All Forum Posts by: Shawn Mcenteer

I would like some feed back on becoming a certified property manager. I am currently a licensed RE agent in NJ and am always looking for new ways to learn the ins and outs of REI. Do you think this would be a good decision or something easy enough to learn as you go? If good, do you have a suggestion of what entity I should use to get certified? I saw a few online cartifications being offered...

allpropertymanagement.com I just Google this site. I have never used them, not sure how effective it is but it may be a help. Let me know if it works for you or how you end up finding what you are looking for.

@Jason May

I think the RE license would benefit you a lot because you will be able to understand your market better having direct access to the MLS. As said early wholesaling and being and agent is very similar. My best advice is read "Millionaire Real Estate Agent" by Gary Keller. That will give you the best idea of what it takes to be successful in RE as an agent and in my opinion it reflects what it will take to be a successful wholesaler. Also if being an agent is what you decide run the numbers first, be aware that there are lot of yearly/biyearly dues to be made, some company charge monthly dues as well. Educate yourself so you know before you go.

Yes attorney is needed for NJ RE purchase, but good to know PA only needs a title search. But I 100% agree if PA transaction comes up I will make sure to utilize attorney anyways for first time at least.

TY

@John Moore I am asking is the purchasing of the home the a similar/same process. I understand what both wholesalers and FSBO are doing I am wondering the steps you take from purchasing from a wholesaler.

If I want to purchase a property from a wholesaler what should I do to protect myself? consult with REattorney, title rep, mortgages provider, etc? I am just trying to figure out the steps I need to go through to have a safe transaction.

My apologies for confusion from initial post.

When purchasing a property from a wholesaler is it the same concept as purchasing from a FSBO? Is there a guide to purchasing from a wholesaler?

Look up FHA guidelines, I am actually seeing that FHA can be used if you are not a first time home buyer but it can only be used on the residence you live in...

I believe FHA is for first time home buyers so by owning a property already you will not be able to finance next purchase with FHA. I am not sure if banks care if you have primary resident or not they just run the numbers and make sure your mortgage is relevant to the expected rental income of the property. The greater the cash flow your rental properties produce the more likely you will be granted a another mortgage. Take into consideration banks only account for 75% of cash flow because they figure that is the fair number for vacancies and fixes.

Count me in next meeting!

Thank You BP