All Forum Posts by: Jake Wenbourne

I am looking to offer a lease option on a commercial building here in Oregon. I have never done something like this so I would need an attorney to help advise me and write up the paperwork. 

Do you know someone that could help me with this?

Thanks,

Jake

Thanks for the recommendation! I didn’t event think about a SBA loan. I have been looking at commercial property, so that may be the way to go. I did some more research on the zoning laws and I don’t think it’s a good idea to put my business on a residential lot. I could probably get away with it but it’s better to follow the intent of the law then use loop holes to skirt them.

I will be taking over our family construction business this year. With it comes a $3500 rent payment in our current building. This building is a great place for the business, but I would like to see if I can drastically reduce the rent or even eliminate it. I have come up with an idea that may work but I’m not sure on a few issues. The plan is to buy ether a house/duplex that has enough property to build a shop on it or buy a lot and build a shop and a duplex on the lot. The rent from the house or duplex should cover most if not all of the payment leaving my business rent free! My question is, is there a problem from a rental standpoint? Is it ok to rent out the house but use the shop for personal/business use? The shop will most likely be right next to the house/duplex. Also it will most likely be a residential lot. Thanks, Jake

thanks for the reply! It looks like I will go ahead with the licensing. So far I have talked to two local agencies and one said they didn't want to work with my if I did both because of the liability, but they would if I just did real estate and the other said they wanted me to work with them and to get my license asap!

Hey everyone!

I currently am a general contractor and am thinking about getting my real estate license. I would like to continue my construction company and be an agent on the side. I talked to a local agency about joining there team if I do decide to get my real estate license and they were concerned with the liability of doing both. For example say I was working with an investor to help find some properties and we find one that needs work. If I were to tell the investor that I think (based on my construction experiace) that it will cost $20k to do the repairs, then after he buys it he finds out it will cost $50k instead because of some unforseen issue. That could be a big liability!

Do any of you do both construction and real estate? Would you advise against me doing this?

I think it might work if I kept them separate. As long as I was not offering any price quotes or to do the work for my real estate clients. What do you think?

Thanks,

Jake Wenbourne

Thanks @Lisa Thoele! I will look into getting an attorney. Do you use an escrow company to close still? Or can the attorney take care of it all?

Hey everyone! I have been trying to find some guidance on how to structure a wholesale deal in Oregon. I live in a small town so it's been a challenge to find people to work with that have even heard of wholesaleing, let alone how to actually do a deal. I have been talking to local agents and title companies but no one knows how it works. It looks like I will need to figure it out myself and then tell them what to do. Ether that or I will need to work with someone out of town that knows how all the details works.

Any advice would be greatly appreciated! I have read a lot about wholesaling, so I feel like I have an understanding on the process, it's just the nuts and bolts that I'm a little fuzzy on.

Thanks,

Jake Wenbourne 

Thank you all for the warm welcome!

I will be wading through all the info you have shared above :)

From what I have learned so far, wholesaling should be a great way to get started for me. It will allow me to learn the business and posibly even get some work at the same time. Being a contractor I can put together a package for the investor that is complete with bids to do the work for a set price, verses just providing a rough guess as to what the repairs will cost. 

As investors your selfs have you ever has a contractor put together wholesale packages like this for you? If so how did it work out? Anything I should know going into this type of deal?

Thanks again for your help!

@James Wise  and @Larry Fried thanks for the warm welcome!

Hey BP community! 

I just thought i would stop by and introduce myself before i start asking questions. My name is Jake Wenbourne and I have been in the construction industry for over 16yrs with a 2yr stint in insurance. I currently own a small construction company here in the Coos Bay / North Bend Oregon area. I am looking to get onto real estate investing. With my prior experience this just feels like the right direction to be headed. I plan to start with wholesaling and move to fix and flips then onto rentals after I have built up some funds. I am excited to learn this business and find my first deal!

Thanks to the BP community for being such a wealth of information!