All Forum Posts by: Charles Kao

@Sam Burchyett

There is plenty of inventory to hit your goal and if there isn't, thats a good thing because more demand with less supply. Do you have a property management company in place already?

@Lennon Turner You can get license first just not start working until you hang license up. What are you looking for out of broker? Don't only look at splits because good training is invaluable. Are you going to wholesale? Some brokers don't have any part of it if you do

@Sam Burchyett Use the line of credit to buy cash and BRRR. Find a lender that will appraise with little to no seasoning that is reputable for for hitting their appraisal. This last part is hard but I have lenders that seem to be better at hitting appraisals way better than others.

@Corey Kane

Not hard but really helps to have electronic gate. I could manage my facility with 1-2

trips a month so you should

have a part time

maintenance guy help with moveouts and overlocks.

@Joshua Birk

Tens of thousands of transactions a year get done by wholesalers in Michigan alone. While the statute may say one thing it also doesn't make sense for a wholesaler to be licensed because often times to get the best deal you are not acting in a "fiduciary" capacity. I would argue you are more likely to get in trouble wholesaling if you are licensed and again you are not selling real estate you are selling a contract. Time will tell if state law has an actual case addressing this but until then it is still not 100 percent clear whether wholesaling requires a realtor license and I have not heard of this being enforced to date. I find this very similar to the many brokers paying "consulting" fees to unlicensed real estate sales persons when we all know it is a referral fee.

@Philip Briskin AirBNB is lucrative no doubt but always have a good backup plan if it does not which you do not. Your seller

seriously sounds full of it and to be honest I would stop lending to him, because what he is saying is not accurate which would make me question if he would be truthful in disclosing material facts on deals you lend on. Him leasing it to himself does not make sense because law does not care who does it just whether it is allowed.

@William K. O'Keefe Law does not distinguish between emotional support and service animal

for housing purposes. You can use petscreening.com to verify all tenants. Make them complete it even if they do not have pets because often they lie. I just started using it at a recommendation of a local

PM company and works great.

@Aiden Lamb

You do not need it in Michigan but some title

companies require it to insure the transaction. Getting a license requires you to disclose you are a realtor which can get in the way of getting deals done so you can stay unlicensed and then refer to another agent a listing if you can't close it for a consulting fee. If you are licensed you can just convert the deal to a listing if you can't get a price you can wholesale. In the past my wife was the realtor and I was the

wholesaler and that was a great combo because I could refer her listing but as we started doing commercial I needed to get my license.

@Ben Feder

Cold call and build relationships through many interactions. The problem you also have to overcome is seller may be motivated to sell to a qualified buyer in their perception but may not perceive you that way. Also if they are smart enough to get a big deal like an apartment then they likely are cognizant they can get top dollar in this market.

@Bud Gaffney 30 year. I used to go back and forth on this but I will never own a home free and clear again and thus do not want to pay a home down too fast. Lawyers will

lookup if you have a mortgage recorded on your property when considering placing a lawsuit against you. Only reason it makes sense is simply to not have the stress of another payment in my book. Now that doesn't

mean have no equity just not too much. Also 15 year rates not that much better than 30 now like in past so if you really want just do a 15 year payment on 30 year loan and if money gets tight you also have option to go back to 30

year payment.