All Forum Posts by: Ryan Phu

Hi my name is Ryan, I'm 17 from San Diego and I recently have been working with my mentor/partner to Wholesale properties in SD. Because I'm under 18 I can't really sign a contract to Joint Venture and get a commission for the work I'm doing. How should I approach this so I can get a commission of the deal? My mentor/partner has been teaching me his process for wholesaling and giving me a commission on each deal we close while I am helping him out with cold calls and other outsourced work. I've talked to numerous attorneys but many of them have no idea what wholesaling is and how it works and they recommended me to treat it as employment even though we can't. He doesn't have enough capital to pay me a wage, the only thing he can do is give me a commission. 

When I talked with the attorneys about creating a business entity (LLC, Sprop,) or if my parent's sign for me they told me the contract would still be invalid under a business entity. I just don't trust their word because they don't understand the concept of wholesaling.

Is there anyone out there that is familiar with both the laws in California and wholesaling who can provide some feedback?

@Connor Nellans That is true. Regarding my credit history, I have been an authorized user for my dads cards for a while but I am not sure if that will be enough to get into a multi-family. My dad has really good credit (800+) and so I'm hoping they'll see it as enough but the biggest thing will be my proof of income because I am relying on wholesaling. I don't know what my situation will be next year but I want to be able to have a consistent wholesaling business as proof. I apparently have to be consistent enough and pay myself through a w-2 to be able to work that out according to my mentor. Thanks for bringing that up Connor, I really appreciate your feedback!

@Twana Rasoul Thanks!

Hey BP, I'm Ryan!

I'm 17 atm but turning 18 in December and planning to move out June 2021. I was wondering if I could get an opinion about House hacking in San Diego. What would be the pros and the cons? I really like the weather and activities here, but I am also open to house hacking in other markets such as Las Vegas. What would you do?

Personally I recommend Max Maxwell on youtube. Everything is free that he provides and he has a pretty good podcast. Other guys I would look into are All In Entrepreneurs, they also have a podcast and I like their content. If you want, I recommend listening to a wholesaling podcast while you drive for dollars. I haven't closed a deal yet but this (D4D) seems to be working for a lot of people.

-Tip for D4D, Once you have the addresses just go to fastpeoplesearch.com and you can skip trace them for free :) (Or even better just knock on the neighbor's door to get their number)

Best of luck to you!

@Joe McCall Thank you Joe for the Call this morning. This post was for the concern of others such as Wesley (They have now also been taken care of and refunded) and to voice my opinion. Thank You for letting me keep the course and for the refund. My intention was to get a refund for others and myself which was not provided by the support team at the time. I did not want to take it this far to make a post about you at all. Hopefully, you will consider making a few changes to your course/terms to make it less confusing for others as well as better support so this does not happen again. Until then, take care Joe. I hope the best for you.

@Guy Bouchard Las Vegas is going to have a real hard time recovering, it's here for entertainment but it's hard to do that when everyone's at home. Do you expect the housing prices to drop by the end of the year? I turn 18 in December, hoping to househack a multifamily

Looks good! 

Are there any changes in the LV market now? I'm hoping to House Hack a multifamily at the end of the year in Las Vegas. 

@Dan H. It was 90 days, the screenshot will be at the bottom. With regard to my parents, I want a good relationship with them so they can build my credit history. They're my best option to build credit under 18 through Authorized Users. The reason why this is so important to me is because within the next few months/year it is likely that there will be many undervalued assets and I need good bank (and credit) relationships to safely leverage it for any future investments.  Dan, you seem really knowledgable with the market in San Diego and prior to joe McCall I didn't realize how important it was to know your market. (one of the reasons why I believed him when he told me that the SD market was perfect for Lease options) From your experience, What has worked best for you in SD? I have heard wholesaling is tough but despite having less volume it has larger spreads in San Diego