All Forum Posts by: Jacci Konkle

Al Williamson, a published BP blogger, will be in Wisconsin to present TWO events! The first is our Appleton REIA monthly meeting on Feb 18th to share the foundation and layout of how to get into and structure corporate rentals or shorter term AirBNB's for higher cash flow. If you can't make it, or you missed the first event, the second event is a MUST ATTEND!  It's a FULL day workshop on Feb 22nd from 9am-5pm. All details and registration is found at www.AppletonREIA.com . 

Members of Appleton REIA can pre-register for $49 and non-members are $69. Add a spouse or business partner for only an additional $25. This is way too cheap for this kind of information, but as you can see by Al's articles on BP, he is all about sharing his knowledge and building others up! Come learn from the best in the biz.

See Al's latest BP article here:
https://www.biggerpockets.com/blog/3-ways-attract-business-travelers-short-term-rental?fbclid=IwAR3dcSiAgliXosTzgREtBVhemD59sYohh2RM2qsWWuqPbI0xFIC2BDzZeRg

Looking forward to meeting you there!

Al Williamson, a published BP blogger, will be in Wisconsin to present TWO events! The first is our Appleton REIA monthly meeting on Feb 18th to share the foundation and layout of how to get into and structure corporate rentals or shorter term AirBNB's for higher cash flow. The second will be a FULL day workshop on Feb 22nd. All details and registration is found at www.AppletonREIA.com .  If you've never attended a meeting before, it is FREE to attend!  If you're attending a second time as a guest, there's a small pre-registration fee of $15 or $20 the day of the event.

See Al's latest BP article here: 
https://www.biggerpockets.com/blog/3-ways-attract-business-travelers-short-term-rental?fbclid=IwAR3dcSiAgliXosTzgREtBVhemD59sYohh2RM2qsWWuqPbI0xFIC2BDzZeRg

Looking forward to meeting you there!

Whether you're looking for deals to wholesale, flip, or hold as rentals, this weekend is sure to give you everything you need to make more money this year! Learn to market and find off market deals at deep discounts, negotiate with sellers, estimate the cost of repairs, find comps for ARV, figure out how to offer for mass cash flow, and so much more! This is a TWO day event beginning on Feb 15th from 9-5 in the classroom going through all the nuts and bolts and continuing on the Bus Tour Sunday, Feb 16th from 12pm - 5pm with live onsite visits to learn how to evaluate a property and estimate the cost of repairs, etc.

Cost is $199 for non-members ($249 with a spouse or biz partner) or $149 for members ($199 with spouse or biz partner) and includes both days.

It's both informative AND fun! 

Register online HERE

Welcome Lance! I only wish I would've had a better plan at 22 when I began my REI journey! Be careful who you listen to as you go down the path. Remember what you really want and delete any advice or shiny objects that send you in another direction. I began REI at 22 and with success, started following the wrong voices. Know who you are and what you want and listen to those who have it, follow your gut, and don't be too anxious to get there :-)

Our best to you!

If you have a bad gut feeling, it's ALWAYS a good idea to do your due diligence. Is he asking for an "application fee" up front? If so, then you certainly do NOT want to send any money without knowing the true facts. When I was brand new in my investing career, I feel for one of those because I just didn't know any better. It was an older gentleman and he sent me an impressive resume on himself and his business experience and claimed to be a money broker. I looked him up on LinkedIn, etc and everything looked like it was legit. He took $5k from me and disappeared! At the time, that was a HUGE amount of money to me and destroyed my trust in anyone like that ever again. If I had only called his state and checked into him, I would have found out that he had many complaints against him there. I see you mentioned an LLC. You can check with his state to find out how long he's been in business, if there's any complaints against him or the LLC, etc. Then, maybe ask for some investor references who have closed successful deals with him. If his offering isn't cheaper than the other guys out there, just skip all the work and go with someone else. I found that gut feelings are almost always right....and for a reason. There's lenders out there like @Jeff Cichocki and myself who actually DO lend 100% (within the 65% of ARV) to get the rehabs done on good deals, but you still gotta do your due diligence....ESPECIALLY if they ask for money from YOU to get things started!

Good luck,

Done.  There's no legally binding contract.  Consideration (money) is a necessary element of a binding contract.  That's why nobody signed a CAMR (cancellation and mutual release) because there was nothing to cancel.  The broker never had agency to legally represent the seller and couldn't legally deposit the funds into their trust account.  Wow, how do these people even operate?  You could report them to the WI DSPS (Dept of Safety and Professional Services), but if I were you, I'd just put it in my rear view mirror.  This entire chain of events is NOT normal practice and should end up as a one time occurence in your investing career.  Sleep well tonight.  You'll be fine.  Again, not an attorney, but been in the biz a long time.

Wait.  Did they give you YOUR original check back or did they cash it and give you a check from the Broker's Trust Account?  If you have your original check, then there's all kinds of wrong with that.  Then for sure you have no worries whatsoever....although I don't think you have a worry either way.

Wow!  So much great feedback to you!  I agree 100% with everything Mike M. typed to you.  I would also add that you have nothing to worry about.  I've been in this situation a couple of times on both sides of the table both personally and with clients.  The super fact that nobody is mentioning here is this....if they sue you, the property is tied up!  The cannot sell it until the lawsuit is over and the courts have decided if you are held to specific performance or let off the hook.  This will cost them WAY more than any sane person should be willing to spend to get revenge in court.  

Anyways, don't spend another minute thinking about anything unless the lawsuit is filed and you are served with a formal complaint.  And never ever speak to their attorney about anything....do not let your number be given to the seller or their people.

I also have a thought on the whole agency thing.  If they truly did not have an agency agreement with the listing broker, AND you didn't have a buyer's agency agreement with your agent's broker, then your agent also had no agency with you to even legally write the offer.  In the abscense of a buyer agency agreement, the selling broker relies on the cooperative broker agreement based off of the listing broker's agency agreement with the seller (and legally works for the seller...not you).  So then this whole thing is a mess and likely not a legal contract no matter what.  The brokers can be sued for acting as an attorney since WI only allows them to fill out the legal contracts based on their agency agreements...it is otherwise acting as an attorney without a license.  The real estate license is not a legal license...it's a license to simply fill in the blanks of WI state approved documents once there is a legal agency agreement between the parties.  Also, the broker cannot legally take the earnest money without an agreement and cannot legally disburse it without a signed Cancellation and Mutual Release from the seller with instructions of amount and where it is being sent.  Sounds like some brokers are in hot water to me!

I'm not an attorney, and these are just things I've been a party to.  My 2 cents is to not sweat it unless it becomes a real thing.

Breathe!
Jacci

Go to WRA.org and they will have all the state courses right there for you.

Good luck :-)

Andreas, I can't believe nobody gave an help to this one in 3 months!  I am not sure if the deal is still around or what you've done with it, but here's how to tackle these...

Call a local broker and get an agent on the scene to take pictures and do a CMA on the property both "as is" and for the ARV (after repair value). Ask that knowledgeable agent for help in getting a contractor out there to bid the work that would need to be done to bring the property up to rentable status and find out what the rents in the area should be for that property as well. If you need help in locating the proper people to assist, most local REIA's are helpful and have the investors to help with those referrals as well. Bottom line, you need current pictures of the property and surrounding homes/area in the neighborhood and a fair assessment of value/costs.

Good luck!