All Forum Posts by: Elizabeth Joiner

I'm sorry that happened to you Annette. It's wholesalers like that, which gives us a bad reputation. Not just anyone can do this business. It's almost like those people think, I'm not working for anyone so I don't have to consider anyone but myself. It does make for poor business etiquette. Thank you for sharing this post with us, even though I'm sure that was a very unfortunate event for you.

Liz

I'm a wholesaler in Chicago and I think it's a great idea to train your wholesalers on what you want in a property. It makes perfect sense. That way I'm not wasting your time with bad deals, and you're getting a good deal. While some wholesalers would pursue their own investments elsewhere, I fully intend on continuing my business. I even plan on training other friends of mine on how to wholesale once I get more experience under my belt. Some people don't want to turn this into a business, some are satisfied with just flipping a few contracts for the supplemental income.

Good Afternoon BP,

My name is Elizabeth Joiner but I go by Liz. I am a new investor to the residential market in Chicago. I was born and raised here. My investing strategy is wholesaling but I could use some tips and help. Anyone know if it's legal to use the 5.0 real estate contract if your not a realtor? Or is that just for realtors? Thanks guys.

Liz

If you go the route of not having an LLC and you get sued, than all of your personal assets are in jeopardy. In a lawsuit, They can not go after your personal assets or your other businesses when your property is purchased under your LLC. Forming an LLC now, minimizes risk and will not only offer you the financial protection of only impacting your properties under the LLC, it will also give you tax breaks for everything you purchase under the LLC. It will give you the opportunity to build your business credit. Which can later be used to purchase homes. You don't have to get a loan from a traditional bank, there are private money lenders willing to give loans to investors.

Especially investors with proven track records of success. Private money lenders want to know that the numbers on your deal makes sense, and that you will be successful in your venture. You can find them on this website, or by doing a Google search for other investor websites, than looking them up. Both forming an LLC, and not forming an LLC have pluses and minuses to them. It just depends on what strategy you want to implement for wealth development.