All Forum Posts by: Alonso Fernandez Maldonado

Hi Bp! I was curious as to what a reasonable wholesale fee is. I'm trying to get started wholesaling and little by little gaining the necessary knowledge enough to get started. What 5 mark up do you guys usually do? I'm located in Fort Collins, CO, in case anybody has insights into this area. 

I appreciate the help!

Hi BP!

Quick questions... I was curious if you can 1031 profit from a wholesale deal? Can you 1031 a fix and flip deal? 

Thanks!

Hi guys!

I was wondering if anyone can give me advice on where I can find/buy a list of absentee owners to cold call for wholesaling?

Thanks!

Hello BP!

As many of you may know, I'm getting started in Wholesaling. I've done a lot of driving for dollars and I have a few homes in my area that I need to call. I have experience doing cold calling and building scripts. However, for the sake of time, I was wondering if anyone has any scripts that have worked for calling on home for potential wholesaling. 

I appreciate it!

Thanks!

Hello everyone!

I'm having trouble running comps to determine the ARV of a home. Does anyone have any tips or techniques you use to determine ARV? It's hard to find perfect comps in terms of rooms, bathrooms, garage, etc. I'm not sure how to figure out how much value is added from lets say an extra room or an extra bathroom. I know it depends on the market but like I said Id like to know if there are any techniques or tips you guys are using.

As some of you may know from my previous posts, I'm really interested in investing in rental properties. However, I'm still in college so I only have a couple of grand to work with. After talking to a few people I realized that maybe the best way for me to get started is doing wholesaling to build capital that I can then use to invest in Rentals. However, I have a few questions about rentals that I hope someone can clarify for me. 

- When you are wholesaling, are you supposed to purchase the home? or can you just put it under contract and assign the contract to someone else?

-If you don't have to purchase the home, do you still have to get approved for a loan in order to make an offer?

-what costs should I expect to have when wholesaling?

-How do I protect myself from having to buy the house if I'm unable to assign the contract to someone else? 

-Lastly, do you have any recommendations for books on wholesaling?

Thanks BP!

Hello BP!

I'm in the process of deciding how I want to finance my first property and after talking to a few mortgage broker I narrowed it down to these options. I only have $12,000 in cash and I'm looking at houses around $250,000. 

1. Do it alone with a 0% down loan, even though it would have a big negative impact on my cashflow. (house hacking)

2. Do it alone with a 3% down FHA loan, even though after downpayment and closing costs I would have no cash left. (househacking)

3. Get a partner to put 20% down, have lower interests, and split all profits 50/50. 

I appreciate any help, suggestions, comments, etc. 

Thanks!

I read on BP that you can use an FHA loan for an investment property as long as you're house hacking. Today I met with a mortgage broker and I mentioned this plan but she said it is not legal to do this. She said "You can do it if you want but you cant report that as income. Therefore, you can't use that income to qualify for a loan in the future". At some points in our conversation, it seemed like she just came up with answers on the spot so I don't think she is very experienced with investment properties. Can anyone tell me, is it illegal to house hack on an FHA loan? Can you report that cashflow as income for another loan?

Let me know what you think! I appreciate all comments:)

Thanks!

Hello BP!

I'm in the process of finding a mortgage broker for my first deal. I have an appointment to meet a broker tomorrow but I'm not sure what to expect as this is my first time going over this process. I was hoping to get some help from you guys to be as prepared as possible for tomorrow. 

- What are some questions I should expect from the broker to ask me?

- What are some things that I can ask them to figure out if they're a good broker to work with? 

As always, thanks a lot for all the help and support in these forums:)

Alonso

I'm trying to get an FHA loan to buy my first property, which I plan on house hacking. I'm located in Fort Collins, Colorado. Does anyone have any recommendations?

Thanks, BP!