All Forum Posts by: Drew Fein

*NOT LEGAL ADVICE: The information presented is not legal advice, is not to be acted on as such. Communications through this forum do not create an attorney-client relationship.*

0 Votes

@Denis K., management of real estate for a fee or compensation requires a real estate license. The statute is broad and pretty all-encompassing. I know it's not what you want to hear, but the previous commenters are correct in that there isn't a workaround. You can self-manage your own property (which requires you own a certain percent of the property), or you can manage property as a licensed CO real estate broker.

*NOT LEGAL ADVICE: The information presented is not legal advice, is not to be acted on as such. Communications through this forum do not create an attorney-client relationship.*

1 Vote

@Ben Einspahr, you've received some great recommendations. If you're looking purely to house hack, you should also consider @Dan Mackin. He's helped a number of my clients find homes with house hacking potential.

1 Vote

Yes, @Linda Weygant. She is local to Denver and regularly attends the meetups.

0 Votes

Originally posted by @Charlie MacPherson:

@Calus Glispie Sorry to say that you appear not to have any idea how a real estate transaction or contract law works.

If you put the house under contract, it is off the market. He cannot sell to another party until the contract is withdrawn or canceled.

Canceling the contract without proper justification (those reasons should be spelled out in the contract) will get you sued for "specific performance" and/or "fraud in the inducement" and the seller may well look for consequential damages.

Proper justification for canceling the contract is normally limited to home inspection and mortgage approval. Due diligence periods normally run 7-10 days, not weeks.

The purpose of the earnest money is to get some of your skin in the game. If you fail to perform to the contract, the seller gets to keep your EM. Even $1,000 is really peanuts.

If a wholesaler approached me, I'd be looking for at least $10,000 that would become non-refundable after the 10 day due diligence period.

And to top it all off, ask @John Thedford about the illegality of unlicensed wholesaling in Florida (unless you double-close). He can not only quote chapter and verse of FL law, he also regularly turns people in to the state for the unlicensed practice of real estate, which is what wholesaling turns out to be.

I agree. This sounds more like unlicensed real estate brokering than wholesaling. If the intent is not to put the house under contract and continue to accept more offers, and to fix the house up to show it to prospective buyers, I would be concerned.

*NOT LEGAL ADVICE: The information presented is not legal advice, is not to be acted on as such. Communications through this forum do not create an attorney-client relationship.*

1 Vote

Yes, @Linda Weygant.

0 Votes

@Daniel Hyman, thanks for the shout out! @Tyler Thomas, I'm happy to speak with you about structuring this deal.

1 Vote

Talk to @Linda Weygant. Best of luck!

0 Votes

@Linda Weygant, thanks for the shout out, and sorry for the delayed response! As a caffeine addict, I'm always down for coffee. Full disclosure, I'm still an *aspiring* investor, but I am a local RE attorney.

0 Votes

@Linda Weygant, thank you for the shout out! @Steve Burrell, happy to assist.

1 Vote

All Forum Posts by: Drew Fein

Drew Fein has started 0 posts and replied 190 times.

Post: How can I help my friend manage a property without a license

Post: How can I help my friend manage a property without a license

Post: Denver Real Estate Agent Recommendation

Post: Recommendation for a CPA in Denver

Post: Deal turned down bc of my “$1” earnest money..

Post: Colorado CPA for taxes

Post: Real Estate Lawyer for 3 Person Partnership

Post: Starting new business in CO, need CPA recommendation.

Post: Looking for inspiring woman investor in Denver

Post: Real Estate Lawyer for lease in Denver

Drew Fein has started 0 posts and replied 190 times.

Biggerpockets Logo Post: How can I help my friend manage a property without a license

Biggerpockets Logo Post: How can I help my friend manage a property without a license

Biggerpockets Logo Post: Denver Real Estate Agent Recommendation

Biggerpockets Logo Post: Recommendation for a CPA in Denver

Biggerpockets Logo Post: Deal turned down bc of my “$1” earnest money..

Biggerpockets Logo Post: Colorado CPA for taxes

Biggerpockets Logo Post: Real Estate Lawyer for 3 Person Partnership

Biggerpockets Logo Post: Starting new business in CO, need CPA recommendation.

Biggerpockets Logo Post: Looking for inspiring woman investor in Denver

Biggerpockets Logo Post: Real Estate Lawyer for lease in Denver

Post: How can I help my friend manage a property without a license

Post: How can I help my friend manage a property without a license

Post: Denver Real Estate Agent Recommendation

Post: Recommendation for a CPA in Denver

Post: Deal turned down bc of my “$1” earnest money..

Post: Colorado CPA for taxes

Post: Real Estate Lawyer for 3 Person Partnership

Post: Starting new business in CO, need CPA recommendation.

Post: Looking for inspiring woman investor in Denver

Post: Real Estate Lawyer for lease in Denver