All Forum Posts by: Jeffrey S. Breglio

I have a friend who is a doctor. His name is @Nate Lambert. He was investing here in Utah and then moved to Fiji to continue teaching at the university over there. 

He was able to do a couple deals while he was over there for 2 semesters. 

It is possible, but i think you have to be pretty good over the phone to close people without meeting them. 

Jeff Breglio 

Jake. Definitely contact the city and ask about zoning. Many "basement apartments" were never approved by the city for rental even though they are fully independent. And most "mother in law" apartments cannot be rented to third parties. Getting caught depends on how you market and your neighbors. But if caught, the fines can be pretty stiff. I've seen a fine of $25 - 50 a day until you get the tenants out. And remember, you will have to find them a place to live if you have to kick them out.

Jeff

Paul. Yep. Legal with disclosures and signed written agreement. Steven has great advice from an agent's perspective. It's about win-win negotiations. There are some great negotiating coaches in Utah that often teach courses in this. Just keep an eye out.

Jeff

Kind of depends on what you mean by co-wholesaling. Are you "partnering" on a deal with someone to wholesale a single transaction? Are you doing a double wholesale by taking and passing the deal on? Are you looking to accomplish something else, like keeping the terms (assignment fee) private from seller or other wholesalers?

The trust is the best mechanism for wholesaling. It can get a bit complicated but works in every situation. A disposable LLC is another alternative that's easier but not as flexible. The easiest is a simple assignment contract (confirm the assignability of the contract you're using!) but this won't work with banks, REOs, short sales and suspicious sellers.

Wholesaling as a concept is very simple. But to accomplish certain goals takes experience and education.

Hope that helps.

Jeff 

Sean, 

welcome to the investing scene here in SLC. If you are interested in getting involved in some of the Real Estate clubs to build your knowledge base there are some great ones available. Definitely check out NUREIA such as 

There are also Salt Lake, Utah, Utah Valley and Wasatch. They have great meetings and many have luncheons as well.

If you need more info than that and are ready to suck up some more knowledge, there are a couple more advanced investors who host free classes around the city and some even have online databased of their content. Come to the clubs and you will meet all of these people :) 

 Jeff

The best way to find deals, get to know different locations, and make contacts, is definitely through the REIA and their luncheons. There are probably 10-12 opportunities every month to learn or network. SLREIA, UVREIA, Utah REIA, Wasatch REIA, Northern Utah REIA. There are also more formal, paid, educational opportunities around town. Salt Lake's luncheon is this friday at the Denny's on 5th south. Check out their website

Jeff

Excellent question, Cole. It falls in the VRBO and executive rentals market. There is good money to be made there for the right property in the right location. I know people in SLC near the ski resorts that do quite well. But cities and municipalities are cracking down. Sadly. I love the VRBO route when I travel. But it's very new, city by city, and a wide range of differing regulations (mostly being pushed by the hotel industry). For those reasons, and that I have not had a call from clients about it, I really haven't researched it. Sounds like a good webinar topic. I'll dig in a little bit and see what i can find out then do one of my webinars on it. Probably early next year as this years topics are booked. Please let me know if you find anything out.

Jeff

@Kevin Powell

Welcome to the Real Estate Investing scene here in Utah. 

Would like to get to know you more. Come introduce yourself at one of the local investment clubs. 

Looking forward to seeing you around. 

Jeff Breglio 

@Brett Thompson Welcome to Bigger Pockets and glad to see you on Bigger Pockets. 

I actually had a conversation with the head of the DRE who confirmed that wholesaling a contract does NOT require a license. And that they won't enforce that. Although their agents sometimes become a little too motivated. 

This does not change the rules about use of entities requiring a license (a very dumb rule that isn't really enforced either). So an individual wholesaling does not require a license, but doing it in an entity does (as does any real estate transaction where the buyer or seller is an entity) because of the entity involvement, not because it's wholesaling.

But like all transactions involving entities, there are a million reasons to use them and I say keep doing transactions in entities. I've never see that, alone, be a problem.

Jeff is correct on your marketing. That's the big red flag. You never know when an agent with a bug that thinks you need a license for everything reports you. But I have many clients who aggressively market their wholesale deals without issue. Just be smart, use disclosures and be honest.

Jeff