All Forum Posts by: Lamont H.

"Master of the Game" By Sidney Sheldon

J Scott I totally agree with you you must know both sides of the coins as a wholesaler thanks god for BP. Us wholesalers can get a general idea of what rehabbers and buy and hold investors typically look for in a deal

Chris Jones taxes are sky high in those parts of jersey so as far as finding a property to cash flow, if your following the 50%/2% rule , is next to impossible if your looking to buy and hold. This market is for the rehab and flip investors.

@James Wise and @Account Closed has all the wholesale deals you done all closed successfully? If yes, maybe you can give some pointer to the BP fam. on how you prevent your deals from falling through

Thanks

Depends what's in the Purchase agreement/contract

@Darieal S. No problem man!

All the best to you

@Wendell De Guzman yup you got it. The only thing with land trust is that buyers might not understand them so you might have to explain how it works,

no pain no gain

All the best

@Wendell De Guzman to assign an REO you can do one of two things.

You could set up an LLC or Corp and contract in your company's name...when you find a buyer you would sell your Corp or LLC to your end buyer through a Corp resolution.

Or

You could create a land trust which is fairly simple to create and contract with the land trust you created and simply relinquish your control of the trust to your end buyer

And of course you could do a double close but either way you would have to have an LLC set up. You can contract in your own name but most banks wont Accept your offer because there is liability with a bank selling REO to individuals

Note that this is just a basic explanation and there are more moving parts but you should get the idea

If you want me to explain it in detail just let me know

All the best

Welcome Kevin Wood ! You have found the right place if your looking for information on REI. Look for local REI meeting in your area and network with like minded people. The motto is "your net worth is in your network" so do a lot of it. Explore BP! It has a ton of resource so get familiar with the forum, and it's features. Also ask any question that you have about Real estate investing this community is great with helping you out with any hang ups that you may have. Good luck!

@Alan McCraney sometimes quality doesn't always align with value. @Lisa Philllips explains that perfectly in the lastest podcast ;). I'm sure you if search around the BP forum you will find alot of people who have spent thousands on REI programs/mentorship, only to find out when it's to late, that they were a waste of money and time. With that being said, anything you do in this business you should do your own due diligence and make your own conclusions. I have been following Cris for many years now. He is also a member here on BP. Also he often offers money back guarantees with his programs, so at best you can return it for your money back. I wonder if those people who have spent thousands on mentor-ship programs were offered the same deal.....

All the best