All Forum Posts by: Joe Homs

 For me it was the best way to go.  Check your state.

@Mario Armenta it's not the title and escrow company, it's the representatives you should be concerned with.  I use Corner Escrow, Christy De La Torre and First American Title, Noah Prestwood.

Good Investing...

@Tory Brookman sorry for the delay and that no one else answered.  I hope they are out by now.  Normally it only takes 4-6 weeks after your attorney notifies the Sheriff's Department.  

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@Amila Perera what are you looking to learn?

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@Albert Ngo I am not an Attorney or a CPA, so you should listen to them. However, here is what I see. Protect your business, if not already, by using an LLC (Scorp) so that they can only go after those assets and not hold you personally liable.

Your properties should be in an LLC (Check with Anderson Business Advisors) to protect each rental (not your personal residence) from liability.

Just having a trust does NOT protect you from liability on those properties.

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@Joshua Bautista if you are a Realtor and your NOT wholesaling you are not successful in real Estate.  Where are you getting your leads.  The best realtors are always wholesaling.  Example:  Mr Seller you would like to sell your home in this distressed condition?  Here are your choices:

1. I can find you a cash buyer at 70% of the ARV. (You can get paid out in 3-7 days. NO commissions or closing costs.)

2. I can list your home on the MLS and see what you can get. (It will take longer to sell, but you may get more money. However, you will need to pay commissions and closing costs.)

3.  You can make some repairs to the home and sell for more.  (Same as number 2, but rehab, repairs take longer to do.)

Good Investing...

@Josh Duncan they work...  Like everything else, they may not have everything you want or need.  My suggestion is that you do your due diligence.

1.  Always run a credit report and make sure it includes prior evictions.

2.  Meet the client in person.  You would be amazed on how much you can learn when they open their mouths.

3.  Set the expectations right away.  The rent payment should be the top priority.  Are you able to pay rent on time every month?

4.  Check all the information provided on the application, especially employment.  I called a reference once "his mother" and asked if he would be a good tenant?  Mom said, "I wish I could say yes, but the truth is NO and I would not rent to him."

Good Investing... 

@Joshua Bautista I guess it depends if you are the wholesaler, realtor or both?  

As a wholesaler you find the deals directly through the seller.

As an agent you may find deals for your clients through wholesalers or even other agents. ((Example: Contact a listing agent who has listed a home with little or no equity.  Ask if their client would be interested in a sub-to deal (you may need to explain this) and put the deal together.))  How about buying a property directly from the listing agent and representing an end user.  Tie the property up, market it as a wholesale deal and earn 2 commissions.

Good Investing...

@Robert Grbac this sounds like a wash to me?  $1000 expense and $1000 income equals zero?

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