All Forum Posts by: Sardar Mustafa Khan

Hi everyone, got a nice deal under contract right now (duplex, section 8, no vacancy) and was looking to finance it with a conventional loan.

I was then advised by my accountant/realtor to hold off on financing this property at all and buying it cash, since it will make it impossible for me to get an FHA loan on the 4 unit in my pipeline that I will close on this year. Is this true?

Would really appreciate any advice!

@David Avery wow, this is great. Quality real world advice.

I’m locking up a deal right now. Hoping to fix and flip this once instead of wholesaling like I usually do.

Never worked with GC’s before and need help getting a good one for this project.



Once I find one, how do I screen them to make sure they’re legit?

I need a VA to clean City data, and put in Excel sheet. It's labor intensive work and want to know where I can find someone to do this for me? And how much will it cost?

@Jonathan Greene Great point and perspective.

@Jay Hinrichs So the law that was passed allows you to market the contract? Is that the way to get around it?

I am located in Illinois where there are laws that prohibit a person/business to wholesale more than one property a year.

I wanted to ask if anyone ran into any trouble wholesaling before in a state that has banned it? I’ve talked to other wholesalers and they said it isn’t really enforced. Anyone experience any problems from the law before?

@Wayne Brooks Agreed, it’s too risky since I will be selling it off to an end buyer as well. I think I will just lock up this deal just as a normal assignment wholesale, although it’s not as a good deal with the seller financing I believe I can still make it work.

@Barry Pekin Great Advice Barry, thank you so much, I’ll look into it.

@Barry Pekin Does this mean I would able to seller finance even with an FHA, since I would keep the loan under the sellers name?