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All Forum Posts by: Charles D Southwick

Charles D Southwick has started 3 posts and replied 19 times.

Post: Wholesaling - Is It About to Change?

Charles D SouthwickPosted
  • Specialist
  • Gooding, ID
  • Posts 22
  • Votes 5

@Patrice Boenzi the one thing I would like to pint out is that the definition of a “broker” is being amended to include the business model of “wholesaling”. My “Business Model” is to buy and hold with the need to assign a contract or 2 if I don’t like the numbers on my end.

The question of have, since I don't live in Illinois is, how hard is it to set up an LLC??

I know that a few people that are in some of the "easy setup" states, that are setting up multi member LLCs and then the "wholesaler" is being bought out of the LLC. Then it's already an entity the end buyer can use and there is only 1 closing.

Post: If you had 100k to invest.... But won't take on debt...

Charles D SouthwickPosted
  • Specialist
  • Gooding, ID
  • Posts 22
  • Votes 5

My suggestion, have him become an PML. If he funds a flip, with the exception of a 12% return and is picky on what he loans on, he could fund everything from the purchase to the sink faucet and help the flipper, the end buyer and himself. Being picky could let him do 3-4 flips a year and help his bottom line grow pretty quick. 

@Andrew Angerer

My biggest issue is finding anyone with money that wants to spend it in my area.

We have the potential and if I could fund it all I would but, it’s a small town and all of the money is being spent on the bigger city 45 minutes away.

So right now, I’m wholesailing in the bigger town with hopes to put the capital in to my town. It’s my hope to catch the attention of a bigger buyer/builder and light a flame of for my town, it deserves it.

Post: New Investor needing funding

Charles D SouthwickPosted
  • Specialist
  • Gooding, ID
  • Posts 22
  • Votes 5

Thanks for looking.  My name is Charles and I am a well read, semi experienced investor in Southern Idaho. I have plenty of houses in my immediate area that can be rehabbed for a decent profit and many would make great rentals or Air BnBs, however, I don’t have the funding necessary. 

I am in search of someone willing to help me get started by being a partner for the first 3-6 houses, at which point, I should have enough capital to go it mostly alone, or at least have enough skin in the game to level up. 

I am willing to go up to a 60-40 net profit split on the first 2, 50-50 on the next 2 and might do a 40-60 on the #5-6 if, I haven’t made enough capital to go it alone. 

I can and will put elbow grease in all of the jobs, there are just some items, like rough electrical and plumbing, foundation and windows, and roofing, that I would sub out to a professional.  I do have 5 years of experience in the local area in regards to building supplies and contractors, so who and what is not the issue, funding is. 

If you are interested in helping, I would greatly appreciate it. 

Thank you for your time and God Bless your day. 

Post: Exploring Boise, ID market?

Charles D SouthwickPosted
  • Specialist
  • Gooding, ID
  • Posts 22
  • Votes 5

If you’re interested, you could look in the Twin Falls ID area. It’s not booming as much as Boise but it does have a 40% owner 60% rental population because of the College Of Southern Idaho, the recently built hospital and 4 brand new schools and the rumors of a large company setting up shop. I am an investor but, I am also willing to wholesale and be your boots on the ground. 

Post: Can a 25 Year old be Financially Free by 35?

Charles D SouthwickPosted
  • Specialist
  • Gooding, ID
  • Posts 22
  • Votes 5
@Michael Zuber. There is a young man named Jaelin White in YouTube. His claim is he started in real estate using the wholesale exit strategy as a about to graduate 18 yo high school senior and is now a 21 yo financially free centennial. So yes, I believe it can happen. He interviewed a 15 yo on his channel that is a 6 figure earner because his father paid him $20 per book report based on any success book the 15 yo wrote. My kids are now doing the same thing and I hope they are financial free before they ever hit their 20s. Hope this helps.
Originally posted by @Wayne Brooks:

@Charles D Southwick If the property needs to go thru probate, as per star laws, and has Not gone through probate then no, you Can’t wholesale or buy it because no one has the legal authority to sell it. 

 I mistyped, thanks for the catch 

Originally posted by @Alex Shin:
@Charles D Southwick Hey Charles what if the propery is behind on payments, hasn't gone through probate, and there was no will. Any room for opportunity there?

 It will have to go through probate before anything can happen. And the foreclosure may happen and then the hiers are going to have to deal with them both and it would be easier to do it now. 

@Shawn McGarity First thing you want to check is if it went through probate and if it’s behind on payments. If no to both then you can wholesale or buy and hold it. If yes to either, then it gets complicated.

Post: Pre foreclosure home motivated to sell

Charles D SouthwickPosted
  • Specialist
  • Gooding, ID
  • Posts 22
  • Votes 5
Harley In my area the notice of foreclosure has to be posted in the newspaper at least 4 times. Which is a good way to verify is the foreclosure is accurate. Search online in the local paper for the address or find the legal description and search for it.