All Forum Posts by: Samuel Coicou

Dear RE enthusiasts,

My Wife and I finally bought our first duplex and we are so excited! The tenants have already received their 30 day notices and several contractors are coming this weekend to take measurements. To be honest, I'm already looking for the next property even though we haven't even started renovating our first one lol! I'm just so amped about growing our real estate empire. 

What can we do in the meantime to maximize our time as we save for our next property? Any advice would be truly appreciated.

If their are any landlords in the Midland, Saginaw or Bay City area, I'd love to become colleagues as well. 

Because of the Dow, Corning, and Dupont merger, many people are being laid off and moving out of Midland. So house prices will drop since vacancies will likely increase. That being said, that makes it a good situation for investors and therefore wholesalers.

Unfortunately I didn't have too much success as a wholesaler. I never got a deal done though I came close 6-7 different times. It was always about the money, my motivated sellers were never as motivated as I needed them to be to get a good deal. But I did get a lot of experience on how to speak to a motivated seller, and what to look for in a house.

Hi Gabrielle,

I was trying to wholesale while I had a part time job. I eventually started a full time job and the extra time I used to wholesale soon evaporated. Since then I've begun the proceed in buying a house. With the salary I currently make I think I may choose to be an investor rather than a wholesaler.

How about you, any success with wholesaling in Saginaw?

Greetings Investors and future investors,

I'm a newbie in real estate and I'm hoping you will indulge me. My wife and I are about to buy a duplex (the first of many) and I would like to discuss if our strategy is plausible.

THE PLAN

The plan is to buy a duplex with money we have saved (5%-20% down payment) then save money for a year (around $24,000) and buy two more duplexes. Then attempt to pay them off as fast as possible. (My calculates say I can pay off all three in 6 years time)

THE NUMBERS

• Assuming house mortgages are about $100,000
• Down payment and closing costs are about $10,000
• Mortgage + taxes and insurance are $750/mo
• Tenant payments are $750/mo
• The first duplex we live in and rent out the other side so no rental income until we pay it off
• All money saved is the after taxes value. (35% for rental income)
• Assuming 100% occupancy
• Assuming zero repair charges

The math is below

Does this math look correct? Are there any glaring weaknesses to this plan? (Besides not taking occupancy % and potential repairs)

I will gladly explain anything if need be. 

Thank you for your patronage!

Great point @Jeff Rabinowitz. I will make a better post another time; it seems I cannot delete the post.

@Lauren Baker thanks for the suggestion. I don't have experience with podcast really. It is subscription based?

Hello Wholesalers! 

I've recently decided to go all in on Wholesaling and I'd appreciate your knowledge and wisdom on the subject. There are some questions that have held me from diving in and I hope you can provide some relief. (I currently live in Midland, MI)

1) First is first, what has been your result of wholesaling in this area? Have you been successful in finding deals?

2) Do you need to use cash to complete all of your deals? (That is, you need to buy the house cash and sell it to the buyer) or are you using the assignment or double escrow method?

3) Do you require a non-refundable earnest money deposit from the end buyer in your deals? If so how much?

4) Can you name a few title companies and or agents that you've had success performing wholesaling deals with?

5) Please add me as a colleague. I would love to get together so I may pick your brain. =)

Hi Ray,

I'm not in Texas but I am very interested in what you are trying to do. It is something common in your area? (For Wholesalers and realtors to team up) I think it's an awesome idea, I just don't understand the relationship yet. How would you as a realtor get compensated for the deals that the wholesaler does?

Thanks!

Greetings investors! As the title suggests, I would like to know how obtaining a real estate license helps a real estate investor. The biggest benefit I know of is having access to the MLS but what else justifies getting the license? (Not that the MLS isn't a phenomenal tool)

For example, do you get properties at a discount, or are certain fees omitted because you are a real estate agent? (Are you somehow saving money by being licensed) Can a wholesaler benefit from getting a license? Etc.. 

Thanks in advance!

Regards,

Hi guys, beware of someone on BP named Julius Abanwa. First he lured me away from BP by asking me to contact them immediately at their personal email address, which I did. Then he went on a spiel about how someone with my last name has died and wants me to claim the money. This is quintessential spam stuff. He'll get some of your personal information and then hi-jack your identity.

Note: I have reported him already but for the time being, do not entertain him; take whatever he says with a grain of salt.

Regards,

@Brandon Krieg

Sorry, you're right, not insuring the contract. I meant they said they don't insure properties through an assignment contract. I explained the process but they were responding negatively. So what is the last Michigan title company you used successfully?