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All Forum Posts by: Reginald S.

Reginald S. has started 24 posts and replied 94 times.

Thanks Mike. However I actually meant making multiple offers on multiple houses.

Much success in your biz too!

Post: Real estate BUSINESS LICENSE required or not?

Reginald S.Posted
  • Wholesaler
  • Manning, SC
  • Posts 94
  • Votes 16

Ok thanks for the reply Bob.

Post: Are we breaking the law? BUSINESS LICENSE, required or not?

Reginald S.Posted
  • Wholesaler
  • Manning, SC
  • Posts 94
  • Votes 16

    Charlie thanks for the reply. However F.Y.I., I’ve been a real estate wholesaler for three years now. Your reply is typical of an uninformed agent. Don’t get me wrong I have nothing against real estate agents. In fact I have some awesome real-estate agents that I work with in my business on a regular basis. Without them Charlie I couldn’t effectively do what I do. Also I am currently helping my daughter study to get her SC. state RE license. I used to be so confused when I heard agents talk about wholesaling being illegal. However after looking through my daughters study guides I was able to connect the dots and am no longer confused. That gibberish is designed to keep real estate professionals like yourself in fear of ever venturing out from under their 35% tax bracket to invest in real estate on their own. Kudos to all of the investor savvy agents out there! You are amongst the steady growing informed. Now pay attention Charlie because I’m about to take you where the book of gibberish obviously did not. First of all about 90% of my clients are people that own dilapidated houses that agents like yourself refused to help them sell because the commissions are too low and your typical retail buyer could never get a conventional lender to loan them the funds to purchase a junker. I actually learned of this from the people that have come to me begging me to help them out of a property that in most cases there family and kids didn’t even want. Now here’s how it works. When I agree to buy a person’s house I actually have to give them an earnest money deposit/consideration. That consideration actually gives me equitable interest in the property which in turns make it perfectly LEGAL for me to market the property as an owner not a broker. I than find a buyer/investor that does nothing but fix and flip these homes and assign my rights in the deal over to them for a fee. Did you see that Charlie everyone wins, the seller, myself, my investor/buyer, the attorney, the people in the neighborhood where the dilapidated property was sitting, etc. Go check your book of gibberish Charlie. It is NOT illegal to market/sell a property that you have equitable interest in. You know Charlie perhaps the whole wholesaling process is indeed the product of a legal loophole. However let’s not forget that the fat cats in Washington D.C. and beyond are the ones that created it, not me. Be real Charlie, does it really make me a crook because I (through nonconventional means) have educated myself enough to learn how to use the legal loopholes to feed my family? Trust me Charlie the fat cats in Washington didn’t create those loopholes in an effort to help me and you feed our families. They created and hid them for themselves and the informed have simply learned how to legally invade their very legal stash. Some of the people that I have helped with my home buying service had been (property) tax paying owners of properties that they no longer wanted for over a decade. It is their heartfelt thank you’s that really make me love what I do. So in closing, how about we all try an use this platform for what the awesome creators actually designed it for. How about we try an use it to actually build each other up and not discourage, accuse, and tear each other down. Again thank you to all of the wonderful real estate agents out there who have actually taken the time to educate themselves as to what it really is that we RE investors do. Your expertise, commitment, loyalty, and wisdom is truly the heartbeat of the real estate industry. Thank you and God bless.     P.S. Pray for Trump! 

Post: Are we breaking the law? BUSINESS LICENSE, required or not?

Reginald S.Posted
  • Wholesaler
  • Manning, SC
  • Posts 94
  • Votes 16

Ok my question is, as real estate investors, do we actually need a business license to buy and sell houses via our registered entities/companies? When I first opened my business (about three years ago) I went to my local city hall (In the small town of Manning, SC) and asked if I was required to have a business license. Looking a ted confused the clerk asked me “where was my office located.” I informed her that my home-office was located just outside of the city in an adjacent county. She then proceeded to ask if I was a real estate broker, I of course replied” no.” She then asked me if I was a real estate consultant, I again replied with a polite “no I’m not I’m a real estate investor.” She then stared at the computer for about five minutes or so and proceeded to tell me that she found a category to list my business in. After that she finally proceeded to answer my original question. She said that in order for me to legally buy and sell houses in that particular City as a company I “needed to be licensed.” Does anyone have some info that could shed some light on this matter? Thanks in advance for all of your comments and helpful insight.

Post: Real estate BUSINESS LICENSE required or not?

Reginald S.Posted
  • Wholesaler
  • Manning, SC
  • Posts 94
  • Votes 16

Ok so my question is, as real estate investors, do we actually need a business license to buy and sell houses via our registered entities/companies? When I first opened my business (about three years ago) I went to my local city hall (In the small town of Manning, SC) and asked if I was required to have a business license. Looking a ted confused the clerk asked me “where was my office located.” I informed her that my home-office was located just outside of the city in an adjacent county. She then proceeded to ask if I was a real estate broker, I of course replied” no.” She then asked me if I was a real estate consultant, I again replied with a polite “no I’m not I’m a real estate investor.” She then stared at the computer for about five minutes or so and proceeded to tell me that she found a category to list my business in. After that she finally proceeded to answer my original question. She said that in order for me to legally buy and sell houses in that particular City as a company I “needed to be licensed.” Does anyone have any insight on this? Thanks in advance for all of your comments and helpful insight.

Post: Which mortgage should I pay off first? Rental or my own

Reginald S.Posted
  • Wholesaler
  • Manning, SC
  • Posts 94
  • Votes 16

As far as I can tell, you don't sound anywhere close to being over leveraged. With that being said, what do you even care about how long your tenants will have to keep improving your credit, your equity position, and your overall purchasing power. I agree with Chris Mason, although I personally hadn't heard of that particular HELOC strategy before, (to me) it makes a lot of since. If you were to use Chris's primary residence pay-off HELOC strategy accompanied with the mindset that I am suggesting you entertain in this post, I believe that you will be able to embrace and enjoy your OPM with a much needed POM (Peace Of Mind). Hope this helps. Much success!

Hello all! OK I've been all over the internet trying to find someone that could explain in detail the actual process of submitting multiple offers on a listed property (on a routine basis) as an investor. I can't imagine the process being anything remotely close to the regular process of an individual offer submission. Could someone please help shed some light on this grey area for the uninformed please? Thanks in advance for all of your valuable time and expertise. Reggie Jr.

Post: Quit Facebook and bought 16 units shortly after!

Reginald S.Posted
  • Wholesaler
  • Manning, SC
  • Posts 94
  • Votes 16

Wow! It's nice to know that thier's someone else out there who gets it. Congrats amigo and thanks for sharing. 

Hello all. My partner and I are currently looking for an investor friendly (property wholesale savvy) RE attorney in Monks Corner, SC. If anyone can help us in this effort it would be greatly appreciated. Thanks in advance for your valuable time and concern.

Reggie

Post: Wholesale

Reginald S.Posted
  • Wholesaler
  • Manning, SC
  • Posts 94
  • Votes 16

      Hey there Jayson, I agree with Luke, one of the best ways to find a wholesaler is to call the "We Buy Houses" signs. Also look for ads on the free classified sites like 'Craig's List' that say things like "cash buyers only."  When you call these numbers and a seasoned wholesaler answers the phone, if you sound like you are an experienced investor you will more than likely be invited to be placed on their "buyer's-list." Jayson please do not let the "all wholesaler's are not created equal" stuff scare you. That statement is true for any and all professions and that includes our licensed doctors, lawyers, police officers, local mayors and heck the president of the United States too. I am a full-service property wholesaler myself. My buyers are my bread & butter and I therefore treat them as such. While my buyer's are hard at work, running their businesses, playing golf, or just spending some quality time with the fam, I'm out there scouring the neighborhoods and communities for their next deeply discounted investment deal. That's just what we do! I practically eliminate their time consuming need to search for and negotiate with home sellers all together. I notify my buyers via phone, text, or email of the new deals that I pick up about a week before the general public even know the deals exist. In my opinion the more good wholesalers that you have in your repertoire the more you will be leveraging yourself to find the best deals, in the shortest amount of time, with the least amount of effort. In closing I personally think that one of the best ways to find yourself a good wholesaler is through good referrals from good colleagues/investors like Russ. And last but not least, as with anything that you invest your valuable time and finances in, always, always, do your own do-diligence!

Much Success!!