All Forum Posts by: Regdric Malveaux

@Regdric Malveaux a double closing means you are actually first buying the property and then almost simultaneously selling the property you now own to someone else. The issue is not the double closing aspect of it. It's generally how you marketed to other people what you were selling in the first place if that makes sense. 

That's a great question man and you are right there are hurdles and many legal issues. You are a problem solver! You don't tell the motivated seller that you are an agent or broker because you aren't and I don't think it is wise to tell them what you plan on doing. If they see you are making money they will just try and sell the property at that price themselves. Be honest and try and help people by doing this the money will come trust me. The best advice I have received is to just be open and transparent, if they really keep pushing, then yes tell them what you plan on doing and don't lie. However most don't care and just need you to be the answer to their problem. You are simply a buyer of the property that's all they need to know. You may not be the best solution, but you are a solution and an honest and ethical person who is willing to help them get to a better place.  One thing that could get you in very big legal trouble is when you give the investor the property and it turns out their is a lien against it that you didn't know about. This will create chaos and get you into big legal trouble, and even worse ruin your reputation which is everything in this business! Go through a title company always. Don't take shortcuts or cut corners in anything that you do. It may take a little longer but you will be able to have peace of mind and sleep at night without worrying about bad things happening to you because you weren't honest or ethical. It all boils down to just doing the right thing man. Good luck brother and I wish you the best in H town!

@Regdric Malveaux probably not being transparent about who you are or what you're doing. You also likely need to make sure you are selling the right thing (i.e. not a property but a contract for a property). All that being said, you still have to make sure you've got the right disclaimers and ducks in a row. Never represent yourself as something you're not. 

Welcome to BP Regdric. Have you already read the Ultimate Beginner's Guide? It would be a great place to start here

I'd advise you start property management by buying a multi-family and living in one unit, while managing the others.

Welcome to BP!

@Regdric Malveaux I would have to agree with @Michael Dang. Property management is governed by state laws. If violated, it can open you up to damages that you might want to avoid. You can look towards joining an existing property management company. 

If you solely want to focus on multifamily, going to the multifamily forum section under the Commercial Real Estate section is a great start. You can follow that up by listening to podcasts: BP, Rod Khleif, amongst other ones.