All Forum Posts by: Justin Howe

@Krystal Seabron Welcome to BP! Yes, wholesaling isn't get rich quick but no real estate strategy is. Everything takes hard work and if you do it right, you will succeed. 

Sounds like you've got the basics down. You need marketing (letters, postcards, signs) and a phone to talk to sellers/buyers. You don't need a website or DBA to start. Just find a good deal, market it, and close the deal with a new buyer.

Good luck and let us know if you have questions.

Welcome to BP fellow neighbor @Nathan Alekson

@Amiris Brown Sounds like you're on a limited budget and want to make cash quickly. Wholesaling might be a great way for you to start. You can make large assignment fees without using any of your own cash or credit. 

Keep in mind, real estate isn't get rich quick. It takes hard work but if you do it right, you'll build wealth. 

@Michael Smith Good luck, let us know when you close

@Nathan Paisley That's awesome, keep up the good (hard) work!

LIke @Aaron Howell said, you should be able to specify how much gets applied to principal. It should break it down for you in online banking.

@Julie Rolfe You can send out letters or postcards to the owners of properties you want to buy. Your message will be a little different because you aren't buying with cash but it can work. 

Wholesalers typically sell to cash buyers because they are working with distressed sellers who need to sell quick. It's not impossible but I wouldn't bank on purchasing from a wholesaler without cash.

@James Roberts Yes the payment will be higher because you're putting less down and you'll have PMI (private mortgage insurance) added to the loan. But once you have 20% equity, you can drop PMI or refinance into a conventional loan.

While you're waiting for your lease to finish, I'd start networking with local investors in your market. That way you can learn from the pros and when the time comes, you'll be better fit to pull the trigger on a deal. 

@James Roberts You absolutely could purchase a duplex and not live in it. However it might be more beneficial to live in one unit and rent out the other for two reasons.

1) If you live in it, you can apply for a FHA loan with only 3.5% down instead of 20% on a conventional loan.

2) It's a great way to learn the landlording business and it will massively cut down your living expenses. Look into "house hacking". It's worked wonders for a lot of people starting out.

@Michael Dunn Just like @Josh Mitchell said, most lenders require you to show two years of rental income on your taxes before they will apply that towards your income. Plus they may only use 75% - 80% of the rental income.