All Forum Posts by: Tamarra Banks

I'm just starting out and don't have any properties under contract but am meeting investors looking for properties to buy. If you have a property and I bring you a buyer, what type of contract is used to guarantee a 50/50 split or agreed upon compensation ?

@David Thomas I plan to keep moving forward. I plan to hang out at BP,have joined my local REIA and am attending other investors meeting in my area.

@Brandon Turner I'm learning lots from your articles and ebook. I actually signed up for your ebook/emails late December. I was googling books to read and an article from your website came up :)

@Ramon Jenkins I'm ready :)

Thank you all for responding! I've been reading and taking notes from the forums and articles.

@Nereo Mendoza I would be glad to talk you about section 8 and Baltimore. You really gave to know the city to know where and where not to invest

@Paul Timmins thanks for the advice. Student housing will definitely be a part of my future as I live close to a college.

@Ned Carey hope to talk with you soon

@Ali Boone I'm so ready to Rock it Out Sister!!! Rid myself of excuses and distractions so I can finally move forward!

Hello BP members,

I've been interested in real estate investing for over four years. I've attended many meetings,seminars ,read many articles and manuals. Unfortunately during that time, I let fear keep me in the analysis paralysis mode. After about 2 yrs, I finally overcame my fears and had the mindset of the Nike slogan, Just Do It. But this time distractions(life,family,church) kept me from moving forward. Now I'm finally sick and tired of not moving forward. I have removed myself from many obligations and finally free and ready to Take Action. I'm now surrounding myself with investors and business minded people so I can continue to move forward.

My desire is to wholesale some properties and purchase my first rental property within the next 6 months. I want to provide quality and safe housing to those using government funded programs for special needs housing, section 8 and the homeless. Baltimore has so many vacant houses and I would like to be an investor that can help revitalize the city.

I'm looking to learn and make connections with those who have triumphed and failed with real estate investing. I want to use the BP resources to further my knowledge to become a successful investor. I want to connect with those who are willing to advise and share their personal experiences. Will also be looking for cash buyers interested in buying in Baltimore city.

Please reach out and connect with me. It's easier when you're surrounded by those who can encourage your journey. So grateful that biggerpockets.com offers so much useful information. Going to listen to the latest podcast now :)

Tamarra - Baltimore, MD

Thanks Marc and Jon. I welcome all scrutiny.

The site has changed since I joined and I'm not sure where to post my wholesale deals? I wanted to ask before i did something wrong.

Thanks,
Tamarra

After talking to the seller again, he is going to adhere to our contract and give me the time to find a buyer.

@ Peter - This is my first wholesale deal. The contract I used is an option to purchase real property contract. Is this not the right contract to use with the seller?

I was just wholesaling the property. I wasnt going to keep the property for myself. The contract used was an option to purchase real estate with ccntigencies to include finding a buyer in 21 days. The 21 days arent up yet.I'm going to see if i can still assign the contract to the family member. I will just accept a lower assignment because i rather get a little something than nothing at all.

1,000,000 Seemingly Important But Really Nonessential Things Newbies Stay Up Late At Night Worrying About Before They Actually Do A Deal - great title for a book :D. However, it's still important to know how your assignment fees will be counted as income. When i won my vacation prize, i did not know that the $5,000 would be added to my income.IRS notified me 3yrs after i won the prize.That amount put me in another tax bracket and I owed the IRS penalties and other charges even though they notified me yrs later. Thats why this is one topic that i will inquire about but not let it keep me from getting more deals. :D
Thanks to all who responded.

Tamarra

I think i see my first deal going bye bye.I already have a signed contract and my time period to find a buyer is not up yet. The seller wants to now sell property to a family member. He says the family member has title company lined up.I have a potential buyer who is supposed to get back to me. Do i just let the time period expire and allow him to sell to family member or do i hold him to our contract he signed and proceed with finding a buyer.The only one i see losing in this situation is me.

Tamarra