All Forum Posts by: Patrice Boenzi

@Andre Deville No, it would be to fall under their laws. I still do not understand how you will establish credit strictly through the business account because you still need money.

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@Andre Deville very interesting. When I set up my business accounts at the bank, I needed to bring in all my corporation papers etc. I am establishing credit through my business accounts. So, interesting fact.. my attorney does workshops and educates business owners about the difference between LLC/Corporations/Sole Proprietor and she was saying that when you set up a company you need enough capital to start and you need to maintain capital or that it can appear that it is a "skeleton" account and not a real business account. Also, interesting we are setting up our LLC through Delaware.

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@Andre Deville so how do you start a company and build business credit without going through the steps. I am interested to learn what you are doing since, in my mind, it seems backwards...but that is just my mind. That is why I love BP so many learning happens.

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Good morning @Andre Deville! We use our attorney's address as the registered agent's address when we set up our LLC.

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@Tyrone Perry are you using a Realtor or Attorney? If so, they should be able to advise you. I am curious on how you came to the $20K to fix the mold issue. Also, how do you know you have mold? Did you test?

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Markets change quickly and some price points are more "attractive" than others. I am still seeing some of my buyers in multiple offer situations. I also see some of my sellers getting low-balled. The market is definitely balancing out.

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Chicago, Illinois

Originally posted by @Chris DeSisto:

@Irina Belkofer

That is what I am saying though. You don't want to let agents buy their own properties.. I don't see how making someone get a license makes sense then. Insurance won't cover, well how can they possibly force people to get a license knowing most brokers can't or won't let someone do it? They are making it impossible basically. If I want to wholesale, I can't with or without a license? There is no logic to it. It is like saying a person can't FSBO just because I don't want them too....

That isn’t everybody. My company allows me to buy and sell my own property; as well as, property manage them.

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Originally posted by @Chris Martin:

Originally posted by @Jay Hinrichs:

on another thread a Chicago resident said that this proposed changes have been signed into law..

so will see if they enforce it.. will be pretty easy.. all they have to do is troll CL and anyone who does not have a realtor designation will be a target.

Signed into law last Friday, per the TrackBil site. I would expect there will be a lot of cease and desist letters first, but with Illinois it's hard to tell. But yes, Jay, there are ways for regulators to find FSBO sellers/buyers and certainly advertisers for broker services on social media and online sources like CL. The bill added "electronic advertisements" under the existing "Blind Advertisement" section. Not much ambiguity in the text. I'm just grateful my operation is in NC and not IL.

It's going to be interesting to see the Disciplinary Actions pages in the upcoming months....

I just got notified today, the bill has been signed into law

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Originally posted by @Chris DeSisto:

@Irina Belkofer

If you disclose that you are not representing them, you can wholesale that way. You can buy real estate as a realtor without using your license. Why would it be different this way? Just cause you have a license doesn't obligate you to pay more for a property just cause you have a license. Seems like the real estate commission is trying to have it both ways. There is a conflict of interest in any type of deal and really makes things worse. No matter what transaction in any walk of life, someone wants to pay less and the other wants to be paid more.

Also, who is to say what is to much in a deal? Is 5k to much? Is 100k to much? Realtor commissions are all negotiable, why wouldn't this be the same? If a wholesaler wants to make 20k per deal, who is to say that is to much? Wholesaling is a different animal because of all the variables. Just seems like a huge can of worms once regulation gets involved. Governments or commissions have so much red tape they make things worse, most of the time.

I've never wholesaled anything but I just don't trust regulatory bodies to make things better. They just seem to react to a small amount of cases and make a blanket 'fix', just like most of Dodd-Frank. The premise might be good but they almost always make things worse.

@Chris DeSisto many Brokerages have rules against that because of the E&O insurance.

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All Forum Posts by: Patrice Boenzi

Patrice Boenzi has started 32 posts and replied 380 times.

Post: Business Entity Address

Post: Business Entity Address

Post: Business Entity Address

Post: Business Entity Address

Post: Business Entity Address

Post: And yet another mold question

Post: Chicago Suburbs Townhomes - Right time to buy/ negotiating

Post: Wholesaling - Is It About to Change?

Post: Wholesaling - Is It About to Change?

Post: Wholesaling - Is It About to Change?