All Forum Posts by: Ray Eason

 @Fred Sams

Thanks Fred!

 @Dave Visaya

Thanks Danny. I have been jumping like a little bunny rabbit! :)

I love this place.

 @Aaron Mazzrillo

Aaron,

Hello and good evening.

How do you get properties under contract? My coach (who is in another state) has provided me with a lot of contracts that they actually use but recommended I have an attorney in CA look them over (they are in AZ). I am having the most difficult time finding and RE Lawyer who is either competent, isn't an @$$ or will call me back!

Right now I am simply flipping houses. I have my Purchase and Seller Agreement, Affidavit of Equitable Interest Contract and a Bird Dog/Independent Contractors Agreement (I have someone wanting to send me smoking hot deals but wants to know I wont screw them over). Hence, I have deals passing me by every day.

My contract has the earnest deposit and inspection period clause.

Your advice and recommendation are humbly appreciated.

 @Frank R.

Have any of them had encounters with the Realtors Association in their area? The RE Lawyer I am talking to wants to know about this. So he is researching it. Just incase he comes back with some crazy response, I'd like to have some form of response.

 @Andrew LeBaron

Andrew, 

lol. That is good to hear. Thanks for the feedback. 

Did you separately do the S-Corp election? Legal Zoom says they don't do it but directed me to the IRS site to download the form.

 @Frank R.

Thanks Frank! That's what I needed to hear. I am connecting with a RE Attorney now.

It's the most challenging thing to find someone who actually know's what you are talking about as far as Contract Assignment goes. He's doing some research and going to get back to me. His biggest concern is what the Realtors in the area would think. And how they would react.

Have you encountered anything like this? How do you deal with Realtors who think you are taking customers from them and you do not have a RE License? I assume this is all handled in the contract and that is why having a RE Attorney on your Power Team is key.

Your feedback would be most appreciated.

 @Michael Q.

I am also in Bakersfield and have just started doing Investing.

You seemed knowledgeable of Wholesaling and Assigning contracts which is where I am focusing myself right now.

I am looking for a real estate attorney for some document review. Is there someone you recommend in town for this?

I've heard you can use title companies for doing closings but I am not sure if they will review documents.

Look forward to hearing from you.

Ray

 @Casey York

Thanks but I found out how do get the S-Corp election after getting setup via legalzoom.

You simply goto the IRS site and complete a simple form and send off to the state (form 2553).

Just out of curiosity, what are your fees for setting up an LLC in California.

 @Jonathan Wilks

Is this $800 on Corporations AND on LLC's?

It's my understanding that to register your LLC with the state of California is $80 (per legalzoom) but I am not sure what the yearly registration is).

 @Jay Hinrichs

From what I understand, selling the property you do not own is illegal without a license (aka bring a broker).

However, having equitable interest in property via a contract and selling that contact (to your cash buyers list) is a different story.

And from what I understand, that's why you need the Cash Buyers List to sell your equitable interest and contracts through. Selling it on the open market leaves room for an angry realtor to pursue you with.