All Forum Posts by: Bubba McCants

Thanks! My broker has told me that I do not have to represent myself and that I can act solely as the principal, but will still disclose the fact in additional comments. Also, my broker said I can use any contract I want, but told me to be cautious since the state-regulated contract offers many protections.

Understood, reaching out to my broker right now. Thanks! Any chance you have info on the below question as well? My broker should be able to answer:

When using the state regulated form, do I have to list myself and my broker as representing myself (obviously without any commission)? Or can I not represent myself and act only as the principal, while disclosing somewhere in the contract that I am licensed?

Understood, reaching out to my broker right now. Thanks! Any chance you have info on the below question as well? My broker should be able to answer:

When using the state regulated form, do I have to list myself and my broker as representing myself (obviously without any commission)? Or can I not represent myself and act only as the principal, while disclosing somewhere in the contract that I am licensed?

Congrats on this investment @Joe Garretson ! 

Thank you again! When using the state regulated form, do I have to list myself and my broker as representing myself (obviously without any commission)? Or can I not represent myself and act only as the principal, while disclosing somewhere in the contract that I am licensed?

I am a licensed realtor in Florida that is looking to get into wholesaling. I understand that I will have to disclose that I am licensed to the seller/agent/buyer. My main question is:

Since I am licensed, so I have to use the state-regulated FAR/BAR contract? Or can I use any contract I want? I have seen a bunch of great wholesaling contracts that are out there for free (Jerry Norton, Jamil Damji, etc) that I would like to use, but I am not sure if my license will prevent me from doing so. I will reach out to my brokerage but wondering if any of you had experience in this in Florida (or anywhere).

You said "I know this is a bit techincal but same thing applies when your doing a DIL or a defaulted borrower just wants to deed the property back or to one of Morbys gator sub to folks via quit claim."

Interesting comment.

Pace Morby says that if the "Due on Sale" gets called, just Deed it back to the Seller to “Stop the Due on Sale” and buy it back again with an Executory Contract. Other than the fact the DOS says using an executory contract violates the DOS in and of itself,

Oftentimes he uses a 2nd "unsophisticated" (investor) lender to pay some $$ to the seller and cover rehab costs. So, he has at least, a promissory note with the 2nd. I believe it's often unrecorded. He brags he has zero out of pocket.

Where does that leave title?

Is it no longer under the title insurance bought by the borrower?

Can the title even be insured since it was sold on Subject To, deeded back to the seller and then sold again on Land Contract?

When he goes to sell after the rehab, is title insurance possible?

@Bob Floss II That's a good point about the unreported payouts. 

Do you know if there are statistics on losses sustained by owners that don't buy policies? I wouldn't be surprised if not but that compared with the paid claims + losses of owners who do buy title insurance would be a good indicator of how much risk is being removed per dollar spent. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $28,000

A very typical 3/1 1225 sq ft bungalow in the Uptown neighborhood. It's just on the border of Tosa in an area that is getting better every year with high rent demand and growing values.

What made you interested in investing in this type of deal?

My wife and I made our first investment purchase in Dec '23. We purchased a single family home in Milwaukee. Her entire family is around the area and given the very high entry costs where we live in Colorado, this was a great long distance market for us.

How did you find this deal and how did you negotiate it?

Through connections made here on BP. I first contacted a highly regarded property management company who then suggested a great investment focused real estate team to work with.

How did you finance this deal?

My realtor recommended a fantastic local bank and mortgage officer who was able to close the deal on a conventional loan in about 21 days including the Thanksgiving holiday.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ed Riggenbach with Welcome Home Milwaukee for property management
Spencer Harvey with Keller Williams
Carol Ford with Waukesha State Bank