All Forum Posts by: Leo Lanza

Great Investment opportunity in Brookhaven Estates. The property is in need of a cosmetic rehab. Great floor plan with the mechanicals in good working condition. The foundation needs some work, as we have a bid for $3,900. Our rehab estimate includes $5,000 to fill in the pool but is optional if the investor wants to repurpose these funds. 

Contact Leo today! 817-507-9497

ARV: $483,000

Rehab:$50,000

Price:$358,000

Thank You!

I'm a wholesaler In DFW and I've been told you can post properties to BP. How do I go about doing this? What are the rules?

I would switch brokers regardless 60/40 is ridiculous! 

@Dany Namou

True, BUT non-compete agreements are often relative geographically. What this means is if i sign a non-compete agreement with my broker in Dallas it would be invalid in another state. I would check the non-compete document for geographic specs., but most likely it's legal authority won't carry over to another state. Again not giving legal advice. 

@Kevin McCollick

Well, this is going to depend on what your long term goals are whether your looking to aggressively grow your wealth or slowly collect rental properties.

Aggressive Wealth Growth: I would recommend finding the least expensive Hard Money lender in your area, which would allow you to leverage your cash more to flip a property. I would also use $2,000 for a direct mail campaign.

Conservative Wealth Growth: I would use the money with a BRRRR strategy that way you could still pull some equity back out while building cash flow. I would consider buying a 4-plex using an FHA loan 3.5% down and live in 1 unit and rent out the other essential house hacking. If you go the BRRRR strategy i would still use Hard Money to leverage the small amount of cash your have. Then once the repairs are complete and you've forced the property to appreciate refinance with a local portfolio lender.

Best of Luck! 

@Dany Namou

Another option if you do have to split the fee with your broker. I recommend switching brokers to one that doesn't take such a large cut. My broker lets me keep 100% of my commissions with a simple $350 transaction fee United Real Estate and another broker in there area only charges 10%. I would start looking for another broker immediately.  

@Dany Namou

I'm a Realtor in Texas. The only time you owe a commission to your broker is when you have a contract and either sell a property for a seller or purchase a property for a buyer. The reason behind this is "you" technically don't have a contract with the buyer/seller your broker does. The broker is paying "you" the commission not the other way around. Many people confuse this. 

Now since you didn't enter into a contract under your brokers license, your not representing either party contractually, you owe your broker nothing and they have no legal authority to tell you otherwise. You don't need a real estate license to refer an invest to a friend, since you haven't represented anyone. 

Now if you choose to represent the investor with acquiring this large development that's a different story. 

IMPORTANT! Keep in mind this may vary in your state. I'm speaking from Texas law. The Texas Real Estate Commission has a free legal hotline we can call and speak to a lawyer. I HIGHLY recommend you too check with your states real estate commission if they have a legal hotline. By not means am i giving you legal advice do your own legal due diligence. 

Best of luck! 

@Jason Fernandes 

Absolutely, let me know if you have any question!

Grant Cardone gives away tons of high quality free information about multi family investing on his podcasts. Check him out on YouTube. Grants done over $400 million in multifamily and his net worth is over $100 million started in his late twenties with nothing.