All Forum Posts by: Brian Wall

when I created my LLC, I purposely (at the recommendation of the attorney) left the operating agreement very vague and open.

I know that in CA, you can probably just file a new agreement. There is no law that says your business has to stay constant.

Brian

Something else to think about, is that if you were a licensed RE agent, you would be able to receive a commission on the RE transaction, as long as it is "normal and customary".

I have done this several times with my Fathers Self Directed IRA.

He is flipping a house now, where I got the buyers agent commission when he bought and will get the listing commission, then if I find the buyer, I can get that commission too.

Works out almost as good as being a partner.

my two cents!

Brian

Jenkins,
"virtual wholesaling" could work in California. The wholesaling margins are kind of thin, as others have mentioned, but if you are not actually going out to see the house, you are probably not spending that much time on each potential deal.

I just have not had the time to setup a website, do you have one already?

I know myself, If I were given a property that was "pre-qualified" as a motivated seller, with some information, I would pay $2500 to the person that referred me, if I were to purchase it, at the time I close escrow on it (you would get paid right from escrow).

Brian

Rusty,
My partner and I have 2 properties in the Santa fe springs/norwalk area (just outside Orange county) where we need a cash partner. We would be willing to split the deal with you, while at the same time showing you exactly what we are doing, and some projects we have just completed.

Neither of us are experts, but we are learning and are willing to share our experience and the deal.

We currently have our cash and our private lenders cash tied up in 5 projects, and we may have to pass or wholesale these two deals if we can't locate the cash.

The numbers on both are about the same. We have a purchase price of $265k, both need about 20k in repairs (using our GC and crew), one resells for $350k, the other $380k.

So, these are not "juicy" deals, but we can make some good money fairly quickly. This area is a hot buyers market for the time being.

Thanks,
Brian

Thanks!

Okay everyone, I just waiting until we get someone in the 818 area code!

Then we will have 4 people, at a cost of just $10 per day!

Just 2 more days, then we will charge ahead!

Brian

Michael,
I have tried it before. About 2 years ago, I ran a "We buy houses" ad for about 5 weeks. I had an 800 number, going to a automated message which was about a mnute that walked them through a "rating" system, and if they were a 1-5, I asked them to just hang up, because I could not help them, but, if they were a 6-10, please leave me their name & number, and I would call them back, see how I could help them. It was one of those special deals where they run your ad in the "throw aways", like penny saver and Thrify Nickel. For $180, your ad showed up in 1 million papers, across 20 cities. They were all "small town" papers. I did end up doing two "subject 2" deals in Pueblo, Colorado. It ended up being a good learning experience, but did not make any money.

Will, as I mentioned in an email to Michael, you guys inspired me!

I understand you are not in that market, perhaps you could share with others that you may feel would benefit.

Thanks,
Brian

Kristian,
It is not "publicly available" funding, but just to let you know.

I am using private lender and paying 3pts and 15% (annual interest rate), with no prepay penalty.

They have loaned at an 80% LTV of ARV.

I currently have 3 loans with them, total of $920,000

Brian

What area?

If it is in Southern Cal, I can look up the info for you.

You seem to putting demands on her right away, seems kind of harsh.

Realtors do not work like how you asked her to.

You tried to set the rules too much up front.

Also, it was not clear to me, and probably to her, if you expected her to find you a property, or you had a property in mind.

Being a RE agent, and investor, here is I would have like to seen an email sent to me:

Dear Mr. Agent,
I have done my research, and it appears that you are one of the leading agents in the ZYX area.
I am a real estate investor, specializing in finding fixer uppers, and have located a possible property to purchase and rehab, then immediately resell. I could use your help.

I am not currently working with any real estate agent, and am looking for an agent that can help me do a few quick desktop valuations. If I end up purchasing the property I will list the property with you, once it has been rehabbed.

The property address is 123 Hill st., Whatevertown, CA.

When would be a good time for me to come to your office, so we can discuss this further
Thank you,
Joe Investor [/i]

Thanks Loc! lets give it a few days, then we will see how it goes. Please feel free to forward to any contacts you may have that you feel may be interested.