All Forum Posts by: Albert Liu

I believe that right now its a matter of picking the person who will do the least amount of damage... I've been listening to Hillary/Obama debates, and to be perfectly honest, no matter what people say, (the obamakins or the hillary addicts) they're straight up just politicians with no idea what to do. Both have idealistic views that have changed multiple times during the entire primaries run. And I will put money on those so called "policies" that they back to keep changing as they try to get more voters on their side. And as far as the republican side... its McCain... come on. He might be older, but more experienced? More gutsy? The only thing I can see with him, is an ability to be as bull headed as previous presidents, even when the decision may be wrong.

That being said, McCain does have the guts to "buck his party". And I do agree with his previous statements that these banks and lenders shouldn't get a bailout with taxpayer money because they made bad decisions in the past. However, that being said, if the banks fall, so will the "average joe" who is either trying to buy a house or take out a loan. Even if they are "qualified"... eh I can't predict the future, if any one can... please give me a call, i'd like to discuss future investments =P jk jk jk.

http://www.nytimes.com/2008/04/30/business/30fed-web.html?hp

hmmmm... wonder what that's gonna do? Probably force more people into foreclosure with increasing costs for daily living... food, water, etc, due to inflation.

I'm still in the process of looking this up. But in a short reply from the New Jersey, they indicated that my definition of birddogging was stepping on the activities of a real-estate broker which requires a license.

My definition of birddogging was both/either
1) Merely finding information and presenting a possible deal to an investor with a finder's fee contingent on the closing of the deal
2) Or finding a property and representing the seller in a short sale and then finding an investor to buy and taking a fee upon close of the sale

-- not sure if that is what other birddogs are doing, but from what I read, these two options seem to be the majority of the activities --

I am currently requesting a copy of the State of New Jersey's real estate commission's guidelines and regulations on paper so i can read through it a bit more.

(BTW I am NOT an attorney, so don't take anything I type in here to be legal advice, i'm just giving whatever information i can find because of my own interest in this)

hmmm... okay sounds good... any tips on how to get started? Like what types of information should I be listing down and etc?

If you're questioning why I changed my mind on the "bird-dogging", it's because I've been reading up on some of the new jersey laws regarding what requires a license and what doesn't. And most of the conversation about people bird-dogging (and what it entails) is kinda stepping on the line (and at times over the line))... and so I might just try to get a real estate license as well in the near future.

Hi there, thanks for welcoming me. I plan on starting in residential. i don't think i've got enough (money or guts) for commerical properties yet. Possibly looking at pre-foreclosures on residential units maybe? I've got approx 15k in savings, with 0 debt/bills currently, and a steady job that pays approx 40k a year. I figured, trying to find and close a good deal on my first home is a way to learn, and then continue on from there. As you can see I need as much guidance and direction pointing as i can get...

I'm thinking in the near future to buy at least a single where i can generate some cash flow through rentals. It seems that's the way the overall economy is headed with more and more people having to give up their homes and rent...

I hope? that answers your question as to what I want to "invest" in? Sorry, i'm like really new at all this...

Well, the issue here is more along the lines of... "if you're speeding and don't get caught, is it still illegal?"

But anyways, here's my question. when it comes down to it, if anyone has any statutes for the State of New Jersey concerning what you can and can't do in real estate? I'll make the question(s) more specific to avoid any confusion.

Can a person find a property negotiate a contract and assign to an investor using the investor's cash as backing without a license?

Can a person find a property and inform an investor and get paid at all, regardless of the payment being a percentage of gain or a flat fee at the close of the contract?

I think what he means is that in the overall scheme/big picture that he dislikes how the government is "bailing out" the mortgage company. If you read in the NY Times, CNN, anywhere with a decent news feed. The argument is that these banks and mortgage lenders are getting what they deserve. It is because they originally lent to unqualified people that they are now in financial trouble. And, to top it all off, all the money being poured into that sector is from, obviously, taxpayer dollars. But at the same time, this creates problems for people who are genuinely able to pay their debts (if needed) and are qualified, but banks are holding out trying to wait for the bailout.... at least that's what I think he's saying from his little quote there.

hahaha @ "But I'm not worried, oh no sir - I'm gonna start making all my tenants pay their rent with rice!" - Typerider

You might want to, rice is getting more expensive!

But I think this entire thing is kinda a result of bubbling with the government messing around with the tax system for political reasons... but regardless of the reason, i wasn't too certain about a full blown "depression" but that very well might happen depending on how badly the gov passed "financial rescue plans" for the mortgage crisis will go... Inflation's gettin worse, and I doubt that we can recover soon, but depression? hmmm... still iffy for me. Economic realignment by the market itself is what I think should happen. It's a matter of enduring short-term economic pain versus long term pain. But with this being an election year, i doubt the gov will allow that.

But the thing is, I think it's because the government has been giving all these "tax breaks" and "bail outs" that is screwing stuff up. They NEED money to run the country and compete with other currencies/countries... but I do understand that increased taxes usually kills the "little man" not the "millionaires"... eh... my 2cents.

I agree with wealthloop... Many people think that incorporating or getting an LLC name on ownership papers/deeds can completely protect them with the "corporate veil" but I think that concept is old and yes, "the courts can/will file a deficiency judgment against you for any unpaid liabilities and these will follow you until paid off." - wealthloop.

And just a comment on incorporating... please make sure you read what TYPE of LLC you're filing as when going through the process... at least on the state level I know, you can get royally messed up with minimum taxes and etc if you do it wrong... I've worked (not in real estate) with people who have messed up pretty badly.

(New Jersey)

PS - I know this is a pretty old thread - but I couldn't resist putting my 2cents in... :D