All Forum Posts by: Kenya McCormack

I have asked this quesiton 3 times and no response.  If this question is confusing, please let me know. I previously held my RE license in TN. At this point I don't think I need to go this route. I really want to wholesale for now. Eventually I would like to flip/buy & hold. I know in TN it was somewhat costly to hang your license in a Broker's office. Costly, if you weren't actively working as an agent.

I see much discussion on whether or not investors should have their RE license. My question is what value would I offer to a broker if I was simply wholesaling and why would any broker want my license on their wall? Am I missing something? At some point I could list my own properties, etc with my broker, but for now?????

Thanks so much!

Kenya McCormack

@Bill S Thanks for the information. Do you know the best way for me to find some of these classes on contracts that are offered by the title companies? I will inquire on some of the REI sites that I have joined as well.

Also, I previously held my RE license in TN.  At this point I don't think I need to go this route.  I really want to wholesale for now.  Eventually I would like to flip/buy & hold.  I know in TN it was somewhat costly to hang your license in a Broker's office. Costly, if you weren't actively working as an agent.

I see much discussion on whether or not investors should have their RE license.  My question is what value would I offer to a broker if I was simply wholesaling and why would any broker want my license on their wall?  Am I missing something? At some point I could list my own properties, etc with my broker, but for now?????

Thanks so much!

Kenya McCormack

Hi All,

I viewed the RE contract form 'CBS1 Contract to Buy and Sell, Residential" on Colorado.gov. It is very lengthy.  I have viewed the purchase agreements and assignment agreements on BP.  Do any Colorado Wholesalers have examples of the forms they use for each?  I am hoping to find a simplified form that someone with more experience than myself already knows is legal in Colorado.  It would be greatly appreciated.

Thanks!

Kenya

Thanks so much for the advice. If you offered assistance, I will be in touch.  I am on vacation visiting my family in TN through the end of this week. Your advice and assistance is greatly appreciated.  One day we will be much more informed and experienced and will most definitely pay it forward. 

Kenya and Patrick

My spouse and I are ready to start RE wholesaling for a career change. I previously held a RE license. I have read so much regarding what should come first. Many say build your buyers list. Others say, don't worry about the buyers list, if you have a valuable deal the buyers will be there. We are in a position where we would feel much more comfortable with a buyers list as we would like to assign the contracts. What is the best way to achieve this goal? We will not be wholesalers unless we can be ethical and of value. We have attempted networking, sent maybe 5 messages to locals on BP and they got labeled as spam, attended some REI groups, and even offered to pay for mentoring- question/answering sessions on BP. Thus far, we have had not had any positive responses.

Does anyone have any positive suggestions?  I am beginning to wonder if the market is flooded and everyone is viewed as competition instead of business associates.  It seems to me that if you work really hard and do your best that it could be a win-win for many.

Thanks!

Kenya

I find this post very interesting.  I too am a newbie.  I previously held a TN Real Estate License.  At the time, I did it more as a hobby. I took the RE course as an elective for my college degree. I thought, well I have taken the course, I might as well get my license. So, I did.  I actually really enjoyed it.  At the time, I still had 3 children at home, involved in sports and worked a full-time job.  I eventually let my license go. Now that my children are grown and I have much more time, I am ready for a career change. 

My husband and I have decided to work in REI. We are determined to make this our full time career as opportunity allows. We have plenty of time to work the business but not a lot of capital yet. We have decided to start with wholesaling. We chose this option, as honestly, we do not have investment money to speak of. However, this option allows us to build capital and venture on to other REI areas. Is this so wrong?

We have been to some guru seminars, joined Bigger Pockets and been doing research.  We have read some informative books.  Yes, it seems very overwhelming.  I too would like to know  a definitive where to start, etc.  We have even driven for dollars lately, just to get a feel for it.  

Buyer lists? Contracts? LLC or Corporation? Mentors? Where to start? REI group?

We actually drove 1 hour tonight to an REI Meet-up. It was very informal, which was fine. However there were no introductions. The host did not even recognize we were there. We were very uncomfortable and left. With all the negativity that I have read on BP regarding wholesaling, it is easy to feel defeated.

We are honest, hard working individuals with plenty of common sense.  I have no desire to be unethical or even viewed as such.  We are willing to trade time and sweat for a serious mentor/s that is dedicated to helping someone.  No, not to help someone for charity, but for a win-win. How do you find such?  The more I read on BP, the more discouraged I get.

Any positive, informative advice would be greatly appreciated.

Thanks!

Kenya