All Forum Posts by: Scott Nolan

I'm investing in Jacksonville, Florida and I'd like to begin interviewing brokers and agents to find the right one (or two) for me. Does anyone have a recommendation?

Thanks!

Name: Scott Nolan

Types of Investing: Wholeseller

Types of Properties: Single family houses

Target Areas: Baltimore County, Anne Arundel County, Frederick County, Prince George's County

Do you invest in or out of state (or both): Both

What are you looking for: Serious cash buyers

Why should others contact you: I serve up only real deals. I don't waste your time because I don't let anyone waste mine.

An LLC can typically operate anywhere, just like a corporation. Be sure to read through your LLC Articles of Organization to make sure you didn't somehow limit yourself when creating it.

Also, if you want properties in Montgomery County (as well as elsewhere in MD and VA), drop me a line. I'm a wholeseller in those areas.

Ask the court to help you determine where he's being incarcerated. Then contact that jail and ask how to contact him. Then write him and ask where he would like the money sent.

Easy-peasey.

It is definitely the buyer's job to perform due diligence and calculate their own repair costs before buying. Any flipper who relies on a wholesaler's estimate without calculating their own deserves what they get. What the wholesaler gives you is only his or her own approximation of repair costs. And lets face it, true repair costs can be difficult to estimate. 

I think where wholesalers get a bad reputation is when they produce thin deals with very clearly inaccurate estimates. The flippers aren't complaining so much about getting stuck with a bad deal (because the good ones have done their own due diligence and avoided the bad deals) but that so much of their time is wasted with amateur wholesalers trying to talk to them about deals that just really aren't deals.

By the way, these poor deals are also a hazard for wholesalers. I'm a wholesaler in Northern Virginia and I get a lot of calls from other "wholesalers" trying to pawn off thin deals. "Hustle" is great, but it needs to be tied to knowledge and judgment.

So, in the end, wholesalers are like anyone else (including house flippers) - there are good ones and bad ones and the reputation of the bad ones tars both good and bad. But you will find that many or even most successful house flippers have located one or two good wholesalers and buy the majority of their inventory from these folks. They've found who they can trust and the two develop a close business relationship. As a result, they less frequently deal with others. So the good wholesalers often pair off with a small number of buyers and the poor ones remain free in the market along with the new ones. The result is a reputation that's worse than it should be.

Bottom line: Yes there are many successful (and respectable!) wholesalers.

As another Virginia attorney, I have to respectfully disagree with the above definition of "Unauthorized Practice of Law." The state does not have the power to prevent you from offering advice, good or bad, all day long.  No matter how much we attorneys wish you wouldn't.  The law exists to protect the public from predatory behavior, not to prevent them from voicing their experience or opinion.

The Virginia Supreme Court defines the "practice of law" as:

So, don't advise people on the law for money, don't prepare legal documents and don't attempt to represent people in courts or tribunals in Virginia without a license and you're not breaking any laws.

Indeed, the very purpose of this community is to advise each other. Advise away.

Virginia law is very pro-landlord. Virginia judges will tend to hew pretty closely to the lease provided that is both clear and not unconscionable. However, they will generally interpret any ambiguity in favor of the tenant.

Hello, Krystal!  I wholesale properties in those counties as well as the Maryland and Virginia counties around Baltimore and Washington DC. I would be pleased to add you to my Buyer's List, with your permission. Please PM me your contact information.

Best Regards

Scott

The Referral Service is a good idea. 

I'd contact Bert Van Gils in Warrenton. (540) 351-0890

Scott Nolan

Attorney and Investor

I think the lesson here is that the security deposit should always be equal to at least one month's rent.