All Forum Posts by: Michael G.

What counties in NJ are you looking for deals in?

I'm curious. Why did you guys choose C besides Bryans obvious answer? Why wouldnt it be B?

Dont feel like a dummy. Everybody has to start somewhere. I assume the property has equity? You care to release the numbers? Your offer price? Repair cost? After Market Value? I would put the property under contract. Put a 30 day inspection clause in your contract. After your buyer sees and likes it, take a deposit from them so its harder for them to back out of the deal (ask me how I know this :D )

Actually, the registration question is a good one Tom. Sorry if I sounded dismissive earlier. I misunderstood the context. I think Jerry and Rob are dead on in their responses. The initial purchase and sales agreement I do through a realtor in my own name just to lock up the deal and because its a valid purchase and sale agreement. When we go to hard contract thats when I have the attorneys use the entity. Bank didnt object. I create the entity after I shop my deal to my cash buyers and they agree to partner in the entity with me for the purpose of buying the deal I bring to the table. The cash partner becomes an officer of the corporation. Jeff's suggestion to use a trust, ive heard is a great way to get around any transfer limits the bank may impose. I've never used one and don't know the mechanics especially when it comes to funding the deal with the trust. Do you have a list of buy and hold investors to market your deal to? Don't wait until the 11th hour to find your end-buyers.

Cool so what part are you playing in the deal? Are you the buyer planning to go to contract on the property? You have an idea what you want to pay for the property and how much you can wholesale it for before repairs? Do you have the repair cost?

@ Jacob - Comb through the wholesaling topics and atricles. They are very helpful. Lets talk about your deal! Where are you with the motivated seller? Do you have permission to talk to the bank on the sellers behalf yet? Did you get him to sign a ATRI form? @ Tom - registration is part of the formation process and is determined by factors such as the state you will do business in, names of members, etc. Google it

Yes. It can be done. I agree with Terry and Jon on everthing except your point Terry on it being easy. Jacob's profile says he's a newbie investor. Easy is relative to experience. For instance, type of entity used. LLC's in CA have to pay an 800 dollar franchise tax in their first year vs S-Corp's which get a waiver for the first year. Also, wholesalers typically use OPM so if you plan to fund the deal yourself Jacob, the selling of the entity strategy is a non-issue but if you plan on using OPM it may be better to add your buyer to the corporation as a money partner and have an internal corporate legal agreement about how your wholesaling fee will be paid.

You passed!! 99% right?

CTREIA is good. Say hello to Wanda if she's still a member. My first trip to New Haven was to visit Than Merrill and Paul Esajian office to see how they ran their REI business. They've since moved to CA but those guys know wholesaling and rehabbing. The best way I've found to get cash buyers is to have a realtor run you a report on properties that sold for cash in the last 6 - 12 months.Take that report to the county clerks office and cross reference the address of the purchased properties with the owners on record. The recorded deed should show the address of the cash buyer. Send him a letter saying you have a property for sale. Inbox me with your email address and I'll send you a sample. Watch how quick you build a solid buyers list with real players. Some of the jokers I run into on Craigslist are tire kickers. They are pretend investors who want to TALK about deals. At leat thats been my experience. The guys who are buying houses for real, their names are sitting on those deeds. Thats who you want to be doing business with. The real players names will show up as buying several properties in your area.

I've got a few names for you. One of them is a BP member.