All Forum Posts by: Felix Goldstein

@Ken Graham

i would still agree that if someone doesn't own a property and they are selling it they are brokering.  

The whole question is when does someone own/have equitable interest in a property.  some claim if they are not on the deed then they are not the owner/don't have equitable interest.  some claim that as soon as an option or purchase agreement is signed then the buyer owns/has equitable interest in a property, and therefore can go off and sell it and they are not brokering.

@Mitchlyn D.

i'm assuming that this property is a commercial property (ie: NOT a SFH, duplex,triplex, or fourplex). if it is then here is my two cents. no lender will give a pre-approval letter to anyone on a commercial property. They don't care if i show them i have an 800 credit score, a few years tax returns showing i made a whole bunch of money, and that i have a gazillion dollars in the bank. commercial properties are all way to different so its kind of pointless to give a pre-approval letter. as far as showing you financial data. I've found that agents are pretty open to showing tax returns, income and expense statements, rent roll, etc for commerical properties (including apts). i've had sellers agents ask that i sign a confidentiality agreement (stating that i won't share the data with anyone except partner lender). when i was getting started and calling on mls properties, i found the agents open to sending me the tax returns. how else am i supposed to figure out what price to pay if i'm not familiar with the market. also for commercial properties tehre is usually a due diligence period where the buyer can cancel the contract. that is when the seller would show you copies of the leases. with that being said, i've had the sellers agent not willing to tell me what the condition of a vacant property is! if you are buying commerical propeties my advise would be to work with someone that is "CCIM" (go to ccim.com) i've worked with some great sellers agents that weren't but...

i've had the sellers agent refuse to show me a property unless i show pre-approval letter. i just moved on to another property.

now if you are talking a SFH, duplex, triplex, or fourplex here then don't listen to what i just wrote above.

hope this helps.

@Ken Graham i would say i'm not acting as a broker.

@Ken Graham as far as my answer to your second point. i think i need to clarify. yes i would say i have the exclusive right to purchase property. as far as the assignee having exclusive right to purchase. i would say yes also.

what got me thinking and the reason for my first long winded answer is becuase i got to thinking if my assignee can asssign. i don't know. that hasn't come up though. those people don't buy the property with intent to assign or double close. they are rehabbers, flippers, or buy and hold investors.

1. yes on the first point

2. i would say only i have exlusive rights to purchase within the 20 days. i can assign to an assignee. as soon as i assign it they take over as the buyer instead of me. now that i think about it i suppose as soon as i assign to them, they can assign to someone else (not 100% sure about that one, however i highly doubht that would happen since they are people that buy for themselves. they have no intent to assign). 

3.yes

4.yes. the only other method i see is me assigning.

 Ken Graham, thats probably a good idea. some people wholesale differently then others. so my idea could be different then what you are thinking.  my idea is to get a seller to sign a purchase agreement with me. i'm agreeing to purchase the property and they are agreeing to sell me the property,  at a specific price, contingent on me assigning the contract, i ask for 20 days to close.  then i go take pictures of the house (people want to see pictures first), then i make a nice little for sale flyer.  then i email the flyer to my list.  when someone wants to buy it, i assign them my rights to the contract.  

John, right even if we disagree on something. we can agree to disagree.

@John Hamilton "I thought my reply actually was in-line with your original posting. I'm surprised that you find my reply confusing and contradictory. Somehow, I feel you are somewhat argumentative. I wasn't looking for an argument or to explain myself. It was just a comment. Take it as you like."

I wasn't trying to be argumentative. yes now that you explain it does seem inline with my original post. i just found your original post on here confusing. now that you are clarifying it makes sense.  as far as ownership issues. perhaps its a stretch to say that i own a property just by having it under contract. but yes i agree with you i have equitable interest in the property. definatly not looking for an argument. discussion yes

I invest in commercial real estate anywhere in the country.  Depending on the property, i wouldn't mind holding on to it and collecting the rent, rehabbing and selling it, wholesaling it (i have a decent sized buyers list).

 Ken, i think they are saying that it is illegal because if someone doesn't own what they are selling then they have to be brokering. that is why people bring up the ownership issue. which i would agree with this. how on earth are you going to sell something that you don't own. you have to be acting on behalf of the owner. not sure how people sell on amazon but since its not RE its regulated differently.

 right we are discussing real estate, that is why your example of people selling stuff on amazon is not relavent since people dont sell RE on amazon.