wanted to see if anyone out there wholesales in the Tennessee marketplace. I have various articles and I think in Tennessee, you put in any contract that you are thinking of wholesaling, a clause that states that the contract is assignable. Am I correct in that? Just looking for someone who actually has done this in TN that could provide any guidance!! Thanks in advance BP group!

@Jason DiClemente Awesome!! We will find someone who can help us with delayed financing! Thanks so much for the info!

@Jason DiClemente Hi Jason! We are really looking just to pull some cash out so that we can get this other rental. Thanks!!

@Chris Mason Hahaha!! Will do, Chris! I didnt think it would be this hard just trying to get some money against it since it has no money owed on it. We are gonna try our local credit union in the morning. Thanks again!!