All Forum Posts by: Blake Garcia

I would be direct and ask if it's a wholesaler.

@Sam Shueh is right. I wouldn't even stress it as long as an attorney or pro closes it. That's very basic on their checklist and they're responsible for 1099s to seller so they should get it right.

Title insurance is cheap.

@Jordan Woolf

I was just through there a while back on the way to the beach at Dauphin Island.

My broker is working on a loan sizer and trying to get it to 1,000,000 value for a non recourse cash out. This would payoff original loan and cash out in the 350- 400 range after original debt. Then it's time to go shopping again.

I'd consider buying cash and refi if there's value to be added. If you're the only partner, taxes wont change. It's just a flow through entity for privacy. You could easily spend a grand in filings and accountants to setup a first year llc or partnership. Income and expenses are going to have to be recorded either way if you plan on continuing investing.

Youtube this

Make sure to have a reasonable ARV. If wholesaling remember you need to have enough for remodel, buyers profit, and profit for you as well. A phone call just for practice can't hurt. It's somewhere to start since you're at no risk until there's a contract signed.

Assuming you will have a weeks worth of phone calls and running and arranging with buyers, sellers, closers, make sure to have a 3-5k spread for yourself. Possibly less, if you're looking for experience, but it needs to be better than gas money.

Any financials available or ballpark figures?

If you're looking to purchase a different property don't mention the debt since technically it's not your obligation.

How much land? Any idea of value?

Any investment plans or just personal use?