All Forum Posts by: Luis Saez

ok, i thought i posted this yesterday but i couldn't find it at all. So here we go again.  I live in connecticut.  And i was wondering if an assignment fee can be seen as payment for selling property? I believe, as i understand it, that when you get a property under contract, you do so in a way that it gives you equitable interest.  That way, it's not that you're marketing the property for the seller. You're actually marketing the property for yourself.  And in this way you avoid brokering deals between buyer and seller, because you're just selling your interest in the property.  That said ive heard that some states limit such whole sale deals to 5 a year and then you either must be licensed or hire an agent.  

What are the rules for connecticut???

no takers?

i just realized that when i start wholesaling, that the entire process can look like brokering a deal without a license.  Even though I'm technically assigning contracts i.e. assigning my interests to someone else, of which is legal.  That is, I'm not finding a buyer for the seller, I'm finding a buyer for ME.  For me because I'm assigning my interests. 

But at any rate, can my assignment fee be construed as consideration for brokering a deal when in reality I'm assigning my equitable interests in the property?  And if it can be construed as such, how is this sorta thing circumvented in Connecticut?  Am i required to use a licensed broker on each deal?

Whats everything that ought to go into a contract when i get a property under contract in connecticut, as it pertains to whole saling?  I want to make sure i don't miss anything major when i get my first property under contract.  Please let me know your horror stories.  

coke has different products to appeal to different people. So I'm guessing different marketing strategies appeal to different people.  Maybe cycling through them and then find which give you the best bang for your buck

John Horner: those were my thoughts exactly.  I've been saving money at a snail's pace.  I would have to increase my income significantly and fast just to do buy and holds.  But if  I could do that at will, then why do real estate.  Plus it's something i can see myself doing and enjoying 

In the BP podcast show 81 Michael Quarles was interviewed. And i loved it so much that I took closer look at whole selling vs my initial plan of doing buy and holds. It seems to me that i need to first set up a buyer data base. Get involved with an investor friendly title company. And then set up my marketing, and then start answering/screening calls to say the least I like the idea of getting a property under contract that is assignable and then having a buyer ready to buy ASAP. For CT, how much equity ought the owner have in the property for it to be a good fit for me to put under contract so that it can be assigned to someone who either wants to buy and hold or fix and flip? Also, with owners who still have mortgages, what potential challenges with there be with their lender if any?

Hey siddiq, welcome aboard. BP is an awesome place. Great info. There's a lot of ways to invest in real estate, and BP seems to touch on all of them. Great ppl here too who really try and help out. See you around

Now i know ive said that i want to buy and hold. But after listening to show 81 with Michael, i have to reconsider

these are all great points.  Thanks guys and gals.