All Forum Posts by: Guy Gimenez

Quote from @Leslie McIntosh:

Quote from @Guy Gimenez:

@Leslie McIntosh

You're a principal in the transaction so you can absolutely hold an open house. As a principal in 98% of all my transactions, I show my properties, draft my own deeds, notes, deeds of trust, etc. You don't give up constitutional rights just because you hired a broker. 

Thanks @Guy Gimenez

They said I can do anything I want  but they will not mark it as open house on the mls   So might as well just used aa discount broker it seems   At least for the listing side   
any tips for getting them to mark it as an open house?
 

There should be no confusion as to who works for whom. I don't know what you signed with the broker or what expectations were reduced to writing, I only know that IF you wish to have an open house and they refuse, and such authority to refuse such a request is not provided in your listing agreement, then you should have the right to terminate that relationship. The broker works for you, not vice versa. If you hold an open house, and however unlikely, you find a buyer, I'm sure your broker would still expect to be compensated even though the broker refused your marketing request. You may be able to create a Zillow account and promote the open house on that site which would likely get the most eyeballs on your potential open house. You could also allow a Buyer's agent in your community to hold an open house on your behalf, usually at no cost, because Buyer's agents need buyers too. Lastly, if you have a large social media presence, you could simply promote the open house on those platforms. 

Quote from @Nate Marshall:

Yep. Gurus! 

 Stealing this...but I'll give you credit. This is beautiful. 

@Peter Shin

Getting an agent/broker to understand sub-to or a wrap will be very difficult. They will generally talk the seller out of it regardless of whether the seller has other viable options. Anything an agent/broker doesn't understand will be considered illegal, immoral or unethical in their minds. 

The agent is generally not authorized to provide a buyer with any confidential information on the seller or seller's financing. All you can do is submit the sub-to offer in writing to the agent and send a copy to the seller as well. Once you send the offer, you can follow up directly with the seller if you wish. There is nothing illegal about direct communication between buyers and sellers. 

You will need a real estate specific Texas licensed attorney to draft the sub-to offer...unless you just want to broach the subject with the seller via a Letter of Intent. 

In addition to the offer terms, a savvy seller will want you to prove your have ample ability to pay both notes (your existing home and the seller's note(s)). But a good real estate attorney will help you understand how to do that as well. 

@Leslie McIntosh

You're a principal in the transaction so you can absolutely hold an open house. As a principal in 98% of all my transactions, I show my properties, draft my own deeds, notes, deeds of trust, etc. You don't give up constitutional rights just because you hired a broker. 

@Nate Marshall

Exactly.

Quote from @Julie Muse:

Quote from @Guy Gimenez:

I know nothing about the company but their promises sound like what most others offer and what few deliver. Save your money, put in 3 to 4 hours per day of study (YouTube, BP, other sites) until you are confident this is what you want to do. The difference in price between two reps at the same company should already raise red flags for you. 

Hi Guy,

I completely understand your concerns, and it’s always wise to be cautious and do thorough research before committing to any program.

Consistent Offerings and Transparency

The discrepancy you’ve noticed in the pricing from our representatives is certainly not the experience we aim to provide. This feedback is important, and I’ll address it to ensure consistency and transparency in our communication.

What We Offer

At Partner Driven, we strive to stand out by delivering on our promises:

• 100% Financing: We cover the costs of acquiring and rehabbing properties, which can be a significant barrier for many investors.
• Coaching and Support: Ongoing, personalized coaching and team support to help you navigate and succeed in your real estate ventures.
• Software Tools: Access to software for finding and tracking off-market and pre-auction properties.
• Profit Sharing: We operate on a 50/50 profit split, sharing both the risks and rewards of each deal.

Importance of Self-Education

Your advice about self-education is spot-on. Dedicating time to study and learn through resources like YouTube, BiggerPockets, and other sites is invaluable. It’s essential to build a solid foundation of knowledge and confidence in real estate investing.

Learn More

To see some of the deals we’ve done and the successes our partners have achieved, please visit my BiggerPockets profile. This might give you a better sense of what we offer and how we support our partners.

If you have any more questions or need further details, don’t hesitate to reach out. I’m here to help and ensure you have all the information you need to make an informed decision.

Best, Julie Muse

Thanks Julie. Sorry for the confusion in my prior comments. I don't have any concerns and haven't attempted to contact your office, or any other coaching program for that matter. I was simply explaining that I have been contacted by many, many investors who thought buying into a program would make them successful quickly. However, I do believe that $15K and 50% of any net profits on and unknown number of deals is a steep price to pay, more especially when there are no leads included. Marketing is the most difficult part of the equation and often the most costly, so spending $15K for coaching and then spending another $10K+ out of the student's pocket to find a potential deal would stretch most new investors. And no, I don't have a coaching program so I don't have a dog in this hunt. Just providing some insight from my 24 years of investing. 

There is no duty to "double close." Under both the Texas Property Code 5.0205 and 5.086, as well as TRELA 1101.0045, the "seller" of a contract is required to disclose the nature of the seller's equitable interest. Especially under the TPC, the disclosure should be in writing with assignor, assignee and the seller (titled owner) acknowledging the assignee intends to assign the contract and not consummate a purchase. Failure to do so places the assignor in violation of these statutes and provides the titled owner with a potential way out of the contract. In my opinion, the disclosure should be in a separate document that is incorporated into the contract and not hidden amongst a multitude of other provisions. The use of "and or assigns" is insufficient. A separate document with separate signatures should withstand scrutiny should a dispute arise between the parties.

Quote from @Nolan Whitaker:

Hey everyone, me(19) and my partner(17) are new to wholesaling, we got a good seller finance property under contract and needed an EMD lender and ended up getting one. In our contract with the lender there is no timeframe stated for when the property needs to close by and the lender needs to be paid. However, getting the house sold has taken a little while longer than we expected due to a survey requested by the buyer and surveyors in the area being booked up and unable to get to the house. I now have the EMD lender blowing up my phone saying he needs to get paid and if I dont pay him by a certain period or pay more money due to the length its been he is going to "blast" me on his social media and stating he is the "last person I want to mess with", is this allowed? and how do I go about dealing with this.

If exactly as you say, your lender is either new/inexperienced or used some version of a form found on the internet rather than have a solid, attorney drafted agreement. It defies logic that the lender would not have a firm date by which they must be repaid. Can the lender "blast" you for following the terms of your agreement? Yes, but he/she could also face consequences (litigation) for defaming a person in writing (libel).

You'll need a trusted, well paid individual locally who has a background in construction and can oversee the contractor. This individual will need to be on site at least 3 to 4 days a week to make sure the crew is working daily on your project, that the work is being completed properly and that materials are not being stolen by the contractor, his/her crew, or by night bandits. Ring or Blink cameras will be your best friend. Remodeling is risky for many reasons, not the least of which is good contractors are very hard to find. Investing/remodeling remotely is many times riskier. Your contract better be rock solid and not some 2 page junk construction agreement you find on the internet or from some guru who has never actually completed dozens of construction projects. 

You just got a college education in investing and I doubt you'll ever again place trust in others who could clearly care less about your money. Flipping is risky. Flipping long distance without having solid systems and processes in place is EXTREMELY risky...as you now know. Trusting your insurance provider is like trusting corner store sushi. It's just not a good idea. After suing Farmers Insurance for 7 years and having to hire an attorney to deal with a title claim that the underwriter's counsel admitted was a valid claim, I know of what I speak. Take your hit and learn from it.