Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: James Wheeler

James Wheeler has started 6 posts and replied 63 times.

Post: Pro/Con? Higher Property Liability vs Commercial Umbrella Policy

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

Well since they are all in your name... then you probably want a personal umbrella policy since you are opening yourself to the wolves. Shouldn't matter about the states (check with your insurance agent) my concern is that you own at least 3 rentals plus most likely your own home... scenario... each property is insured for 250,000 the values are say 150,000 each (pretend numbers) you have a tenant fall and break a hip (yup this happens) they sue you (this happens also) at the end of the day the jury awards a 500,000 in damages, so your policy kicks in for 250k leaving 250k on the table... pop house one... 150k leaving 100k to pay... pop house 2... they find one in your portfolio worth about 100k... now you are with 2 properties (again fake numbers) your home plus one rental... and your insurance rates just went up... with a million umbrella (250k per property, right?) you are covered and still own your properties at the end of the lawsuit.

If I may ask, why not have an LLC? even one would protect you personally from liability (well if you are doing it right anyways... there are lots of finicky things about LLC's and can be very state specific...

Please note, I am neither an attorney nor an insurance agent and am not offering legal advice only trying to see the solution from another perspective. Seek legal counsel from an attorney licenced in your state for better idea of what is happening in law in your area.

Post: HELP. RIPOFF REPORT.

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

http://www.ripoffreport.com/r/KC-Realty-LLC/Lynchb...

Found it... get over it. The poor butt-hurt person you sent your letter to was not in their right mind about this, they have probably been victim to scams in the past or thought you were a South African prince in need of money.

When at the Rip-Off Report website you can file a rebuttal or request a VIP Arbitration (starts about $2000.00) the information is all on the ROR website and in about 30 seconds you can resolve this... Anyone can file an ROR about anyone for anything... they are not investigated and I think that ROR is a Rip-Off personally since they allow people to vent their vitriol without any controls.

Post: Does anyone have any links for wholesaling contracts in Illinois?

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

Google: https://www.google.com/webhp?sourceid=chrome-insta... or Guru...

Or, better idea... contact a local realtor, get a copy of their purchase and sale agreement (it will be most up to date and approved for the area that you are looking to wholesale in...) then look for the assignment clause and use it... "... and or assigns."

Even BEST idea... AB-BC closings... you actually close the deal using transactional funding and resell the property to the end buyer in the same day...

Post: Notice Anything New About BiggerPockets?

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49
Originally posted by @Ivan Lopez:

@Joshua Dorkin @Brandon Turner The sites looks great. I just notices small issue due to your header being set to position fixed. Currently ads are getting overlapped by the header as well as the page content on the dashboard. It looks like you guys might need to increase the top margin on the ads and dashboard div.

 Use AdBlock Plus on your chrome or firefox browser... ads are no longer a problem, ever... If you are using Explorer I recommend upgrading to Chrome or FireFox... ;-)

Post: Notice Anything New About BiggerPockets?

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

Not a very intuitive design, way too white and blah... should make the option to not have the "updates" as I personally, and am probably in the minority, preferred BP the way it was, it made sense, it was easy to use... now it is just wrong...

Post: NEW Look for BP

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

Wel,l that is one... I personally detest the way it flows now... I would much rather that they upgrade it back to the way it was. All I see is change for the sake of change and mostly it is to white and cartoonish. Even the new logo design is lacking, modern does not equal better by any stretch of the imagination..IMO

Post: OFF MARKET WHOLESALE DEAL

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

Why is the tenant moving? Why is the owner selling?

Post: Investor seeks Private Money in Arizona

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

We are currently seeking to expand our portfolio of private money lenders (not hard money, sorry). As a company, we offer 9-12% with 2 points up front. All loans are secured by a deed of trust for the properties that we are working with. Typical loan duration is 6 months although there are times when it is longer (max 2 years) or shorter, however, we offer a guarantee of 4 months interest as a Pre-Payment Penalty.

Advantages of Lending Privately:

  • High Returns (9-12% Rate PLUS 2% on front end)
  • Quick turnover (6 months- 2 years terms)
  • All transactions handled through Escrow in a professional manner.
  • Investment dollars are protected by Deed on the property.

We are interested in the following individuals:

  • Real Estate Investors in California, Arizona & New Mexico.
  • Must have $250K+ liquid assets for investing purposes. Most deals are between $100k and $200k but can be as little as $10k to $50k.

You can visit our Private Lender site at  http://www.wheeler-ray.com/private-lenders.html. Alternatively, you can call or email us for more information. We are an Arizona based company and would require a face-to-face meeting with any potential Investors before entering into a business relationship with you.

Thank you for your interest and I look forward to speaking with you.

Disclaimer:

No content contained on this post shall be considered as an offer to purchase or promise to purchase any specific property nor shall it be considered as an offer or solicitation to sell a security and is not directed at any person or group. Any securities that may have been mentioned have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state and have not been approved or disapproved by any state or federal regulating authority. An offer to see securities can only be made by prospectus after determination of investor qualifications, and any registration requirements or available exemptions. The user of such information and materials is solely responsible for complying with all applicable state and local laws and ordinances regulating the subject matter covered. Any person who uses or refers to the information, products or services referred to herein expressly acknowledges and agrees that said use and purchase is subject to the foregoing disclaimer.

Post: Private funding

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

Since you are just starting I would highly recommend that you read the BiggerPockets Ultimate Beginners Guide to get you started. Once you choose a direction the "trick" is to move forward on the path... if you want to fix and flip, find a property, analyze it and the money typically finds you... well not quite that easy... you will need to create some relationships with lenders, you can find them on here, in Google searches or at your local REIA. Then you need to find a contractor and a realtor, etc... your team is essential to your success... of course you will most likely find properties from other wholesalers who think that the properties that they find are worth twice what they really are and that you can do the work for half what it really is going to cost... heck I think that most wholesalers have never actually even set foot in the properties nor have they ever had the opportunity to actually rehab a property... then, if you are very lucky (as you are new) you will get the privilege of getting a hard money loan (unless you have cash) for a whopping 5 points up front and 15% interest... at least until they trust you enough to make it 3 and 13... etc...

Why? Why are you doing this? is it something you have been thinking about for awhile? or is this because you watched a TV show and thought you could do it too?? I am not trying to discourage you, indeed, I want you to succeed, it is important to know though that this is definitely not for the faint of heart

~James

Post: Private funding

James WheelerPosted
  • High School Teacher
  • Pima, AZ
  • Posts 65
  • Votes 49

Are you looking to become a lender or looking for lenders?