All Forum Posts by: Katlynn Teague

Amanda, congratulations on your first property! I would recommend walking the property with a trusted contractor or multiple contractors and getting different bids. Now you know what you need, go check out Home Depot, Lowes, or any warehouse close to you. From there compare and contrast what prices you see differently. Get back with your contractor and tell them if you buy the materials, how much would they charge for labor? Always, always, always have a miscellaneous spot in your budget it should be at least 10% of your total rehab! Good luck and I hope the helps! 

Alec, there are many ways to house hack it doesn't have to be a duplex! You could purchase an SFH with a full basement. You would live in the bottom, rent out the top, and add a second driveway for the tenants. Or if you purchased a larger property, you could do a pad-split situation. Everyone is purchasing multi-family, so be ready to compete, but to start out a SFH is a great option as well!

 Thats wonderful, you can purchase a property with a hard money loan and refi through a conventional lender! BP has a great calculator to help run your numbers as well! 

Sean, I would assume that you would. However, every state is different. I would ask your broker to make sure in regards to the contracts. But, anytime you are involved in a real estate transaction you must disclose to the other party you hold an active license! 

The fact that states require wholesalers to hold an active license is great. There are a lot of people out there who went and watched a YouTube video and now think they are going to make millions off of wholesaling. These are the people a lot of investors/relators can't stand. 

I am a licensed agent here in GA and work at a nationwide wholesale brokerage. We have to move and shake differently than typical wholesalers. You have to disclose to anyone you work with that you hold an active license. But there are many ways to work with buyers and sellers alike with many different types of representation involved. This also depends on the property, wholesalers are not going after retail houses. They are going after the nastiest houses on the block. More often than not the houses that people are wholesaling do not qualify for conventional loans. They could still be listed however, could only be purchased in cash, seller finance, or hard money. Which most buyers are not going to be paying retail costs for. It's really all about figuring out what the best route is for the seller and figuring out which way to go.

I don't think that wholesaling is ever taking advantage of a seller. If both parties are able to agree on a price that is equally beneficial to both parties no disadvantage is taken. Wholesaling is a business and everyone has their own opinions about business. It will certainly be interesting to see how this will change the game. 

Michael, that's fantastic! 

I would absolutely recommend diversifying your risk and doing a couple of properties instead of investing all your cash into one. Also, what is your strategy? Are you looking to do flips or rentals? Either way, you will be sitting in a better spot by having a couple properties than being all invested into one.  

 Kristine, I am so sorry about that awful experience. 

If you're looking for a mentor, I would recommend going to your local meet-ups in your area! The best way to meet people is face-to-face. Not only that, these people are local to you, so instead of doing Zoom calls you can meet and be hands-on throughout the process! If you're looking for out-of-state, you can also call the local realtors in the area and let them know what you're looking for and see if they would be able to help! 

Georgia absolutely allows Double Closes and most closing attorneys do them. We typically use Katz Durrell or Watson Closing Attorneys! 

 I have never seen a lender do 100% financing. 

Different lenders have different programs. The most common is 70% LTV and 90% purchase price loans. The "down payment" is called your "cash to close" which would be the difference between the loan amount and the total due at close. Lenders need some skin in the game from you as a borrower as well. Most will have a monthly interest rate or a balloon interest rate at the end as well.

 The name of the game in real estate is to use somebody's money instead of your own! But would you feel comfortable using someone who hasn't been through a course to learn the ins and outs of a loan?