All Forum Posts by: Jeffrey S. Breglio

If you're looking to find more deals, start attending the different REIAs in Utah. There is Northern Utah REIA closest to you, but Salt Lake and Utah REIA both meet SL County and have many investors from Davis Co and north. You can also attend seminars and lunches for even more networking opportunities. You can meet wholesalers and get on their buyer lists. They are the most aggressive at marketing and come up with the most deals. You can also learn how to market yourself to find deals. Salt Lake REIA has a seminar coming up on marketing specifically.

Happy investing!

Jeff

There are numerous ways to structure and protect each party. The father-in-law can be a lender and share in profits via a Shared Appreciation Note and Deed. His money is protected just like a lender, and he can share in profits instead of getting an interest rate. We do this all the time. What he gets is totally dependent on what is negotiated between the parties. But there are many ways to do this. You can give the office a call and we can go over what is best in your situation.

Happy Investing

Jeff

This is an older thread but I thought I'd post an update. The Utah DRE has started to take a long hard look into wholesaling in Utah and licensing. Up till now they've had loose guidelines as to when you could wholesale with or without a license. But they are now trying to solidify those guidelines. This is due to brokers complaining to the division about it. They will certainly make the push to make is a licensed-only activity. I will be working with the DRE over the next few months to help shape those guidelines as favorably as I can. But, for now, you should be careful if wholesaling without a license. And if you are licensed, you should also be careful if you not running the deals through your broker. I will keep everyone updated. Keep an eye out on our website for upcoming webinars over the summer on this.

Jeff

Give us call. While we can't control the court's docket, we have gotten them done in a few days to a week or two. Give Cody a shout and he'll take great care of you.

Jeff

Trina, we can certainly help out with that. There are many variations of leases out there and most investors choose one or modify to suit their needs. There are other more important issues with holding and leasing out your property. Please feel free to give us call and we can chat. You can find us by web searching. Not sure why my contact info isn't attached. 

Thanks,  

@Dan Beaulieu

Happy investing!

Jeff

Thanks for the shout out guys! I'd be happy to help out. The UAA, mentioned above, has a great lease and many other basic forms. There are also great books and educators on being a landlord. You probably won't need a lawyer for your basic stuff. But if you have specific issues or questions and need to make changes to a form, please let me know. I'm also happy to have a free short conversation with you about other ways to protect yourself that are probably more important than the lease agreement with your tenants!! My contact info is in my signature block.

Happy investing!

Jeff

Interesting situation. But there are too many unanswered questions about the post for me to formulate a response. I also can't provide legal advice on a forum. The poster would need to contact my office and I'd have to review the all the documents. Some educational tips:

1. This looks like an "out of state" purchase. BE EXTRAORDINARILY CAREFUL when doing this! Buying a property you can't physically enter is very risky and for seasoned investors. The biggest problems I see as a lawyer arise from people buying out of their state or far away as they can't inspect or over see the property. Relying on others also doesn't seem to help either. No one will look after your property better than you.

2. Yes. In Utah and most states to a varying degree, sellers can be liable for fraud, misrepresentation or failing to disclose AFTER closing. Granted, Utah is a "buyer beware" state. But that doesn't absolve sellers in every case. There are many lawsuits on this and buyers do win them, or at least get some compensation! Typically they end up in arbitration and I've sat in a lot of those representing clients and arbitrate for others. These issues can be difficult to prove, but arbitration is a very "what's reasonable" arena and legal standards of proof don't apply. And remember, neighbors will ALWAYS rat on you.

3. Having done a lot of arbitration on these kinds of disputes, it's ALWAYS my recommendation to fill out COMPLETELY the seller disclosures. Writing in "I don't know" is better than leaving blank. And be HONEST, even if you think it might scare a potential buyer (it rarely does). Do this on your flips and even when you say "sold as is". 

4. Going after the inspector will probably be more difficult than the seller, but you can. Inspectors waive off a lot in their contracts. Agents can also be liable! Both are licensed so you can also go to your division of real estate to file complaints, which might spur action.

Hope that helps!

Happy investing!

Jeff

@Mahonri Bussey, please give the office a call and I can go over your options. We deal with this every day, and there are a couple of routes to go. My website is noted above and that has the phone number. I'm not sure what changed about Bigger Pockets no longer allowing me to put my phone or a signature block under my name.

Thanks @Ben Bartlett and @William Hochstedler for the shout out!

We got it. Nichole will give you a call this afternoon.

Grrr. BP has changed their site and they're getting greedy. You can click on my profile and get my contact info.  I will also try and contact you.