All Forum Posts by: Charles Huang

@Dennis Martin Yes. Between this event and the other one, which is the exact same event, except double posted by someone at BP, there's 13 people that RSVP'd.

I stopped by the Wegmans today and it looks like they are getting ready for an event for next weekend and closed the room we ordinarily meet in. If this area is closed, I'll set up in an area to the right of the room that's pictured. See you all there tomorrow!

Seth Lind Quin Weidner if you are both in the central Virginia area, you may be interested in this post. Probate property in Mineral Virginia on the BiggerPockets forums http://www.biggerpockets.com/forums/588/topics/414509-probate-property-in-mineral-virginia

A real estate agent would probably be the best bet for a smooth transaction. Not being from around there, but having visited that area, it feels like it's in between two markets, Charlottesville, where University of Virginia is, and Richmond, our state capital. Would you mind sharing what the address of it is? I could pass that on to agents in that area.

@Quin Weidner and @Justin Lindeman. It'll be at the Wegmans in Fairfax. 

Staunton is pretttyyyyy far! I'd love to have you come, but to be 100% honest it'll be our second meeting so you may want to wait until the next one so that we are 100% efficient at running our meetings.

As a matter beyond my control, this event page actually a secondary posting of the event, the "official" post can be found at:

https://www.biggerpockets.com/forums/521/topics/41...

@Sanjeev Thakur This Saturday. Hopefully we'll be having a meetup every two weeks.

@Patrick Shawn Faherty You can never live near too many Wegmans. Hope to see you at the meetup.

@Patrick Shawn Faherty

The Wegmans in Fairfax:

11620 Monument Dr, Fairfax, VA 22030

Hi all,

At our meetup last Saturday, I discussed the differences between the wholesaling provisions of the NVAR/GCAAR provisions and similar provisions found in some of the Bigger Pockets user uploaded contract.  

I just wanted to share the distinctions and the impacts it can have and would love to hear if people have had an experience working with a Realtor and then wholesaling that arrangement.

To understand wholesaling, it is good to be familiar with the contract term known as assignment. A legal definition of assignment is: "An assignment of a right is a manifestation of the assignor’s intention to transfer it by virtue of which the assignor’s right to performance by the obligor is extinguished in whole or in part and the as-signee acquires a right to such performance."  

Basically the act of wholesaling is assigning your rights in the sales contract to someone else for something of value.

Here is the distinction between what you can find in the sales contracts that Realtors may use and a sales contract you can find on Bigger Pockets.

GCAAR (§28) and NVAR (§32) Version 07/16 of the Sales Contract

“ASSIGNABILITY This Contract may not be assigned without the written consent of Buyer and Seller. If Buyer and Seller agree in writing to an assignment of this Contract, the original parties to this Contract remain obligated hereunder until Settlement.”

Compared to

BIGGER POCKETS Wholesale Purchase and Sale Contract

“ASSIGNABLE CONTRACT: BUYER MAY ASSIGN CONTRACT IF FINANCING CANNOT BE SECURED.”

The two things I would be cautious about in using the Realtors sales contract if one's intention is to wholesale only is: 1) the assignment/wholesaling of the buyer's right requires the seller's approval, and more importantly 2) the original parties, meaning the initial investor, remains liable until settlement. And if settlement doesn't occur, its easily arguable by the seller that the initial investor is liable to complete the settlement.

We'll be discussing more about wholesaling again at our next meetup, which can be found at: https://www.biggerpockets.com/forums/521/topics/41...

@William Brown I planned for it to be every other Saturday. 

Hi everyone,

This originally started as a thread on the Virginia forum.

This is a meetup for real estate investors so that people can get motivated to become investors and learn things from other investors and professionals. I am looking to keep it free with no sales pitches or cover charges, so we'll probably meet at public places or anyone's office if they are looking to volunteer space. As an attorney, I'd be happy to start off our meetings with some hand out(s) describing something important in the realm of real estate law and I know other professionals such as CPAs, loan officers, and contractors who'd be happy to contribute.

We try to meet every other week at the upstairs Wegmans cafe area from 8:30 to 9:45. From the Wegmans prepared food area, take the stairs up on floor and there's a set of three double doors (seen in the image). Make your way through this room and at the end there is another area to the right and that's where we'll be!

Hi everyone,

This originally started as a thread on the Virginia forum.

This is a meetup for real estate investors so that people can get motivated to become investors and learn things from other investors and professionals. I am looking to keep it free with no sales pitches or cover charges, so we'll probably meet at public places or anyone's office if they are looking to volunteer space. As an attorney, I'd be happy to start off our meetings with some hand out(s) describing something important in the realm of real estate law and I know other professionals such as CPAs, loan officers, and contractors who'd be happy to contribute. 

We try to meet every other week at the upstairs Wegmans cafe area from 8:30 to 9:45. From the Wegmans prepared food area, take the stairs up on floor and there's a set of three double doors (seen in the image). Make your way through this room and at the end there is another area to the right and that's where we'll be!