All Forum Posts by: Jacob Joseph

So I just had a crazy thought and I wanted to know if you could do a BRRRR and when you go to refinance use an FHA loan at 3.5% , instead of a normal conventional loan at 20%?

Any guidance from lenders or experienced investors would be greatly appreciated!

Thanks!

Quote from @Lydia R.:

@Jacob Joseph Put the house under contract first! You are just working for free otherwise because nothing is stopping other potential buyers from contacting your seller and getting the contract. Do not communicate with anyone about this property until you have a signed contract that youve delivered to your title company. After that I would still not post the address in a Facebook group I would qualify the people that responded to your post asking for buyers. Im going to guess that many of them are wholesalers. There are a few questions I always ask to vet potential buyers

1. Are you a buyer, what type of financing will you be using and will you be able to send me proof of funds

2. Do you have a problem with a non refundable earnest money deposit being held by my title company

3. What is the address of the last property you purchased and would you be willing to share the settlement statement if I needed to see it.

Those 3 questions will pretty easily weed out tire kickers, wholesalers and non buyers. Youll be left with potential buyers for your deal and those are the people you can share the address with once you have the property under contract

 Thank you very much Lydia i will make sure to use these steps to weed out any non serious cash buyers. I really appreciate the feedback and wish you the best of luck. 

Hello, I am a beginner in wholesaling and have found my first motivated seller I have visited the property and been in contact with the seller and they are definitely wanting to sell for all cash. I am looking for cash buyers and don’t have any that I trust so I posted on all the Facebook groups I am in for wholesaling real estate. The post was me basically me asking Who is a cash buyer and looking to buy in my desired area with where my motivated seller is.

Now this is the tricky part, I had a ton of people reach out to me asking me for the property address and to email them. The only problem is I don’t have the contract yet as I have yet to agree on a price with the seller and one that works so that everybody wins. And I can’t tell if these people want me to send me the address so that they can go behind my back and take it from me like I said I’m a beginner and don’t want to get screwed out of a deal because of my inexperience.

So I’m debating if I should reach out to a couple people and show them the address and just tell them I already have the contract even though I don’t, thoughts?

So if any experienced wholesalers could you please help me or people who have dealt with the situation it would be greatly appreciated, thank you.

Quote from @Nickolas Werth:

@Jacob Joseph, I am a beginner to wholesaling! I’ve been reading a lot of books on it and listening to podcasts. Are you new to it? If not, how many deals have you done and where at? Thank you for your recommendation of University as well! 

I am also a beginner and I am currently working to get my first deal, and I am doing the same listening to podcasts and watching videos to educate myself. PM me so we can network and maybe help each other out by getting started. 

hello Nickolas, I use University Title Agency. Also are you a beginner in Wholesaling, if not how long have you been doing this for? 

Quote from @Bruce Lynn:

Off market deals....you buy a list and call it....and door knock...and mail....and call about 10 more times.   List might be divorces, or foreclosures, or preforeclosures, or code violations, or any other kind of distressed seller you can think of.   Driving for Dollars can help, but that's kind of doing it by chance, vs being proactive.

 thank you this is very helpful! Also where can I go to have access to buy a list?

Quote from @Aleena Qadeer:

Hey Jacob,

I recently bought in macomb county and worked with Toni Dimitriovski with Caliber Home Loans. It was my first purchase and he was terrific. I felt like he was very knowledgeable. Maybe reach out and see if he can help you.

Goodluck

Thank you for that referral, and where did you purchase in Macomb?

Hello, I am new to real estate and currently looking for properties in Michigan in the (Macomb County and Perimeter areas) and made a goal to purchase my first rental property using the BRRRR method before the end of 2022.

I am looking for advice on where I can find off-market deals wether it’s a website or just advice on a strategy, because I have realized the best deals are the ones that never make it on the market. I feel this had been a huge barrier on me finding realistic deals. 

Also I am a newbie and want advice on how I should go about purchasing my first property and what I can incorporate into my day to day life so I can become a better real estate investor overall with finding deals and the right markets. ANY ADVICE WOULD BE AMAZING!

I am also currently looking for a lender and if anyone who lives in Michigan has a really good lender especially for first time buyers I would love to hear your suggestions. 

I have been listening to the podcast for a couple months now and have been searching the MLS and analyzing deals which have really helped me learn a lot. I feel I have learned a good amount but I know when I start purchasing properties I will start to learn a-lot more through the trial and error of figuring everything out.

Thank you, Jacob