All Forum Posts by: Chase Hancock

Hello, 

My name is Chase and I'm currently looking to connect with any wholesalers in town, beginners and experienced. We have lots of leads coming in as well as a large network of buyers and I would like to see how we can help each other out and make more money! 

Thank you.

I have been learning a ton about lease options and lately I have been hearing that in CA, assigning lease options can get you in hot water. Is this true? I am working on getting my real estate license and want to start marketing for low equity homes right away. So for example, I find a seller, get them to sign a LO, then find a tenant buyer, and assign them the contract. Will this get me in trouble?

@Thomas Kulinski Oh I see, thank you for the clarification!!! If I want to wholesale a property, I will need to disclose that i'm an agent but that i will not be representing them and that i'll be acting as a principal in the transaction right? 

Thank you guys very much for your input. @Brett Snodgrass you said if i can't sell it right away, I can list it on MLS and save my broker fee. What do you mean by this? Don't I have to be under a broker to list and sell off the MLS?

My name is Chase. I am 21 and live in Fresno, CA. I'm currently educating myself on wholesaling real estate and thought it would be a good idea to get my CA agents license for liability purposes. 

Would that be a good idea? 

Once i get my license, if i do, can i then just start wholesaling properties as long as i disclose that i have my agents license but will not be representing them and that i will be acting as a principal in the transaction? 

Do i need to be under a broker? 

I am confused on what i need to do and it's hard to get a straight answer from people since everyone has told me something different.

I would greatly appreciate anyones feedback.

Thank you

Thanks @Brian Gibbons that was extremely helpful. At what point then do I need a RMLO or a mortgage broker?

Thank you @Brian Gibbons and @Josh Caldwell

Still a bit confused on some things you said Brian.

1. What are the "escrow instructions?"

2. When i find a tenant buyer and screen them, what do i do next?

3. What contracts do i need for the whole process?

4. When do i put them in the house and assign them the contract?

So recently I began studying lease options and haven't quite wrapped my head around it yet so please help me clarify things. In short these are the steps I need to take: 1. Market for low equity homes with motivated sellers, FSBO's, FRBO's, etc. 2. Get the house under a lease option contract 3. Market for tenant buyers to whom I plan on assigning the contract to. Here's where I get confused. With the Dod Frank Act and all, do I need to prescreen my tenant buyers and have them go through an RMLO? And then once verified do I get them in the house and put them in a credit repair program? When do i need to talk with a mortgage broker? These are a few questions I have in this area of LOA's and would greatly appreciate your feedback to help me understand the whole process better. Thank you!

@Brett Snodgrass Thanks for your input, those are all good points to consider.

@Account Closed on craigslist it would also only help my case to market the actual contract and not the property itself. Do you mainly assign your contracts or do a double close? Once I get my first deal, I plan on setting up an LLC.

@Ryan Dossey That's what I'm probably going to do to eliminate any doubts and concerns.