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All Forum Posts by: Sean Cole

Sean Cole has started 17 posts and replied 474 times.

Post: The posted "Deals" are horrible anymore, holding my tongue.

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331

We've stopped creating our emails and posting them on our website because there's so few deals in town that we spend more time saying "sorry, it's not available anymore" than actually selling deals.  It's really only been like that here for the last 12 months or so.

We're getting really close to telling people that we're not accepting new people on our buyer's list.  There's a couple of reasons, but the big ones are that most seem to be brand new with unrealistic expectations for what they're getting into or they're old-timers still looking for grand slams when singles and doubles are all the exist anymore.

Post: Can I wholesale A property I won in an auction on Hubzu?

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331

I've done it dozens of times.  You'll have to do a double closing, because the seller (bank) contracts on HUBZU listings always contain "no assignment" language.

Post: Realtors...why don't they answer their phones???

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331

I don't get why other agents don't answer calls from repeat customers, or at least shoot a text right away with a planned call back time. We do, however, get TONS of junk solicitation calls because every brokerage, MLS, Board, etc. sells our info. It's a defense mechanism for most of us to not answer all calls from number we don't recognize.

Post: Trying to form an LLC in Cincinnati Ohio.

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331

2nd what Paul said.  Here's the link:  https://bsportal.sos.state.oh.us/(S(uvvadrdhu0he2y...))/Default.aspx

After that, you'll need to get an EIN:  https://sa.www4.irs.gov/modiein/individual/index.j...


Entire process should take less than 15 minutes.

Post: Indianapolis and Cincinnati Realtors

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331

I'm in Cincinnati.  Want to make sure I don't violate the marketing/advertising rules on BP... I'm a licensed agent and wholesaler, as well as a builder and custom remodeler.

Post: Potential Billion Dollar Deal

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331

#thismustgoviral

Post: Has anyone ever used the Velocity Banking Strategy?

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331
Originally posted by @Brian Cardwell:

One can also use a HELOC in to pay down their first mortgage because it is being used to purchase your house.

 That's interesting logic, but I think it's clearly outside the bounds of the Act.  Paying down a mortgage isn't the same as purchasing the house.  By your logic, a principal payment on the mortgage would always be tax deductible and it's clearly not.

Post: Has anyone ever used the Velocity Banking Strategy?

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331
Originally posted by @Edward B.:
Originally posted by @Sean Cole:

Has anyone addressed the fact that HELOC interest is no longer tax deductible?

I believe it is still tax deductible up to $100k depending on what you use it for. 

 Nope.  That was 2017.

You'd have to show you used the money to make substantial improvements to your home AND be under a total of $750k between your 1st and HELOC.

Post: Has anyone ever used the Velocity Banking Strategy?

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331

Has anyone addressed the fact that HELOC interest is no longer tax deductible?

Post: What the H*ll is wrong with some of these wholesalers in South Fl

Sean ColePosted
  • Investor
  • Cincinnati, OH
  • Posts 506
  • Votes 331
Originally posted by @Chris Mason:

They are wholesalers. If they could pass a super easy test and criminal background check, they would be Realtors (with rare exceptions, of course). But most of them can't pass a super easy test and/or are convicted criminals and/or are unemployed but spent $5k on a guru course they heard advertised on the radio. 

Otherwise, they would mostly be real estate agents (with rare exceptions). Being an average / moderately successful real estate agent pays better than being an above average self-described "wholesaler" in nearly all cases, assuming similar relative success levels.

 I'm both a licensed agent and a wholesaler.  Successful at both (top 1% nationally for agents).  The wholesaling business is much more profitable.