All Forum Posts by: Blair Poelman

There's very little difference and a lot of similarities between the 2, and they can switch back and forth between private and hard depending on the deal.

Is there a reason you're leaning towards private vs. hard?

Is there a redemption period?  If so, you may be in a somewhat better position - however if that property sells at auction, and the buyer pays more than the taxes owed, the redemption amount you have to pay to clear out whoever bought it may be much greater than the taxes owed (you have to pay off the investor what they paid, plus interest).

Your best bet is to find out what the tax foreclosure redemption is - or just move quick on it.

@Shannon Fong  i WISH I could be your agent!   Unfortunately you and I are a couple thousand miles away from each other.  I've done lots of deals prior to getting my license, so I feel your pain.  Don't be discouraged. Just find another few agents to work with.  You'll eventually weed through them and find one that you mesh well with, who is also willing to work hard for and with you.

While trying not to sound too negative or come off as a pessimist, I'll say this;  it's been my experience that a lot of agents will tell you they are "happy to work with investors". However many agents never have actually worked with our type, and few agents are willing to really do the work that we as investors need done in order to find good deals and make $.  They must forget that closing deals is directly related to making commissions.

Some agents have the mentality of being a bull-rider.  "Gotta work really hard for 8 seconds, then it's time to sit back and have a few drinks until the next rodeo starts"  

Go find the one that can get beyond this who will really go to work for you.  I'll be surprised if you can't find one here on BP.  Check out the Marketplace.

Cheers!

I waited in line for 15 minute to go through the car wash on Friday (common for there to be a line at this place).  I pay $29 / month for unlimited drive-through washes through the modern system that gives a pretty good quality wash - but who gives a S**t about that...

More importantly, last year I flipped a house that backed up to a $4m estate.  The $4m home is owned by the car wash owner, and I believe that's his primary business.  #walterwhite??  

If you can wrangle the opportunity to pick up something like this, game over.    

Getting your license is slightly painful, but relatively simple.  You'll spend a few weeks and maybe $2500 in total getting your license, testing, and your association fees for the first year.  Not a bad investment of time and $$ if you use your license correctly and you have a real plan for success.

It's just like any other business you start on your own.  If you work at it, and you run it smart, you've got a good chance of success.  If you're thinking that when you get your license you'll immediately inherit a bunch of deals with a crowd of lay-down clients in an industry full of professionally courteous individuals, you'll be sadly disappointed.  (take that with a little grain of salt :)

I will say that having access to information (MLS) as well as some other tools that are available to licensees gives a bit of a competitive edge in the MLS sector of the market - but simply having your license isn't going to make you more successful.

Remember, just like Atmosphere says "The modern man must hustle"

Also, as you get into the "official" (I guess we'll call it that) licensed RE world, you'll get a glimpse into why some things in the RE world are just flat-out idiotic. 

If it were me, and if it's a good property, I would deal with it on my tax return.  

Refi would be a good option but that's going to cost you either up front or on the backend of the new loan.

Another option would be to cut your losses and get out of it, then put your efforts in a different / better deal

Get your license.  It's not difficult and you can do it very quickly.

Then get a part-time job or hustle hustle hustle.  first couple months as an agent are pretty tough & dry, but you'll find your niche and normalize hopefully sooner rather than later.

YOU are getting the loans?  In your name?   

If you don't have 100% complete trust in these guys, I'd say don't do it unless you're willing to take over 100% of the responsibility. 

But on the other hand, if they are putting in their share of the deal with cash, and you're just financing your portion, maybe it's not the worst thing in the world.

This could get complicated, so I'd say set you should use some kind of corporate entity.  Because they are not US citizens, the type of entity might be different than a multi-member llc.  You should speak with an attorney to give you the best guidance on setting up the partnership.   I have a really good attorney that's done several of these types of setups with non-US citizens and I'd be happy to give you a referral. Hit me up if you're interested.

when you wholesale a deal to a wholesaler who is finding the end buyer, you've lost control of that end buyer. So you now have to manage your buyer (who is really another wholesaler) completely differently, and you have to rely on their ability to get things done.

i don't think I understand the other part of your question about letting the other investor know about you wanting to rehab.

you can daisy-chain as far as an original contract with the actual seller says it can be assigned.  This gets complicated, as there's a lot of moving parts to keep track of now.

Every time you add another person into the daisy-chain the final price to the end buyer goes up, making the deal less desirable to that end buyer.