All Forum Posts by: Chinmay J.

@Chinmay J. I cant say I can think of anyone who I would consider reliable as the only people I associate with is family, and my family is known to be fairly fickle and poor minded. I am just recently deciding to change my life and lifestyle and enjoy the abundance I'm starting to see in the world. Best I can hope for is give my most trustworthy sibling power of attorney as a backup for major issues, and leave the rest to property management. I think rental properties will definitely be the way I go, by one way or another. Thank you everyone for your input.

Hustle on friends.

Power Of Attorney is fine for legal things, but for day to day management is what you need good boots on ground. PM is the way to go, but that PM better be vetted PM. A bad PM can ruin your investment.

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Originally posted by @Dave Skow:

what are the loan fees ( points ) tied to the rate you ask for ?

try keeping your ltv at or below 70% of the appraised value as you should be able to get best rates ?

are you refinancing the existing mortgage or pulling cash out ? ( makes a difference )

if these have been answered in other posts - sorry in advance

You can scroll up and read.. I am not writing it up again.. Not pulling out any cash.

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Originally posted by @Donnie White:

I am currently exploring options to begin my investor career. I work 12 hours a day on a vessel for a month at a time, with two weeks in between trips. I want to try my hand at wholesaling but dont always have signal on my phone or computer. I am also considering saving for a bit and buying wholesale properties and rehabbing for a cash flowing long term hold investment. I have an excellent contractor in my family for bidding and possibly execution. Any thoughts? Again my schedule is 28 days away, 14 days home.

No matter what vehicle you choose, and not matter how much money you have...

Your strategy is as good as your boots on the ground, and when you are 28 days away, you definitely need someone reliable on the ground even if you are investing in your backyard. If I were in your shoes, I would definitely buy and hold. Renting provides stable cash flow, and it's great way to generate passive income.. Again, you need someone reliable you can trust.

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Just closed today..

1 Vote

Originally posted by @Dave Lynch:

@Chinmay J. What could possibly go wrong?

C'mon man.. Be a sport already.. Just imagine all the interesting stories you can come out and tell us.. I mean how many times we get to hear a story which starts something like.... "And there he was.. staring at me with a cold stone stare with an ax in his hands..."

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Originally posted by @Carmen Lewis:

@Chinmay J. yes if I were a seller and found out my house sold for 20k above the contracted price, I'd be pissed. But from my understanding, these "motivated" sellers don't really care. They understand that investors are in it to make a profit and are okay with that. They just want out of their current situation which is why they are motivated. And also from my understanding, wouldn't all of this be disclosed to the seller? What's the harm if every intent is in the seller's best interest and they are made aware of all of their options? If a seller has a problem, and I find a solution to their problem, what's the harm in that? And why can't I be compensated for the time it took me to find the seller, their solution, and the resources I used to find it? This is some good conversation. I probably sound like such a rookie but I'm learning quite a bit.

You do realize that you are contradicting yourself right? Why would someone go with a wholesaler as opposed to a realtor. Well two of the most important reasons is quick sale and no commissions. The seller gets what he has been promised - unlike in a realtor scenario he will get Selling Price - Commissions. This can look very sexy on the paper, but I tell you what.... The No Commission thing is a lie. It's just an accounting trick. Instead of taking a cut from the selling price, you just padded it to the back end and increased the selling price that the new buyer pays.

So now, regardless of who is making money and what not, what if the deal that has been promised is NOT what the property is selling for. What if it is selling for significant more. Significantly more to the point that if he had gone with a traditional realtor, he would have come out on the winning end of the deal. Most wholesalers don't disclose all these things in any level of detail with to the sellers. They would be shooting themselves in the foot if they did. Most sellers are not savvy enough to know the true price of their property, or they would never go with the wholesalers. They would go with realtors and sell their property "as is".

BTW, I am glad that you are even asking these questions before jumping into this..

1 Vote

Originally posted by @Dave Lynch:

Just trying to get opinions on someone convicted of man slaughter about 10 yrs ago. Is it risky or does enough change after 10 years?

Sure.. Why not....What could possibly go wrong... Just don't ask him why the rent is late.. You never know what will happen next..

3 Votes

Originally posted by @Carmen Lewis:

I didn't realize that this was such a touchy subject. I am new to ALL of this and am just looking to get my feet wet a bit and learn along the way. I'm not looking to con anyone, I am not shady, and I have morals. I don't want to be a broker or a realtor. I want to buy ugly houses and make them pretty again. Wholesaling seemed like a good way to raise some capital to get me to where I want to be. @Lydia R. and @Michael Ealy I really appreciate your thoughtful insights.

Then you are better off finding other ways to raise money to make your dreams come true...

First of all, the core of the wholesaling business is based on somewhat deceptive business practice. It involves signing a contract with a seller at a agreed upon price and then assigning the contract to a buyer after padding your commission. Nothing stops that buyer from doing the same thing that you just did.. Hey.. The Sales Contract says "the buyers and/or his assigns....right?" So why the heck not...

So now imagine, you being a seller that really needs that quick cash, and decided to sell your house at a contracted price of $100K, only to find out later on that actually the house sold for $120K. Would you be pissed? I would be for sure.

For the same reason Virginia has made it illegal to do NET LISTING. This type of transaction is called NET LISTING.

Another thing is that the wholesalers are notorious for is underestimating the repairs and overestimating the ARV. There are many people out here on BP who have built real estate empires, but have never bought a single property from wholesalers. I think that speaks volumes..

In the end, you're going to do what you're going to do.. Good Luck..

1 Vote

Originally posted by @Lydia R.:

@Chinmay J. the OP can close on a deal and re-sell it if she chooses and be perfectly within the confines of the law. Perhaps instead of contributing negativity you could contribute education to the OP who clearly posted looking for information. You made generalizations about wholesaling in general. Had you qualified your statements by specifically referring to OH this would have been an entirely different conversation because I am aware of the strictness of OH laws regarding wholesaling.

When did Bigger Pockets become the place to belittle and criticize those who are here to ask questions, gather information and get advice? If I was a pro member I would be asking for a refund.

You are right... That's called Double Closing.. Not wholesaling. Most wholesalers have no desire or funds to buy the property

I did contribute. I told her to go become a realtor.. Sorry if that wasn't as warm and fuzzy as you had expected it to be (for her)

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Originally posted by @Lydia R.:

@Chinmay J. its legal here in TX. And I have the funds to close on anything I put under contract. If I have the intention and ability to close a deal that I put under contract and then I choose to sell my equitable interest in that contract to someone else who also has the ability and intention to close then I am not brokering a transaction. You are more than welcome to call and speak to my attorney, Im sure he would be thrilled to learn something new from someone like you! 😂😂

Well you are not most, and you are talking to someone from OH, where the OP seems to be from. Different laws right? From reading the board and talking to people, my understanding is the OH has some of the toughest laws against brokering w/o license. Why not stay in your own lane (Texas) instead of trying to advise someone half way across the country, and that too someone brand new..

For your reading pleasure. OHIO LAWS Maybe you and your attorney can read it together later on, or maybe he can read it to you.. LOL

2 Votes

All Forum Posts by: Chinmay J.

Chinmay J. has started 51 posts and replied 1181 times.

Post: Choosing an investment strategy for a beginner working offshore?

Post: Mortgage Rates for REFI..

Post: Choosing an investment strategy for a beginner working offshore?

Post: Mortgage Rates for REFI..

Post: What is the verdict on renting to someone with manslaughter

Post: A Hypothetical Scenario

Post: What is the verdict on renting to someone with manslaughter

Post: A Hypothetical Scenario

Post: A Hypothetical Scenario

Post: A Hypothetical Scenario