All Forum Posts by: Mike Palmer

Used appliances are so cheap on KSL that I wouldn't spend the time or money trying to paint them and hope they come out right. I may even have some extra appliances I could let go cheap after the holidays. 

I have followed some of your work in Ogden and it is impressive. 

Are you willing to share some of your strategies?

I am curious about this as well. I assume there are plenty of licensed investors out there doing this. How are you handling this aspect of your marketing?

I am curious what came of this. I would consult a contract and/or real estate attorney, but the way I see it, the way the lease is written I would think the furniture would go to the new owner at lease expiration. This is a lesson for the seller--they clearly did not anticipate the sale of the building and factor in the right protective clauses in their lease. 

I would love to hear how it worked out...

I am local but unfortunately I do not know him. However, from the few posts of his I have seen and the fact his account is closed, I am not very impressed and highly doubt I would be interested in doing any business with him. 

I guess you could look at it that way, but then every deal would be nothing down because when you sell or refinance or overtime you collect rent and eventually get your down payment back no matter how you look at it. Nothing wrong with this, but it is not nothing down. Someone starting out that literally has no money would be not able to do these deals, whereas they could do deals the way Ben is talking about. 

Personally I don't see either of these as 'nothing down'. In fact you directly state '20% down'. These are fine and dandy and are additional techniques that can be used to free up/get back/pull out money, but I don't think it is accurate to call these nothing down tactics when they clearly require something down. 

I have a little bit different take. It seems that it would be more difficult to ETHICALLY be a licensed wholesaler. As a licensed agent, how would you ethically approach a seller and try to snatch the home from them for less than it is worth? 

I know you are not there to 'represent' the seller in this case and it may not technically be a breach of fiduciary duty, but you are using your inside knowledge to make money by keeping them from listing. This seems to contradict the code you agree to abide by in becoming an agent. I also think that the licensed wholesaler would be more likely to not disclose that they are an agent, or not tell them the actual value of the house or whatever.

Seems to me that this creates more of a gray area and personally I would rather not be licensed if I was wholesaling. Does this seem out of whack?

I don't know entirely how it impacts the eviction side of things, but you can discriminate on who you rent to without following Fair Housing laws. You may still need to follow proper time frames and rules for eviction, but this is where I would consult with someone in the know. I would be less worried about giving them extra time though, since you live there and can oversee things better.

This changes everything. If you live there the rules are completely different. Fair housing does not apply in this situation as well. It will also be easier to oversee the move out without them damaging the place. I would still consult an attorney and find out what your rights are given the situation that you live there, but if you want them gone it should be quick and easy in this case. Paul at Utah Apartment Association is also an attorney and is familiar with the rules of this type situation. Might be worth checking with him.