All Forum Posts by: Daniel Bradshaw

Hey Everyone,

I am currently a licensed real estate agent in Lousiana. When I am able to get my brokers license in Louisiana I will. In the future it looks like I could possibly be moving to Texas.

Let's say in 4 years I have my brokers license in Louisiana and then move to Texas. Can I automatically apply as a broker in Texas or would I have to be a salesperson for a normal time period (such as 2-3 years) before I can apply for my brokers license?

Thanks!

Hey Everybody,

Let's say I have a proof of funds letter for $100,000 and I make 20 offers on REO's at extremely low prices only expecting to hear something back about 1 property or even none of them and I hear back from 3 banks and they accept my offers.... Am I bound to buy those 3 properties? What if the total amount adds up to more money than I can get my hands on? Would I be in some sort of trouble?

Thanks
Daniel

Thanks to everybody that replied. As I implied before, this is a hypothetical situation. I will keep all of this in mind as I continue in my real estate career.

J Scott, I went to your 123flip website. Really kool, thats what I am hoping to start out doing when I get my R.E. license.

Hey J Scott, Thanks for the reply.

Yes and Yes, I will market to the best extent possible and will do showings, mainly because I am trying to find a second buyer after me.

Correct me if I am wrong, I'm probably not as educated in these matter as you, but why would I submit another offer to the bank even if its better than mine? If the seller had already signed a purchase agreement or option contract with my LLC wouldnt the owner have to sell to me? Also I'm not representing the bank so I wouldn't think I would have to submit any other offer other than mine.

I know of a few investment companies in my area and this is the way they find their second buyers, and their attorneys say it is totally legal. The only issue I thought would be was if it was me representing both the seller and my LLC.

Feel free to add any other comments.

Hey guys, I have a lengthy scenario and a few unique questions so please bare with me.

I am getting my real estate license right now to hopefully broker some deals and make some money to later put into starting a real estate investment company. Let's say two other partners and I start an LLC to invest in real estate and we get a homeowner to come in and do a short sale. After the homeowner comes in he says lets do a short sale so we sign a purchase agreement, I get him to sign a document allowing the LLC to negotiate on behalf of him with the mortgage company, I get him to sign a document allowing us to list the property on the mls for resale(during negotiations), and also I get him to sign an agent contract saying I am his real estate agent during this transaction. So the next day I or one of my other partners(on behalf of the LLC) contact the bank to start negotiations.

Is there a problem here? Would it make a difference if it was a partner talking to the bank instead of me (for LLC)? Conflict of interest? Can I represent the homeowner and My company who is trying to buy the house? Also say we did get it and resell it, do i just pay my broker out of my commision or of the actual profit my LLC makes?

Sorry if this doesn't make any sense. Any help would be appreciated.

Thanks,
Daniel

Hey Guys,

Thanks for the replies. I went onto the clerk of court website here and was able to find a lot of Notice of Seizure filings. On each of these documents it stated that the house was seized and going to auction about two months from this point.

Is this the same thing as notice of substitute trustee? If not what is the difference?

Also from the notice of seizure filings, is 2 months enough time to contact the home owner and then contact the bank and get a delay or cancellation of the foreclosure before auction?

Thanks

I can't seem to find up to date nod's or lis pendens in my county. The next best thing for me to do is look on the list of sheriff sales and try and find ones that aren't going on sale for a while. From there I would try and contact the owners for a short sale. Will this work?

Also if the house is foreclosed and is heading to the sheriff sale can I short sale it with the bank or is it already passed that time and I just have to wait till auction?

Any help would be appreciated.
Thanks,
Daniel

Hey everybody,

I live in Baton Rouge, LA and I am looking for lis pendens or notices of default so I can mail information to households that are going into foreclosure. I have been down to my courthouse and city hall and asked several people where I can find these notices. I have had several people tell me that I need to know the persons name to look up that information in the records.

Doesn't this defeat the purpose? How am I supposed to know the persons name, what the address is, or who is in foreclosure if I need that information to look up lis pendens or notices of deafult?

Any suggestions? If not, does anyone use something like foreclosure.com to get up to date filings? If so, how much does that cost?

Thanks
Daniel

Hey Everybody,

I am wanting to get into wholesaling then eventually short sales and rehabs. If I put a house under contract and intend to assign my contract rights at closing in a "double closing" or "simultaneous closing" can I put listings in the newspaper or signs up show the house for sale?

If not, how would I go about attracting investors interest to eventually "sell" the property to?

Thanks,
Daniel

Hey guys,

I've read a lot of material about wholesaling and in theory it is the best way for me to break into real estate investing because I don't have much money.

I have 2 main questions....

1) When you approach a seller, do you straight up tell them that you are wanting to assign there contract to one of your investors? Or do you tell them you are going to buy it but meanwhile find investors to flip the contract to? Are there advantages of one way or the other?

2) Where can I get an assignment contract to use for my wholesale deals? I would need one that would contain an escape clause or an addendum that says something along the lines of me being let out of my contractual duties if my partner decides to decline in buying the property. While if I cant find an investor I bring "my partner" to the property and he decides not to buy the house, therefore relieving me of my contractual duties.

Hope this makes sense. Thanks guys! :D