All Forum Posts by: Brian Fouts

Hey @Priscilla Z., 

I'm born and raised in Oly and have a lot of family there.  

Can't get much further away from WA than Florida!

Great update, glad to hear it went so well with them in the end.  

Welcome to BP.  My office is actually in Lake Stevens, so familiar with the area, and high prices!

Good to see that you have some goals that you can track against, be sure to review your goals constantly.

looks forward to seeing you at a meet up.

Investors that invest in raw land are going to tell you that it is a great way to invest.  Same as if you ask about wholesaling, flipping etc.

With regards to raw land and development, I would first ask you a question: what is your experience in new construction and development?

If you have experience in that arena, then it could be a great place to start.  If not... well, my opinion would be to start elsewhere, but that's only an opinion.  If you are driven and willing, you can be successful in pretty much any area of real estate.  Where there's a will, there's a way...

I know a good group of investors that have gone through their program.  It's the same as any other program, they have a lot of resources they provide, there is a support network, etc., but it is only as good as the time that you put into it.  Spending a bunch of money doesn't make you successful, implementation and taking action makes you successful. 

So while I do know many that have gone through program and are very successful investors, I know just as many (more actually) that have not gone through their program and are equally successful.  

Stewart, Old Republic, CW Title

All ones that I have used.  These are in Bellevue.  

Need more info for sure.  That seems like the higher price point for Lake Stevens.  You note that you are an investor, is this an investment property?  Strategy?

Our fund allows non-accredited investors, but we don't advertise or solicit due to the SEC regulations, just not worth it.  We actually will be transitioning a different fund to be just accredited investors so we can solicit online and directly via seminars.  We would also be doing crowdfunding.  Haven't heard of any rule changes...

I'll take a crack at these...

1.  Contract.  You can find multiple examples here on Biggerpockets.  https://www.biggerpockets.com/files/category/contr...

You can also use google and type in Northwest Multiple Listing Source Purchase and Sale Contract and find the one commonly used by many agents.  Other investors use this, but may change is slightly to fit their needs.

I have one from a real estate attorney.  I use it as it can also be used for owner financing agreements, lease options, as well as wholesaling.

2. Typically, when you get the P&S executed, you will forward it to a investor friendly title company that you have already contacted. They will open a file/account for this property as well as open escrow. Earnest Money is typically held by them.

3.  See #2 above.  Most wholesalers I have worked with will already have a file opened with a reputable title company.  When I wholesale a property, that is exactly what I do.  

12 GA shotgun and night vision.  You will prevail.  

Of course... there might be adverse side effects...