All Forum Posts by: Jim Wellington

Hello- My partner company has DSCR loans with zero origination fees, loans with only 20% down, and many other unique programs. Feel free to connect and we can further discuss.

My one addition to the advice already given is to understand what your signing. Wholesalers sometimes get to fly a little fast and loose.  Typically they aren’t bound a board or governing agency. For example, recently I purchased a house from a relatively new wholesaler. He insisted on sign his assignment agreement first. The issue was the assignment agreement bound me to the terms of his purchase agreement but he hadn’t and wasn’t initially providing me a copy of the purchase agreement. 

After giving him an education he finally caved. He was concerned that I’d be upset with how much he was making on the deal so he was reluctant to send it to me. Truth is I didn’t care how much he was making. I’m not counting his money and he shouldn’t count mine. I just wanted to know what I was agreeing to first. 

We’ve know established a good working relationship and I’m at the top his lost when he gets a deal. 

Point is don’t sign an assignment agreement that binds you to a purchase agreement unless you’ve seen the purchase agreement or have an exit strategy(or clause) until you do. 

It depends on what your goals are and what you’d do with the proceeds. If you’re putting the money into another business venture or real estate investment that’s better than if you were just going to tuck the money in the bank or worse yet bet a depreciating item like a luxury car. Lol

As an investor and one stop shop to find a fund properties via DSCR loans, I'd tell you to keep the property! you're locked in at a low rate. Appreciation will slow but you've got positive cash flow. If you got untapped equity you could take a Heloc as a second to buy more properties.

Don’t wait to buy real estate. Buy real estate and wait. You bought it now wait!!!

Hello. We find and fund deals thru our lending division. We can go down to 67500 loan in a single property or 50k in a blanket of at least two properties. I also have zero origination fee programs and 80% cash out. All DSCR

A good negotiation tactic. A large amount of sewer lines have partial repairs and have belly’s. Think of the belly as a trap. The water will sit and when new water forces it’s way down the line it will push out the old water. Likely it will be fine. 

In Metro Detroit several companies offer sewer line insurance. Check to see if this is available in your area. 

The Metro Detroit market is always a good market that provides good cash flow. Personally I'm buying. The fixer upper type homes on MLS are seeing price cuts. There is also off market deals. I've bought several properties in the last couple months and will keep buying. Trying to time in the market is not a good strategy. Don't want to buy real estate. Buy real estate and wait. I'm finding and funding deals for myself and clients.

Congrats on your success!

Hi Sam! There are 80% cash outs options still available. 

@Neel Trivedi Metro Detroit is a great market to invest in. There’s good appreciation and very strong cash flow. All of the rentals I own are in the Metro Detroit area. Wayne, Oakland, and Macomb county. 

We’ve got strong sources of employment and a healthy pool of tenants. My team offers a one stop shop to find and fund your purchases.