All Forum Posts by: Jason McGloin

Just brainstorming a little bit here... Let's say you've set up your rental biz to accept rent payments online by credit card (under an LLC different from the one you use with F&G). Can you somehow pay your rental biz with the F&G cards and pull cash out? Yes you'd have the 2.5% fee (not interest, though, just a one time fee) but you wouldn't have to go through third parties, buying gold and such. While I cannot come up with a reason why this wouldn't work, this whole thing is so money-laundering-esque that I'm having trouble arriving at a route to cash that doesn't feel a bit off.

Thanks, Matt.  I sent you a contact request so I can pm you.  Or is your biz email preferable?

Great!  Thanks for the info.

Thanks, Ryan.  I look forward to getting to know my fellow investors.

Hello and thanks.  I'm interested (so far) in mutis and small apartments.  I've been looking mainly into 3-10-plexes around Akron.  Thanks for the info about the show, I'll have to see if I can get over there.

Are you strictly SFRs or do you do multis too?

Hello fellow Akron investors.  I'll be attending my first ACREIA meeting in April.  I'm looking forward to meeting those already investing in this area, learning the ropes and, hopefully, finding a way I can be of some service to this community.

Hello.  I have many many questions about getting funding for small apartments/5-to-10-plexes.  Does anyone know of a commercial lender in the Akron OH area, friendly to newbie investors, who would be willing to sit down and discuss my options, ability to qualify and other specifics about commercial loans?

No one says its legal to advertise property you don't own.  However, the Ohio Department of Commerce Division of Real Estate does say that posting an add to sell and assign your legal interest in a contract and posting a description of what that contract covers IS legal.  In the video linked in the first post at around time stamp 7:03 is where this section begins and then at about 10:00 is a very clear example given where (not verbatim) "For Sale Contract on 3/2 2400sqft in Shaker Heights" is agreed to be permissible.  Again the big point that is driven home is that the seller of the contract has to have every intent (and be able to prove it) to close when the time comes or walk away from the earnest money, be sued or both.

It seems to me (though, I'll admit my ignorance openly) that the marketing of the property with wholesaling is exactly what Realtors can do that us unlicensed folk cannot.  Albeit, you need to be clear that you're doing it not as the seller's realtor but as an investor/wholesaler.

The thing that I found most interesting in the video is that they clearly talk about the distinction between marketing the property and marketing the contract and even go so far as to say that putting out and ad (on Craigslist, for instance) IS legal and that describing the property that is under contract is also allowed.  The biggest matter that would catch the wholesalers is if they are, in reality, NOT able or willing to close when the time comes.  I agree with those points wholeheartedly as all this nonsense I hear about people tying up properties indefinitely (so no one else who really can act on it can get it) is in my opinion a huge detriment to real-estate investing.

Edit: video timestamp 7:03 (thereabouts) is where the contract part begins.

@John Matthews

Thanks!  Engineering, actually.  I think its common in science based fields in general.

@Michael Lee

Thanks for the advice and the offer.  Likewise, if there's anyway I can help you, let me know.

@Robert Melcher

Blunt is great.  Always be!  I think you have it a little too clean cut.  I'm not looking for anything to be negotiated or spelled out right now.  Really, I just want to surround myself with others who are currently doing what I want to do.  Once I have proven myself, I'll broach the subject of my %.  But for now, you may call me Mr. Sponge.  Just let me soak it all in.

@Rod Hanks

Thanks!  Its great meet other with the thing I most need: Experience!