All Forum Posts by: Eugene Naroditskiy

Ryan, i know it's different in Texas than it would be in Chicago, but how much are you taxed on your yearly wholesale profits?

Hmm, i wasn't aware of this law?

I've met with several Real Estate attorneys regarding wholesaling and the contracts that I plan on using and they all said it was perfectly legal.

Anyone else familiar with Illinois law want to chime in on this?

Thanks for the responses everyone! I feel better about the reservations I had about doing walk-throughs. Plan to get started this weekend!

I've read a lot of posts from experienced investors, suggesting that a good way to learn your target area is to "walk through a 100 or so houses" to get an idea of what they look like, what the listing price is, what differences there are, etc.

My question is, wouldn't the fact that you're taking a realtor's time to walk-through a house simply to learn the area, without the intention of buying the house, sour your relationship with realtors in that area, some of whom you'll possibly need to work with in the future (for finding comps, cash buyers, etc)?

EDIT--- nevermind, LoL, didn't see your e-mail at the bottom of your post. I'll send you an e-mail shortly!

Adam, when you get a chance could you confirm my colleague request-- I can't send you the PM unless you do.

Thanks!

Hey Adam,
Thanks for the reply? I would definitely love a second opinion. Can I send you my question via PM?

So if I understand correctly, he optioned the properties and then assigned them without actually filling out a purchase contract with the seller?

I'm a bit concerned since I've been planning on using an option contract to tie up the property and then executing a purchase contract, before eventually assiging to an end buyer. I had an local Chicago real estate attorney look at my contracts and say it was fine but this does seem a bit alarming.

Thanks, Ryan!

Kenneth, I was wondering-- what is your strategy regarding figuring out values and comps? Are you working with a realtor, using an online service?