All Forum Posts by: Michael Pilarski

I believe you're looking for an Esquire not an attorney. Contact the Sheriff of Nottingham he may know of one. He may also be able to service the parchment required to have them tossed in the moat or put in the Iron Maiden.

I see. Good point in the free education and building capital prior to jumping in and getting a degree in a field you enjoy and want to be in is priceless. Capital is key with real estate investing. Good Luck!

Sterling,

First I want to say thanks for serving, now I have a few questions. If you're interested in a career in real estate why not work for yourself as an investor? If your looking for an actual career based on the degrees you talked about, why not join the local REI club and talk with people there that are working in the field and network some? By doing that not only will oppurtunities present themselves but at the same time you may realize maybe a degree isn't the way to go. Good luck and thanks again for your service!

I don't know in your state, but here in TN, even if you wife is not involved in the purchase in any way she will have to sign some paper work and her name is on record, just not as owner. I found this out after trying to refinance my personal home which I bought in my name prior to getting married, but tried to refinance after being married. I hope you get your answer. I guess the only way to fond out would be to contact the bank and ask without giving away too much info.

Anson,

Thanks for helping a new investor out. What kind of ramifications are there for the buyer/trustee in number 2? Would they buyer/trustee just desolve the trust or how would they handle it when they go to sell?

J Scott,

Thanks for the quick and very informative answer. I'm new to all this and still learning (been "learning" for a long time and need to get over my fear and do it). Of the ways you mention wholesaling REO's, which seem to work best for you? What would be the advantage of doing one vs. another? I would think 3 would be the easiest.

Just wanted to give this thread a bump. I was hoping to hear some answers for Jeffery's last questions. I'll ask one of my own questions as well. Is there a way to find REO's without using an agent and what kind of leg work would a newbie need to do to start looking into REO's to wholesale? My reason for asking is, as most know, agents won't give someone new in the industry the time of day and the only way to get a good name for yourself is to be able to close the REO deals. The catch 22 no agent help=no deals=no way to prove yourself=no agent.

Cheryl,

I'm new to this too (I haven't done any deals yet, but looking forward to it.) I was in a REI class given by Vena Jones-Cox who has been in the business since '89, and she said that if you're only doing one or two a year you can collect them in your name. She highly recommended doing it under your LLC if you plan on doing this a lot. The reason she said is, after so many, the IRS considers you a broker and your tax bracket can/will change. I'd talk to your accountant first and see what they would suggest. I hope that helps.

Greg,

Good for you! You got started and it didn't kill you. I will be keeping up with this thread for sure. You're giving me motivation to start. I've been wanting to get into real estate for years. I guess you could say I have analysis paralysis. I've taken classes, read books, gone to seminars, etc., etc. But have yet to do anything. I want to start bird-dogging or wholesaling since it's the "easist" (read cheapest and least likely to ruin you) to start out doing. I'm curious as to what you wrote in the letters you sent out? Where did you get your preforclosure list from? How difficult and expensive was it to start your LLC? Are you doing this part time or full time? Sorry for all the questions, but how else do you learn... am I right? :-)

Rob G.,

I too would be interested in what you give your coaching clients! What steps would you recommend to a beginner as to where to start out at besides what Greg has done? Would you have done anything different?