All Forum Posts by: Christopher Vaughn

Signed and shared!

 Read somewhere here on BP, if you aren't embarrassed by your offer you're offering too much lol. Mind me asking what resource you use to locate commercial foreclosures? Do you use Loopnet? 

I must be used to seeing the over priced properties of the Seattle area. After reading your initial post I checked the Shreveport area on Zillow just out of curiosity and the first property to pop up was a foreclosure duplex for under $40k (221 E Jordan St, Shreveport LA). Granted, I haven't looked further than Zillow and don't have a clue as far as repairs needed, but with the rents in the area for 2 bed room 1 baths being around the $600 to $700 range, this duplex would rent out for like $1200/1400 a month. I'd be willing to bet that you could purchase and rehab it for under $100k... not sure if the numbers would work... I'm just generalizing. But that said, I have a feeling my first rentals will be outside WA lol

 Well now that's an interesting angle, what type of responses do you see with commercial properties? Just curious

 Thank you Frank. 

This has been a fascinating thread and thank you to everyone who gave input on the legality of this and shedding some light on RCW 61.34.

Sometimes when you see a law or read the reasoning you are left scratching your head, for example, RCW61.34.020 (3)a "Distressed home consultant" means a person who: Solicits or contacts a distressed homeowner...etc

If we as real estate investors / buyers are not allowed to contact people facing foreclosure... why does the state still make said information public record and free to access???? The state is like, here is a list of people most likely to be motivated to sell and would welcome your help... but if you use it you are a criminal! 

 Thank you again for all your input. I greatly appreciate it!

Definitely looking more into this as there are multiple companies and people in WA that are wholesaling. I did find this from AG

https://www.atg.wa.gov/ago-opinions/interpretation-2008-statute-concerning-distressed-home-consultants


"In Laws of 2008, ch. 278, the Legislature significantly expanded a series of laws relating to “equity skimming.” RCW 61.34. [2] Equity skimming practices are used to obtain title to a property for the purpose of either taking the equity out of the property or obtaining rents or payments on the property without satisfying the underlying obligations that may exist..."

Wholesaling doesn't include taking equity out of the property or obtaining rents without satisfying the underlying obligations. The property is being sold and the debt cleared. So, does wholesaling still fall under "equity skimming"?

 The majority of the time I'm making contact with homeowners prior to any offers. I do a lot of "knock & talk" or "Cold Calling" to start a conversation and build a relationship prior to making offers. I'm in the process of starting direct mail campaigns to add to my lead funnel, and was looking at this as part of that. I've read a few people's post on BP and other sites where sending unsolicited offers has netted in getting properties under contract

Thanks for your input, which part of the RCW are you speaking of? I glanced over it but don't see anything in particular saying that you aren't able to purchase homes that are in foreclosure or market to them. There are definitely things that need to be done to make sure everything is on the up and up, I'm not looking to violate any laws or even to "screw" over the homeowner, wholesaling involves dealing and marketing to homeowners that are in foreclosure all the time though.