All Forum Posts by: Steven Ruddell

I'm a first time home buyer in the Boise, Idaho market and want to purchase a Duplex as my 1st property.  In my area, there aren't a lot of duplex on the market and I was presented with an opportunity to build one.

I was curious as the what the pro's and con's are.

I know that I can purchase an existing one using FHA and not sure if I can build one. I can use FHA for a new constructions single family so I don't see why it would be a problem.

Any advice would be great.

I want to start off by saying that I don't live in Oregon. I live in Idaho in the Boise Metro Area. I've been wanting to get my Real Estate Licence for quiet some time and the issue I run into is that Idaho does not offer online classes. You have to go to live classes for two weeks or night classes for a month. The problem I run into is my work schedule. I'm in commission retail sales and it is not in my best interest to take the time off.

What I found is that I can get my licence in Oregon and complete all the courses online. Then go to a testing facility in Oregon, passes the test and get licence. Once I get my licence I can transfer to Idaho and will just need to do the background checks and pass the exams without having to take any classes. I have spoke with the Idaho Real Estate Commission and it is more common for people to do this than I thought.

The only piece I am missing is I need an Oregon Broker to carry my licence just until I transfer it to Idaho.

I am looking for a Broker who would be willing to carry my licence in Oregon until I can transfer it.

Any help would be greatly appreciated?

Steven Ruddell

I want to start off by saying that I don't live in Oregon.  I live in Idaho in the Boise Metro Area.  I've been wanting to get my Real Estate Licence for quiet some time and the issue I run into is that Idaho does not offer online classes.  You have to go to live classes for two weeks or night classes for a month.  The problem I run into is my work schedule.  I'm in commission retail sales and it is not in my best interest to take the time off.

What I found is that I can get my licence in Oregon and complete all the courses online.  Then go to a testing facility in Oregon, passes the test and get licence.   Once I get my licence I can transfer to Idaho and will just need to do the background checks and pass the exams without having to take any classes.  I have spoke with the Idaho Real Estate Commission and it is more common for people to do this than I thought.  

The only piece I am missing is I need an Oregon Broker to carry my licence just until I transfer it to Idaho.

I am looking for a Broker who would be willing to carry my licence in Oregon until I can transfer it.

Any help would be greatly appreciated?

Steven Ruddell

I live in the state of Idaho.

When I'm searching through MLS I see a lot more opportunities that are currently up for Short Sale than REO's. My question is how would I go about finding out when the house is going to go from a Short Sale to an REO?

I hope this question makes sense.

-Steven

I'm avoid those ways to close to minimize closing costs.  I know using a double closing or transnational lender you will be the closing cost twice.  

To clarify, I would release myself after the closing date.

I'm imaging that it goes down like this:

• I put a property under contract.
• I add a partner to the contract so we are both on the contract.
• After we buy the house, he signs me off the title/deed (not sure I I know the difference)

Am I way off base?  Trying to avoid closing cost to allow more profit for the end buyer and myself.

Can you add another buyer to a sales contract after it has been signed by the seller and the buyer?  Then after you close on the property, release yourself from the contract for a wholesale fee.

My reason for asking is trying to figure out how to close a wholesale deal when you aren't able to assign the contract, don't want to using transnational lending or a double close.

I'm curious as to what people think is the best way to close a wholesale deal which is an REO?

I know banks don't want you to assign the contract.

From what I understand with an LLC, it sounds like it can get complicated after you close with your end buyer.

My thought was to add your buyer to your original sales contract and then have them buy the rights of property from you for an agreed upon amount?  

Any helps or tips would be great appreciated?

When you are wholesaling a property and using Transaction Funding to close the property, is there a way to reduce your closing cost or are you stuck paying two sets of closing cost?