All Forum Posts by: Quincy Baker

@Jesse LeBlanc Hello Jessee. Thanks for your insightful feedback.

Good morning BP,

I apologize if my question is somewhat fundamental, I'm new to the business and some of my questions will reflect my learning.

Q: When using transactional funding to fund the A-B of a wholesale deal, is it common practice to include the TF costs in the ask price? That is- knowing what the TF cost would be, factor those costs into the ask price (within the B-C agreement between yourself and the buyer) to maximize your profit? In other words simply treating TF costs as a part of overall closing costs to be satisfied in the buyers agreement? Is this something common or frowned upon for any reason?

I particularly also invite the feedback of anyone working in the TF business as well.

Thanks BP

Thank you very much Khaled 

Good morning BP,

I'm a new investor in the Buffalo, NY area. I'm not new to the area, only to the business. I've been making inquiries about identifying an "investor-friendly" attorney acquainted with assignments and double-closing in escrow. I chose to enter REI via the wholesaling path due to a lack of capital needed for direct buy and flip. I'm hoping the wholesaling path over time situates me to diversify into buy and holding for more sustainable cashflow. I'm hoping to identify a local attorney who would support my humble beginnings via sometimes assignment, and other times double-close in escrow utilizing end-buyer funding to maximize my margin of return. I'm getting mixed responses to this is possible or not. I welcome any feedback.

Thanks,

BP,

My current strategy is to employ wholesaling as an entry point to investing as I don’t have the capital to buy properties direct. My ultimate goals are to progress into buy and hold building a short-term rental portfolio. Thereafter I’m trying to consider other ways to create sustainable cash flow/income that can supplement the cash flow fluctuations of short-term rentals.

Any suggestions on my strategy and the best ways to reach my goals?

Thanks BP

@John Bushen Hello John. I'm a new REI in the Buffalo WNY area. I haven't seen much Buffalo chatter in the forum. It's nice to meet you and welcome to a great community!

Hello BP

I'm REI in the Western New York market focused currently on wholesaling. I have plans to relocate to Maryland in (2023). My plans are to ground myself locally and next year look to begin virtual wholesaling the MD market so that when I relocate I will have already established some familiarity with the MD market, and have established few key business connections. My ultimate goals once in MD will be to continue wholesaling and diversify in to buy and hold short term rentals.

Q:

Can anyone offer any tips on wholesaling in this market, is this an attorney/title company state (any investor friendly recommendations)? Recommend target local investing markets? Tips on virtual wholesaling?

Thanks BP!

@Dave Foster 👍🏽

@Dave Foster Hello Dave, nice to meet you. Wow! Wealth of information! Thanks for the feedback. You’ve also helped me understand appropriate situations for utilization of the strategy. Thank you very much. Do you think this device is ever appropriate for buy and hold short term rental portfolios?

@Allan Smith Allan, nice to e-meet you. Awesome explanations. Thanks for your great feedback! The question now is (who) should use 1031’s, when and for what types of investments is it appropriate?

Thanks!