All Forum Posts by: Derek Joyner

@James Wise

Having a license doesn’t guard you from endless liability. It can put you in a tighter situation sometimes. Why do you think a lot of investors and developers don’t have license? They don’t want the liability. A lot of people will get there license and let them go if they get into flipping, developing or investing. Some keep them but some don’t and it’s not because of the little yearly fee they pay to keep them, it’s because of liability.

@James Wise

Well according to that definition of a broker any house sold without a broker involved is illegal. Every FSBO and lucky person who just ran up on a person wanting to buy there house should of never sold and should of ran to a broker and paid a commission to not do the deal without a broker. All the attorneys are breaking the law to go with the deal and close them without a broker involved. A big part of America and all real estate attorneys are going to jail.

@Bob Daniels

Bob I don’t agree with you. I have my brokers license and I’m in North Carolina and contracts here are one sided all the time with brokers. Who cares if they are one sided. People have problems and lose money in deals all the time. If investor is full of money and someone is in the gutter and dump there property then it’s there doing. In North Carolina we actually have name for deals that are not one sided. It’s called arm length transaction. Means deal was put on market with no real force or need to dump property. So no death, divorce, marriage, debt needing paid or anything crazy. It’s perfectly legal and fine. What govt takes someones right if they own there property free and clear and they get in a jam that they can’t let someone come in and one side a contract and dump a property? None.

Assigning a contract is not brokering a deal. If someone signs a contract and there’s this paragraph in it that they can assign it and it might happen and seller signs that it’s ok we’ll then it’s ok. Go ahead.

I think a lot of people here are speaking on opinion and not what law says. Funny though how all of us have real estate license and probably none of us have law degree.

Also I’m in deed state. So closings are done by attorneys and not title companies. Attorneys here close wholesale deals all day. You think they would do that if it was illegal? Nope!

@Matt Hatton

Matt you don’t need a license to wholesale. You need a license to work at a broker firm or to claim you are a broker. There is no law saying you can’t walk in someone’s house and offer to purchase it and have them sign a contract an attorney drew up for you and then assign that contract to an investor. The only law in that you might come close to breaking is telling sellers you may flip to an investor in which if your using an attorneys contract he should have somewhere in that they initial or sign they understand this and are ok with it. Mater of fact you may not want your license. Because then if something does happen and you go to court, guess who courts look at as who should of been the protector of everyone’s rights? Even if you were in right. They will say you should of drove this ship. Your better to not have license and walk in court on level playing field as other party I think. Some dispute that. A lot of good arguments on both sides of that one.

So listen to his words. To broker a deal you have to have a license. He’s right. To purchase a house and assign that contract to someone else you do not. They are way 2 different things.

@James Wise

James I have to disagree with you on this.

Wholesaling is very real and a lot are doing it. I have to think you are so pro agent that you can’t see this.

There is an agent in my area making over 1 mil a year. Right here in my very city and yes I’ve meet him and know him. You may know him also. Max Maxwell. I’m studying everything about him right now to learn this.

You don’t have to have a license. It’s called assigning a contract and investors have been doing it long before there were ever brokers. Mater of fact it was in our North Carolina offer to purchase not to many years ago and still may be but I haven’t looked at N.C. offer to purchase in a few years. It could be done but had to be disclosed to all parties. That rule still applies but it is perfectly fine as far as I know.

As far as agents making money. Your an agent and you know the rule-20% of agents sell 80% of market. So 80% go hungry. The turnover rate is more than I change my underwear. And the fees and people in your pocket is crazy. How many times you hear “you made so much money off of me you should feel guilty” and in the back of your mind you think if I broke even I’ll be lucky as many houses as you looked at? And don’t tell me I’m wrong. I was an agent for many years. And I wasn’t a poor dumb one who couldn’t figure it out. At my peak I sold 36 million. I got out because after all expenses and cost of business my wife said all that money and this is how much of it we get. And I ran lean to. I worked 100 hrs a week because I was to cheap to hire an assistant. I finally did and worked my money worth out of her.

Never the less, brokerage is loosing grip. There are more than 1 way to skin this cat and wholesaling is growing and becoming one of them. I know agents don’t like us but it’s the new market and wholesalers are a good answer to people with house problems.

@James Wise

@Elaine C.

I used to have a brokerage firm. I think a good way to look at these things that you have no idea or experience with is to sit back and look at it differently. I mean look at rehab cost. Though you don’t know if it’s high, low or just right. You could take a contractor to the house. Set up 3 appointments and get 3 quotes. See how different the prices are. Do it for network purposes and learning purposes. Then instead of looking at just numbers, sit back and say would I do this for x price if I owned this house? Would I have 😳 eyes at that price or would I have 😁 eyes at that price. Rehabbing your going to get crazy contractors and maybe find a good one here or there. I had an investor that didn’t have an idea on remodeling. She showed up at every house and had her builder with her. He walked thru and estimated high on everything. Gauging her but never the less, she made her offer based on his crazy offer to her. She won one here and there.

@Dean R.

I’m right there right now. The divorce is over and I am trying to move on. The issue I have is we do have these day battles and I honestly feel I don’t start them. I try to just stay out of sight and out of mind. She will text something and the second I don’t agree it starts it. She has a new boyfriend and I thought at first he was cool but now he jumps in also. He leaves me nasty messages all the time that he and I are gonna meet and settle this. He tells me to not contact her on any issues now that I need to go thru him. I tell him he doesn’t have any skin in this game and he needs to stay out. I’m not afraid of him. I just want to be done with her and move on. I am very involved in church. That has helped a lot. I do keep my mind on my kids and absorbed in this real estate and it keeps my mind off of it but it’s hard when she’s still having fits and won’t leave me alone like I was the one who cheated and broke us up. Very twisted.

@Dean R.

You make me want to keep going. I just went thru a painful divorce last year. My ex cheated and ran credit cards thru the roof. She came at me wanting everything. I’ve felt life was over but I’m getting back on my feet now. Reading stories like yours helps me know it’s possible.

@Josiah Patrick Zebarth

As far as the networking in college. Forget it. You can network anywhere at anytime. You just have to be willing to chase the people you want to network. I’m good at networking. If I wanted to network with college people I would chase them without paying the money to be in college.