All Forum Posts by: Kate J.

Originally posted by @John Thedford:

Originally posted by @Kate J.:

Originally posted by @John Thedford:

Originally posted by @Kate J.:

@Meryl McElwain the target group are the people who does not know of existence of MLS. If they put their property for the price that the wholesaler suggests, it will have a good chance to go under contract the same day for cash. All investors do monitor MLS. Wholesalers steal equity of the homeowners. As far as it is legal, I dont have problems with that. Everyone needs to feed their families somehow.

 Check out the CO thread. The state went after the agent with CRIMINAL charges for ripping off the owner. 

For sure... But you should not ve an agent and wholesaler. An agent is fiduciary, and wholesaler is not. by any means haha.

 We see LOTS of agents wanting to "wholesale" because it is a blind transaction and the seller has little or no idea what they are paying for the "service". One of the top ten reasons agents get sued is misrepresentation of value. No doubt many agents are now playing these games and it is good to see states such as CO going after them. There is nothing wrong with buying under market from an EDUCATED seller. Buying under market is NOT the same as playing middle-man and ripping off sellers for over 20K on this deal. $1000 bet says the seller would not be happy if they knew EXACTLY what happened on this deal:)

I think we need more goverment control on this. For example, no transaction can be made without a seller being educated. Maybe signing some kind of disclosure forms in advance. To my understanding the wholesalers claim that they have some kind of miraculous set of buyer that they can push the property to cery fast. Many of the sellers buy this kind of nonsense. I just moved to Austin and surprised to see that there are many wholesalers here created companies and having websites. They even have properties in nice areas. Many of the properties are picked up from MLS. I guess the agents that alloweded them to put the property under contract risk a lot in this case.

Originally posted by @John Thedford:

Originally posted by @Kate J.:

@Meryl McElwain the target group are the people who does not know of existence of MLS. If they put their property for the price that the wholesaler suggests, it will have a good chance to go under contract the same day for cash. All investors do monitor MLS. Wholesalers steal equity of the homeowners. As far as it is legal, I dont have problems with that. Everyone needs to feed their families somehow.

 Check out the CO thread. The state went after the agent with CRIMINAL charges for ripping off the owner. 

For sure... But you should not ve an agent and wholesaler. An agent is fiduciary, and wholesaler is not. by any means haha.

Hi All. I have a question on the best way to finance 10 units. Do I understand correctly that it does not matter if the owner occupies one or not? Also what is the best financing one can get? Should it be under the owner's name or LLC?

@Chan K. Handyperson is the key. Many of them know how to fix or replace pipes. But you do need to find a reliable one. The best way is to check handyperson while you remodel units. I have a guy, a former navy, he is just great. He probably can build a house from scratch. But not only, he never stolen anything from site, as opposed to numereous contractors and subcontractors that feel the need to grab my tools and other stuff. Otherwise you can call any licensed plumber, but the price will not be the same.

@Meryl McElwain the target group are the people who does not know of existence of MLS. If they put their property for the price that the wholesaler suggests, it will have a good chance to go under contract the same day for cash. All investors do monitor MLS. Wholesalers steal equity of the homeowners. As far as it is legal, I dont have problems with that. Everyone needs to feed their families somehow.

@Sarah Pursell keep her, she pays in time. There are several things you can do. The first one is to tell her about your feelings, explain why the repairs cant be done on her timeline. The second is to open a new gmail account and pretend that you have another person who manages it. I am doing this all the time. If something escalates on that account, I show up as a landlord and gix it. Usually I receive requests to that account and it goes smoothly. It really helps me as mentally I look at it from a side and not directly from landlord.

Oh yes, do the postnup, in case HELOC thing will not work.

@Christopher Lane well, you want a forum to analyze your personal situation. The closest person to you might be right. She might be right. The fact that you dad did something does not mean you will have a success in doing it. How is it financially? Do you plan to use her salary for the investing? If I would be her, I would seriously oppose that, especially if the other half would not bring anything money wise.

@Margie Pierce dual agent has an advantage if and only if the buyer knows what they are doing. I was licensed but let one of the agents to have a double dip. Not all but many agents will push the seller from the bridge to get extra comission. If one looks for their first time purchase, chances are that it will not work. You do need to know the contract. Well, not only the contract as it is written, but what is the commong thing to put into it. For example, the tax proration. You can put 100% or 110% of the previous year. This kind of things can add up and eventually the money will be lost. I would certainly recommend to get a license and do the first couple transactions with expierensed agents.

Originally posted by @Noah Zelko:

@Kate J. Thank you so much for saying that! I’m no pro but hope I can teach others as I learn. I hope I can succeed with this particular idea. Was your project commercial? If so did you need to have equal net worth to the loan amount?

 The land was subdivided in two lots and we build 2 sfh. I dont think they need it, but the bank did ask about all income and net. However my net was higher, so I am not sure if it played a role.