All Forum Posts by: Bonnie Jones

I grew up in ND. Too cold in winter, but beautiful countryside in summers! I have lived in Seattle, so beautiful, and I love the weather, but cost of living is too expensive! I have lived in San Diego, which I loved, but also expensive! I have traveled all over CA, which is all very lovely! Big Sur is my favorite of all. It's magical there! I live in west TX for now, because it has a great cost of living and is great for real estate investing. But it is too hot, and not pretty at all. I would love to retire somewhere around Big Sur, CA, if I have enough money by then.

Hi @Mariah Destruel. I was recently asking the same questions about owner financing. Here's the link to the message chains. Hope this helps some.

https://www.biggerpockets.com/forums/311/topics/830895-owner-financing-and-real-estate-laws-in-texas

Hello @Neil McCarthy

Studying wholesaling is a great way to learn a lot of different things about the business. Bigger Pockets has so many interview videos with successful wholesalers, and here are some of my favorite YouTube channels to watch on that subject:

The Dominique Effect, Brent Daniels, Max Maxwell, Kris Krohn, Phil Pustejovski, Clever Investor, Wholesaling, Inc., Propelio TV, Flipping Mastery TV, and real estate attorney William Bronchick.

These channels give you a LOT of free information. Also, many of them sell mentorship programs for around $1000. If you are interested in doing that, take your time and be careful to pick one that is just right for YOU. 

It's also a good idea to get to know a lot about private money lenders. You can look up YouTube videos on that topic too.

Very important! Study the wholesaling laws in your state to see if they restrict you in any way. Many states are trying to do that. 

Try to connect with other wholesalers in your state to ask questions.

Another idea is to try to do joint venture flipping on deals that you find so you can learn and split the profits with another flipper, rather than assigning the deals to flippers.

Hope that helps! Best of everything to you Neil!

This guy has a lot of videos on LLCs AND how you can protect your LLCs with Land Trusts.

LLC

https://www.youtube.com/watch?v=F9NS9zwK30s

Land trusts:
https://www.youtube.com/watch?v=kJgRwB3XnY0

https://www.youtube.com/watch?v=Dp0zM4MfrbU

Search for more videos on his channel.

There are flippers/investors who will only pay 40% to 60% of the ARV for a property "because they can." What do you call that? They won't buy a property from a wholesaler OR a seller unless they can get that percentage. Nobody wants to pay full price for a property. That's called making a "profit" and "doing business." Who do you buy them from? Wholesalers or distressed sellers who want to unload their properties fast. "I just want to get it off my hands." Or do you pay full price on the MLS? If you don't make a profit, you don't stay in business. Is that a bad thing? Let me ask . . . what is the profit margin that is worth YOUR time? 10% 20%? 30%? 40% or 50%? You all have that magic number or you won't do business with a seller OR a wholesaler. No, I do not like a lot of those gurus out there who teach bad wholesale tactics or try to sell their mentorship programs. There should be full disclosure to the seller. A lot of sellers believe they can get a higher price than they actually can. You have to explain to them the actual price they might make on the market with a real estate agent and all the time and costs involved with that, and explain WHY you are making a lower offer and your timeline, that you have investors who are in business to make a profit, that is their business, that they have to do a LOT of work to fix it up. Then they have to market it to try to get full price, pay realtor fees, holding costs, ALL those costs involved. Give the seller all your options, including seller financing, etc. Give the seller time to make the final decision. If they accept the lower cash offer, then you are sure they have thought it through and have a valid reason for it. Then you buy it yourself or assign it to another investor. If the seller wants to put it on the market, refer them to a good real estate agent.

@ Rick Pozos , thanks so much for the advice. I do plan to do more than 1 owner financing deal per year, so I will definitely contact an RMLO. 

Collin, thank you so much for the great advice! Yes, I will take your recommendation for an RMLO.

Joseph, thanks so much for your input. Can I call you for more information?

Can anyone give me insight on how YOU work with the real estate laws that limit OWNER FINANCING in Texas when buying and selling properties?

I saw this article that says that you must have a special license to be able to sell with owner finance, and there are other restrictions. They are also limiting lease-option too. Can you tell me how YOU work with all of that?

https://lonestarlandlaw.com/owner-finance-in-texas-residential-sales-transactions/

Hi Joshua,

This guy might be able to help you. He is an attorney in Colorado and has a lot of informative videos. Contact him with any other questions.  Some people are very negative toward wholesalers, so don't give up before you get started! Just keep researching, and do something new every day to get you closer to your goals.

Best of everything to you! Private message me if you want to chat.

https://www.youtube.com/user/bronchick/videos