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All Forum Posts by: Reginald S.

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

Post: How do you keep an abnormally large profit in a Wholesale assignment from your buyer?

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

I was told by several people in the business that when doing a wholesale assignment deal where I stand to make a larger than normal profit, it is best not to disclose exactly how much I'm actually making. I was likewise told that a 'double-close' would better help me accomplish this as it would keep my buyer away from the line on the A-B HUD-1 that shows my actual profits.

However I was told by my mentor to always give a copy of the original A-B contract to my buyer. My question is, "how would giving them a copy of the original A-B contract not expose my original A-B purchasing price? I wanted to hear what you guys thought about this before I received my mentors explanation. Thanks Reggie...

Post: Newbie from Columbia, SC - Old Dog, New Tricks guy!

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

Welcome to BP Craig! Hope to see you at one of the upcoming REIA meetings agian...

Post: A local RE attorney told me today that you all are scam artist!

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

Wow thank you Bob Estler for the encouraging words! Your honest words of encouragement balanced with a little caution was just what I needed to hear! I took a break from this sight as a result of some of the negative rebukes and premature accusations that I got from some of the posters (not all). I started believing that maybe I wasn't ready for on the job training out in the fields. I starting becoming convinced that perhaps I needed to take a lot more courses before venturing out the door to further my RE-education out in the trenches. However I would like to tell you that I am back on track now! I have a mentor now (thanks 4 the advice) and I am confident that through my faith in God and both my many mistakes and successes, I will be almost as smart as you guys are some day... Need more like you Bob! - God bless! 

Post: One man's trash is my $10k treasure

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

Wow congrats! Thanks Luther for sharing your first of many successful deals with your BP fam! Your post has rekindled an increasingly dwindling flame within me. Thanks again and God bless.

Post: A local RE attorney told me today that you all are scam artist!

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

Thanks Chris and Rick. I found both of your post to be quite informative and they both made a whole lot of sense.

Post: A local RE attorney told me today that you all are scam artist!

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

"Ask him if he knows of a book that would help you learn more, or could he copy some of the state statutes he thinks you need to be aware of."

Jerry I do think that this part of your post is very good advice. If I ever find myself in a similar situation I will be sure to remember this. Thanks!

Post: A local RE attorney told me today that you all are scam artist!

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

Jerry did you read my post? I went to him seeking his expertise. At that point in time the only thing that I was perceiving about him was precisely what you obviously seem to perceive about him now. And as far as my perception of myself (at that moment in time) I was just an inexperienced newbie who could stand to learn a lot from him in addition to the professional services that I was seeking. However this guy (because he seem to have never heard of the concept of "wholesaling") just started ripping me and all RE investors apart! He never even looked at my purchase agreement! He wouldn't even touch it! I am very aware of his credentials. In fact it took me several months to get up the confidence to solicit him for his business as I was suffering from an overwhelming inferior complex as a result of my reverence for both his title and expertise. Nevertheless do you mean to tell me that you don't see him as being even a ted-bit arrogant in his actions? Refusing to even take a glance at my contract? Calling "all RE investors" (especially my new friends here at BP) scam artist? I asked him if he had any experience working with RE investors and he stated "no, because there is none here" What the heck did that mean? And I did ask him to elaborate on his comment that "I was being scammed by my internet friends and the courses and therefore had no real concept of just how complicated RE investing really is." And as one example he shot out (rather sternly), "Most of the properties here in Manning, SC are heir properties and the person in possession of it can not sell you the property!" I responded with, " Are you saying that even after a property has gone through probate the executor doesn't have a right to sell?" I could tell in his face that he was shocked at my response and equally as irritated. As a newbie, I was just seeking some clarification, why did that seem to agitate him so much? Sounding even more irritated he responded with, "well yea they can if it's been through probate!" You may disagree with me Jerry but I think his irritation came from his realizing that (as ignorant as I may still be as far as RE investing is concerned), perhaps I wasn't as ignorant as his prejudice of me told him I was. I am sorry Jerry but I refuse to believe that all attorneys are like him! And like I said in my previous post I personally believed and still do believe that it is his arrogance that is the root cause of his negative actions and bitter perception of RE investors.

PS. I also reverence all of the professionals here at BP! None of the courses that I took came close to giving me the true confidence building nuts and bolts stuff like I find here on this BP site. The wisdom and sound advice that I read on this site to me is nothing short amazing! As a result of feeling inferior to you all, it took me quite sometime to start engaging in the discussions. Jerry please carefully reread my previous post. I never questioned that attorney's level of expertise. Nevertheless he felt it right to prejudge and question mine (as small as it may be in comparison to his) and for that I felt and still do feel that he was wrong.

Post: A local RE attorney told me today that you all are scam artist!

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

David I hear what your saying. However you and I both know that the concept of "complication" in and of itself is really a matter of perspective. Take your cellphone for instance. Your phone probably has a million functions on it, however you probably only know how to use about (3) of them at the most, (if that). Nevertheless my 16 year old daughter could (more than likely) take your cellphone and (having never seen it before) take you to school! You see to you cellphones (beyond calling and saving numbers) are probably seen as being rather complicated devices ( you know sort of like you seem to see wholesaling)! But to her they are really simple and we are ourselves just old. My point is this, neither you or that attorney know the level of me or Luther's comprehension. I think it was quite arrogant and equally condescending for him to assume that that which he himself perceived to be complicated, was universally that complicated for everyone else. Oh and if I'm wrong about your perception of cellphone functions, I urge you to let that (in and of itself) stand as further proof that we (as fellow humans) are not qualified to tell each other what we perceive the other person can and can not possibly understand.

Post: A local RE attorney told me today that you all are scam artist!

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

Hey Luther after reading your post I was finally able to lol at his response too. Thanks for your post guy I really needed that release. And thanks for adding the bright side comment too.

Post: A local RE attorney told me today that you all are scam artist!

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

I must admit, I was forewarned not to waste my time trying to bring an attorney who was not already REI friendly up to date with the process of wholesaling. However after spending up about ten minutes of a local RE attorney's precious time trying to explain the concept of wholesaling to him, he just straight out said to me that he was very familiar with websites like BP and that with his "30+ years of experience and hundreds of closings under his belt", he could tell me that "you guys (along with the (3) REI courses that I have taken) are only giving newbies like myself half of the story." I asked him if he thought wholesaling was a scam and he admittedly said no but "the process was way more complicated than what I was perceiving it to be." Finally he said that if I would be willing to bring him my seller's information, he would then be able to proof my contract for me. I asked him how did he expect me to extract and record potential clients information without them signing my contract (the one he was hesitating to proof for me). He then stated that he would proof it for $100.00 if I insisted that he proofed them before I brought him my seller's information. However I smell a rat! It sounds to me like this guy wants to try an sabotage my business! My question to you guys is why? Is this a common practice with attorneys that are not REI friendly? Do anyone know of a REI friendly attorney located within a 2hr radius of Manning, SC. As of this writing (as far as I know) Title companies do not close RE deals here, only attorneys. Thanks in advance Reggie.