All Forum Posts by: Jason Windholz

Thats pretty smart to charge a "reserve" fee, they don't want to manage for a slum lord. They are building a reserve for upcoming expenses which is what all investors should do, but most don't. 

But it is your money, it reminds me of IRS tax refunds. People give their money to the IRS so they can get a big refund after the first of the year. This company is wanting to hold some of your money for a major upcoming expense that will come out of your money anyway. 

I think they are trying to keep newbies from failing, and as an investor I wouldn't want them to hold my money, but I am not a newbie or a slumlord.

Here is the danger... If they are a new company and go out of businesses with your money reserves you will lose it. If they are well established and have a reputation, you are at less at risk of them losing your reserves.

I was an investor first and only got my license to access the MLS. I never wanted to be an agent in the deal. They make pennies while investors make dollars. Too many new investors get a license, join a large traditional brokerage firm and get brainwashed into TRADITIONAL ways of thinking. If you want to be an investor, then just get your license to help your investing career, and tell everyone you are an investor... with a license. Who cares if you don't get a commission, you can always refer those other leads to friends (agent friends)!

PS once you get your license, you have to disclose that everywhere, and its just wording, so you have to tell the sellers that you are licensed, but you are interested in buying the property yourself, as a buyer, and not as an agent.

PSS and most MOTIVATED sellers don't care, they just want to get rid of their house. And for the UNmotivated sellers out there... refer them to a friend/agent, they will waste an investors time and energy, and.... thats what agents are for... traditional stuff with small profits

Since you got a few useful gems from the meeting, then it was worth it. There was no obligation to buy anything. We can't get the Guru's to come to Tulsa if they don't offer something for the people who may want more education. We can get our gems and run with them or we can try to learn it though trial and error. And if you got a few gems in 90 minutes, those who bought it will get a lot more in the material. But the few gems you got, were more gems than the people who didn't come to the meeting at all.

I think the person you referred to, that already has the material, actually does more deals in a month than most people do in a year. Education can help you get there faster instead of learning the hard way. But both ways are better than not doing doing anything at all.

My gems from the meeting where what not to do to cross the SEC and he made some good points on that with the way you word things. I got the material but have been too busy to go over it yet, my vacancies have taken first place, but this week I got one house ready, and a deposit on one more, so I can work on the other mini rehab rentals I bought this year.

Its kind of like my new sign to be installed next week on Memorial and 61st street. Its with all the other tenants in my building so it may get lost in the whole sign itself, but for $300 set up and $50 a month, if I can get at least one deal out of it a year (or two years), it will be money well spent. The sign itself has its own phone number so I can track the results. That number costs $4.99 a month so I guess my total cost per month is $54.99 per month.

Oh, and I like beer also.

Sounds like a normal attorney response. New York and California are 2 of the states in the handful that have lots of regulation. You probably need a New York specific contract to comply with any weird New York laws. 

Also one contingency is usually all you need, if any, other than the normal ones like title and financing. Sounds like all you need to salvage the deal is a better New York friendly contract. I seem to remember that New York uses attorneys to close deals instead of title companies so you probably need to find an investor friendly New York attorney on your side to close the deal.