All Forum Posts by: Cody Backus

Marcel B. , you also do not necessarily have to have a clause per se to make a contract assignable. I would say that there is other language in a contract that can make it assignable without using the exact language "and or assigns" so that you are looking more closely at ALL of the language of an agreement, not just a few specific words. This may help you find more agreements that suit your objectives. The difference in having good contracts and skimping or not using by tried and tested agreements will make all the difference in your business so be sure to get your hands on some good ones.

Jackie F. , as an asset protection and business planning attorney you may be surprised by what I typically suggest to my clients but I saw get your first deal or two at least under your belt in your personal name and after you've made $5,000-$10,000 or more and you've proved to yourself you can make money as an investor then meet with your attorney and COA to get your foundation established for additional growth, tax planning and protection. Obviously there are exceptions to this suggestion where I might advise differently if I knew more about your particular situation but I think people should make a few bucks and do a few deals before they put tools in place they may never use/need. I wouldn't do more than 3-5 deals though before you sit down and make a game plan with professionals who can help.

Giorgios Katehis on the day of closing, you are no longer a party to the transaction. You should have already sent you assignment agreement to title co. They should see your assignment fee and be sure to pay you out of the buyers proceeds which should have also already been deposited with the title co prior to closing. You should know that closing is the day parties sign and settlement occurs when title transfers and everyone is paid. In Utah, wholesalers often don't even come to the closing, just a buyer and seller at different times. You as a wholesaler could show up but you aren't signing anything. Sellers and buyers typically need a gov't issued photo ID at a minimum. Hopefully this helps but understand it may be different in NY and you should chat with a NY wholesaler, title co or attorney for how it's done there.

Brad, My name is Cody. I'm a local real estate investment attorney and escrow officer. We help clients structure and close a lot of creative deals every month. Happy to take a call if you'd like to chat.

Hi Judy and welcome to REI Utah. I am a member of3 REIA Clubs here in Utah. I would say if you plan on focusing in the Salt Lake County area the SLREIA or UTREIA Clubs will be your best bet. They are very active groups with a great network of investors. What type of real estate investing are you most interested in? Feel free to reach out to me personally for more info on these networks and opportunities within them to get you off to a great start.

Alex Little shoot me a private message. I'd like to chat with you, maybe grab lunch and see what opportunities may be available for you to accomplish your goals.

Hi Jack Bananto , I am wondering how your progress has come along over the past year and if you feel you are reaching your goals? I don't believe we've met at any of the REIA meetings. Do you feel your network is growing? Have you done any deals in the past year? I happen to be involved with all 3 REIA groups and am also an attorney with the Breglio Law Office. We focus on serving real estate investors. Send me a PM and we can jump on the phone to chat about your goals and progress and I can see if I can't connect you to someone who can help you reach your goals or help solve a problem. Looking forward to connecting.

Natalie, you'd have to get permanent traditional financing in your own name as getting a loan for this in the name of a business is next to impossible. You definitely don't want to hold the property in a corporate for long term for reasons Mr. Sanchez mentioned. You will also pay more in taxes when you sell than if you had it in another vehicle. California really hurts a lot of people in this situation because of the annual $800 fees for the LLC. Without knowing more about your personal assets and other risks involved, I couldn't tell you what other options you should consider. There are other vehicles that offer asset protection but I am not sure how they are treated under California franchise tax. Have you looked into forming a limited partnership? This is a vehicle that can take title to property yet in many states is not required to be filed with the state. This may be an option for you. I am an asset protection attorney in Utah so I know what I am talking about but this may or may not apply to your situation or your state. I have to disclaim that this is not specific legal advice but just more of some ideas or suggestions to look into.

@Jack G., you are getting to the points that really matter, which is great. There are 3 key points to a NCA that determine enforceability with the courts. 1) The time under which one is bound, 2) the geographic restriction, and 3) the scope of the work that can be performed. I am an attorney, but not licensed in VA, so I can't offer legal advice specific to this contract or to your situation. I can see why he may ask you to sign this given what he will teach you and give you access to and who he will expose you to. Whether the NCA is valid will depend on the factors above and how the VA courts and legislation treats these restrictions. Generally speaking, there is a strong public policy argument as to allowing people the freedom to work and make money so these NCAs continue to be more and more narrow to be enforceable but this varies state to state. The rest of this agreement looks pretty typical though. IMO, its worth having a business or employment attorney in your area give it a quick look. Should not cost you more than a few hundred dollars and will be well worth it.

Hector Lozano shoot me an email... I'll see what I can do. ;)