All Forum Posts by: Kyle Moore

I agree with J Scott. You should approach the potential seller and explain exactly what you plan to do. Disclose that you are a wholesaler and your intention is to assign the contract over to another invester. Include an option period in the contract so that you can back out at any time within X days of execution of the contract (the amount of time you think you need to find a buyer) and include in the contract an option fee that is not so high that you are going to take a big hit if you can't find a buyer and not so low that you are wasting the seller's time. What exactly are you needing access for? Inspections, photos? Put that in the contract.

Here's some sales contract forms for Pennsylvania: http://www.parealtor.org/content/form_samples.htm#aos

You may be able to use one as is, or at the very least use it as a starting point and customize it to fit your needs.

Just out of curiosity, is there any reason that you are interested in double/simultaneous closing as opposed to getting the property under contract for sale and then assigning the contract over to your buyer?

Don't forget that there are lots of houses for sale that your agent doesn't know about. Drive around neighborhoods you are interested in purchasing in and talk to people and find out where the vacant houses are or if there is anyone around that wants to sell. The more people you talk to, the better your chances of finding something. Don't be shy.

Thanks for the quick reply! I'm just a little confused how you were able to claim the private placement exemption if most of the money came from new investors. Didn't you have to advertise/solicit? Or did that exemption not apply in your case?

Don, that's a very useful answer! Thanks both for the citation and the attorney recommendation.

I'm hoping to squeeze just a little more info out of you...

You mentioned that you have been quite successful at raising private money.

1. Did this come from strangers or family and friends?
2. Did you register or file any paperwork with the state or federal government?
3. How long ago was this?

Thanks!

We intentionally make our pet policy unreasonable because we do not want our tenants to have pets. If they do have pets, we want to make sure we are getting enough in deposits/extra rent to cover any costs.

Pet waste can completely ruin the carpet. Plus, the animals tend to scratch on walls and doors and dig all kinds of holes in the yard. Not fun.

We usually charge $100 per pet as a refundable deposit. Then, we add $50 to the monthly rent, which is of course not refundable. Most tenants will think twice about bringing Fido home under those terms.

Hi guys,

We are looking at private lending as a possibility for funding some investments.

I have E. Alan Cowgill, "Private Lending Made Easy," which as others have pointed out in other threads, encourages the investor to hit up his family and friends for money. This is what we do NOT want to do. We won't do it.

If we still want to pursue private lending through individuals, we have to advertise to strangers, and in order to do that legally, we must register with the Texas Securities Commission.

I'm guessing that this is going to involve some time with a good attorney, but before jumping in I thought I would tap into the wisdom of the people on this forum.

TWO QUESTIONS:
1. Has anyone here gone through the hoops of registering with the securities commission? If not in Texas, another state? Was it worthwhile?
2. Does anyone know of a good Houston-area attorney who can guide us through this process?

Hi Jason,

Did you end up going for it? Did you get hit with a fine?

Chris Funk talks about bandit signs and tickets some here: http://flipvestors.com/Wall/ChrisFunk/investor-chris-funk-houston-tx

My guess would be that they are going to be a lot less strict outside of Houston proper.

Thanks for the warm welcome guys :)

Hello everybody! I'm a new guy just breaking into wholesaling in the Houston area. Looking forward to this forum... it seems to have some really useful content.