All Forum Posts by: Nicholas Hooyman

@Lukas Zupan, I was a wholesale account execute seeing one time close construction loans for residential properties. I funded full doc and stated loans and was able to use the after completion appraised value as the amount which the LTV was calculated. The summer of '07 was when the stated loans were no longer offered (for my program anyway) and by 2018 my company was trying to get out of all the loans that hadn't rolled to perm yet. It was an ugly time. That's when I went back to school and pursued another career. Yet, here I am back again.

@Tammi Miers, congrats on taking action and starting your real estate journey! I haven't done a wholesale deal yet either, but to your credit, I haven't even gotten one under contract. Again, props to you. My plan is to find a motivated seller and simply refer them to an investor in my area for zero charge, but to have the investor walk me through the deal in talk time from the initial contact through closing. Sure, I might lose money upfront, but then you'd have all the knowledge necessary to do your second one by yourself. Plus, and this is my opinion, even if the numbers look good, the investor might be hesitant to take your deal simply because there's no trust there yet. Exchanging your first deal for knowledge will help with trust as well. Just my two cents. Good luck in your journey, I wish you great success!

@Mike Smith, welcome to bigger pockets. I'm relatively new here as well. If you're interested, I'd love to meetup for a beer or coffee to talk about our strategies and how we can help each other. I used to be a tax attorney and currently am a real estate broker, in my spare time. Let me know, happy holidays sir.

@James Neal no that’s ok, I appreciate your willingness to help. Yes, this is the link I found as well. I’m trying to look for a mentor. I’m looking for all the cash buyers in the area and contacting them with leads. I plan to give them 95% of the profits if they’ll just show me the process. I’m getting closer.

@Jeff Cichocki thank you for your constructive and thoughtful advice. This really changed the way I look at this issue. I’m like @ChristopherSmith, I want to provide an honest service and get into this business. Wholesaling has been taught by people for a long time, it’s hard to compute every piece of legislation and know exactly what’s going on. I’m not trying to defraud people, I just want to provide value and get compensated for it. After reading your post, I think it’s best if I just connect motivated sellers with the end buyer without actually getting the property under contract. I’m just worried that without protecting my interest with the purchase and sale contract that the end buyer will just cut me out of the deal.

Losers like @John Thedford bask in their righteous indignation by assuming the worst in people and discouraging those who want to get started in this business. He states nothing of value, ever. He doesn’t put his picture on his profile because he’s a coward who has nothing better to do than troll people. If he had half a brain he would educate people rather than ridicule them. Not everyone has a trust fund and capital laying around to invest for their families future. Helping someone who needs to sell their property by finding a cash buyer for them is a good service, as long as you’re transparent with them. I always ask if they want to list their property then refer them to real estate agent. Without a license you can’t make a referral fee, so I’ve been thinking about getting a license simply for that reason.

Thanks @James Neal, but this seems to be for someone who wants to hire a registered agent for their entity, not to locate one.  

Does anyone know how to find a registered agent for an LLC? I emailed the secretary of state in WA (the state they are buying properties) because I can't find a search option, but I was curious if anyone had a streamlined way of doing this. Thank you in advance for your time.

@Stephanie Money, do what others won’t for 10 years and you’ll be able to do what others can’t for the rest of your life. I’m excited for what’s ahead for you, I wish you the best of luck!

@John Thedford thanks for your time. Does that mean you would put an inspection contingency into a purchase and sale agreement as a wholesaler?

I have, but it's been a while.