All Forum Posts by: Adriel Brown

Question. Do you HAVE TO use the latest version of the FARBAR?

If so, can someone send me the latest version?

What's up everyone.

I would like to know who from Florida, or who invest in Florida, wholesales lease options. Could you please share a few case studies on these types of deals that you've done?

@David Faulkner Thank you so much for chiming in. I have EXACTLY the same perspective as you on this. Honestly and truly, thank you.

@John Thedford now here's an interesting question. So now  it's clear that you're issue is with wholesalers using assignments as a business model because you believe they have no intentions on utilizing their own funds to close on the property, but just to assign.

My question is this, what makes double closing so much different from assignments because if a wholesaler gets a property under contract, circulate the deal to buyers, then double closes via a day funder, there still was no intent for that wholesaler to buy. So what's the difference between doing an assignment (where there was no intent to buy) and a quick, same day double closing with day funding (where there was still no intent to buy)? 

@John Thedford Whoa there big fella lol. It's simply a discussion, nothing more than that. So because an individual proclaims to be a wholesaler, that's indicative of them being a fraud and scammer, as if being licensed is indicative of a person being incapable of scamming? Smh. I plan on being licensed this year by the way, John.

1. You didn't answer my question as to what "substantial consideration" means. That is important because 475.43 states "All contracts, options, or other devices NOT BASED upon a substantial consideration". Again, what does that mean?

2. Lets forget assigning as a business model. Let's say a wholesaler makes double closing their business model via funding sources like transactional funders, does that still seem like it's scamming and fraudulent to you? 

@John Thedford I'm actually not incorrect because I didn't definitively say what is what and it actually may be the other way around as you are apparently rationalizing why you believe doing assignments as a business model is brokering and breaking the law. As I continue to reread 475.43, it isn't clear on doing assignments as a business model.

1. If the statute is against the practice of assignments as a business model, then there shouldn't be assignment language in the FL P&S Agreement AT ALL.

2. If you are correct, and it is wrong to do assignments as a business model, then why isn't there restrictions on how many assignments are allowable during a certain time period or exactly HOW AND WHEN IT'S PERMISSABLE TO DO AN ASSIGNMENT? Good question, I know :)

3. Again, it is the "substantial consideration" that seems to be the contingency.

4. I'm curious to know what "substantial consideration" means to you?

Also, it seems as if you think Licensed Realtors are the moral compass of the real estate world :)

@John Thedford I hear what you're trying to say, but it basically states that contracts that are "not based upon a substantial consideration are hereby declared void and ineffective" (shortening the sentence). Seems to me that "substantial consideration" is the kicker. For example, I've seen contracts drawn up where an individual is acting as a "consultant" and advising/assisting the seller who is selling their property FSBO by advertising it, where at that point I can fully see where "acting as a broker" could be the accusation. On the flip side, I really don't see where tying a property up with a "substantial" EMD and assigning (as the contract states you have the ability to) as a business model is weeded out. If a wholesaler has a few serious buyers who he/she can pass along deals to time and time again, that's not "advertising" the property like placing ads on craigslist etc. if you think about it, but passing along information. I think the only way it would stop is if a future statute puts a threshold on the amount of assignments you can do over the course of x amount of years, or something to that degree. Just my thoughts on it.

@John Thedford I'm pretty sure that you're aware that the State of Florida Purchase and Sales Agreement has the ability to assign (which is a contradiction to 475.43). My question is this. In your professional opinion, what are the scenarios where you could see the contract being legally assignable?

@Brent Hill Hey Brent, could you send me a copy of the JV Agreement you use as well? Thanks!

Do any of you guys use Click2Mail?