All Forum Posts by: Ed W.

Adam, I am not an attorney nor an agent but, among other real estate activities, I do wholesale.  I've been very cautious over the years and have always worked hard to stay on the right side of the law.  I don't hesitate to spend money on attorneys if I am uncertain.  

The two methods you cited above are the two methods I employ (except that I use my own funds and don't borrow).  I have it on good authority that those methods comply with Ohio law.  You can also become an agent and employ a 3rd strategy but, as noted above, I am not an agent.   If you want to talk to an attorney, PM me and I will give you a name or two.

My understanding (again, this is not legal advice) is that in method number one, since you are the owner, you don't need a license to sell your own property.  You DO need to be very careful about the language you use when talking to (or otherwise communicating with) both buyers and sellers so that you never suggest you are "helping" anyone or acting on behalf of anyone or representing anyone but yourself.

My understanding is that since contracts are personal property (not real property; i.e., not real estate), the selling of a contract does not come under the authority of the Division of Real Estate.  

Again, what you say verbally, in marketing materials, in contracts, etc. MATTERS A LOT.  You need to be consistent with the premise of your activities.

You should NOT use my understandings as a basis upon which to act but, rather, as a basis upon which to have a conversation with a KNOWLEDGEABLE attorney and then follow their advice.

The following is not a legal opinion (I'm not an attorney) but it is a practical opinion having taken assignment, having assigned contracts, and having purposefully prevented assignments and having heard attorney's opinions on this about 3 or 4 dozen times over the course of my career for real estate contracts in Ohio.  There could be something peculiar about your contract that makes it non-assignable (in short, check with an attorney to be certain) but, in general, UNLESS STATED OTHERWISE WITHIN THE CONTRACT, all buy-sell real estate agreements are personal property and inherently assignable.  There may be ethical reasons to not assign a contract (my personal opinion is that (1) if the contract provides seller financing or other terms that rely on the performance of the buyer after the closing, it is unethical to switch buyers without the seller's permission or (2) if you haven't properly vetted the assignee or used language to prevent them from also assigning to someone who can't perform and you are not able to close if they fail to, that is not fair to the seller) but that is a personal opinion not a legal distinction.

I'd be interested in taking assignment of your contract if it is a truly profitable deal.  Please PM me.

Aaron, I don't know the details because I have no interest in short-term rentals but Columbus just passed an ordinance that will govern what you can do.  I know what they originally proposed (and that was onerous) but I don't know what they actually passed.  It is strongly in your best interest to read it.

On Thursday, October 18th, there will be a FREE meeting for experienced and newbie Investors, Landlords, Wholesalers and Flippers at Tommy's Pizza on Dublin-Granville Road between Sawmill and Riverside.

From 6:00 PM - 7:00 PM there will be an open question and answer session.  All real estate, financing, marketing, negotiation, etc. questions are fair game.  While the session is primarily targeted for newbies, if you are experienced but have a thorny problem, there's a reasonable chance you'll get a good idea or two.

From 7:00 PM till about 8:00 PM Hannah Reed from the City of Columbus Department of Development will be speaking about a program that can help investors save on taxes.  Whether you intend to buy and hold, flip, or wholesale this is important information for you.

From about 8:00 PM on, the rest of the evening will be devoted to networking.  There are usually 45 - 55 attendees including one or more attorneys, agents, tradespeople, mentors, wholesalers, buyers, sellers, etc.

We look forward to seeing you there.

Shaun, I'm a Worthington guy, lead a meetup in Dublin and have helped many newbies.  Without knowing what amount of time you have available as well as more personal information about your circumstance, no one can give you a definitive answer but I will give you a general answer that will hopefully help but with the understanding that you could have circumstances that make the following useless or harmful to you.

In general, low interest rate debt should not be paid off if doing so uses funds that can be used to create/generate income and/or equity that exceeds the funds being used to pay down the mortgage.  I would suggest to you that those dollars are better spent on real estate investment education (beware, however, that much of it is almost worthless and greatly overpriced) and on marketing and on purchasing real estate.  I strongly urge you to get a good mentor as well.

So, I would suggest that you save those dollars while you explore real estate and determine if it is right for you.  If you approach it cautiously and with good assistance your chance of financial gain should be high and the likelihood of losses should be very low.    

On Thursday, August 16th, there will be a FREE meeting for experienced and newbie Investors, Landlords, Wholesalers and Flippers at Tommy's Pizza on Dublin-Granville Road between Sawmill and Riverside. Tommy’s is attached to the western side of Oakland Nursery on the south side of Dublin-Granville.

The meeting starts at 6:00 PM. You can arrive and leave at any time but the general agenda of the evening will be Q&A, Speaker, and Networking.

Approximate times will be:

6:00 PM - 7:00 PM: Q&A (helpful for newbies and for experienced investors with difficult problems) - All questions related to real estate are welcome – buying, controlling, and selling properties (for rental, flip, wholesale, etc.); due diligence; rental issues like management, tenant screening, maintenance, pest control; financing (both traditional and creative); marketing; rehabbing; asset protection, and whatever else you want to know about that’s real estate related – it’s all fair game. 

If you don't like paying taxes, our speaker at 7:00 PM will tell you how to avoid them by investing in Qualified Opportunity Zones, a new federal program.

Approx. 8:30 PM – 10:00 PM: Networking - There’s typically a good mix of attendees - usually one or more attorneys, a number of agents, many experienced investors, landlords, wholesalers, contract-assignors, flippers, rehabbers, contractors, lenders, insurance agents, newbies, etc. Let people know who you are and introduce yourself to someone of interest to you. We have the room till 10 PM so mix and mingle and network.

As stated above, except for any food or drink you happen to order, there is no charge to attend. Attendance is usually around 35 - 55. This group has been meeting for years and attracts attendees from Columbus and all over Central Ohio.

The meeting has always been very long on content and very short on “pitches” (typically less than 15 or 20 minutes including a mention of the services of the sponsor).

Our goal is to educate about the business of real estate and how to conduct business in a fair, lawful and ethical manner as well as create an opportunity for networking.

If you have real property to sell or want to let attendees know the types of properties you are looking for, you can bring fliers and place them on a table after they have been reviewed and approved.

If you have a product or service or investment (other than real property) you want to promote, you MUST submit marketing material for those products, services, and/or investments for approval no later than 72 hours before the scheduled date and time of the meeting.

Please note that Sweet Tree Investments Inc. reserves the right to remove flyers and prohibit activities it, in its sole and absolute determination, deems inappropriate.

*DISCLAIMER: Sweet Tree Investments Inc., an Ohio corporation located in Worthington, is the sponsor that hosts the meeting. PLEASE BE AWARE that Sweet Tree does NOT pre-qualify, evaluate, endorse, guarantee or warranty any deal, offering, service, company, entity, or person and strongly recommends that you perform thorough due diligence as well as seek appropriate legal, accounting, inspection, and other professional advice, evaluation, and oversight before signing any documents; entering into any contracts, agreements or commitments; and before transferring any money or giving any person or entity anything of value.

TOMMY’S PIZZA provides the room to us as a courtesy in anticipation of food and beverage sales. You are not obligated to buy food or beverages but it would certainly be a nice gesture if you did so. A gratuity is added to your bill to take care of the server(s). You CANNOT bring in any outside food or beverages.

Looking forward to seeing you at the meeting.

Nice street.  Needs some TLC.  Has basement and nice yard.  Priced to move quickly.

Two recent sales of similarly sized properties in same subdivision: May 2018 - $99,000 and April 2018 - $82,000.

* Long-term tenant can afford and is expecting an increase to this market rent and has indicated a strong preference to stay in property.   They currently have a month-to-month lease if you prefer to flip.

Thursday, June 21st at Tommy's Pizza in Dublin (between Sawmill and Riverside).  Starts at 6, ends around 9 or 10.   Typically around 35 - 50 attendees.

On Thursday, November 16th, there will be a FREE meeting for experienced and newbie Investors, Landlords, Wholesalers and Flippers at Tommy's Pizza on Dublin-Granville Road between Sawmill and Riverside. Tommy’s is attached to the western side of Oakland Nursery on the south side of Dublin-Granville.

The meeting starts at 6:00 PM. You can arrive and leave at any time but the general agenda of the evening will be Q&A, Speakers, and Networking.

Approximate times will be:

6:00 PM - 7:00 PM: Q&A (helpful for newbies and for experienced investors with difficult problems) - All questions related to real estate are welcome – buying, controlling, and selling properties (for rental, flip, wholesale, etc.); due diligence; rental issues like management, tenant screening, maintenance, pest control; financing (both traditional and creative); marketing; rehabbing; asset protection, and whatever else you want to know about that’s real estate related – it’s all fair game.

7:00 PM: WE ARE FEATURING 2 SPEAKERS THIS MONTH, Attorney Buddy Marks and Attorney Tom Novack. While they both have extensive real estate experience, their strengths are slightly different. Between the two of them, their expertise covers landlord-tenant law, debtor-creditor law, contract law, county tax valuation issues and the Board of Revision, title issues, law related to trusts and much more.

They are going to start with basic explanations of documents, contracts, and issues that affect all landlords, wholesalers, and flippers; spend some time on common misconceptions and common mistakes, and share some the weirder things real estate investors have done and the consequences of those decisions.

Approx. 8:30 PM – 10:00 PM: Networking - There’s typically a good mix of attendees - usually one or more attorneys, a number of agents, many experienced investors, landlords, wholesalers, contract-assignors, flippers, rehabbers, contractors, lenders, insurance agents, newbies, etc. Let people know who you are and introduce yourself to someone of interest to you. We have the room till 10 PM so mix and mingle and network.

As stated above, except for any food or drink you happen to order, there is no charge to attend. Attendance is usually around 35 - 55. This group has been meeting for years and attracts attendees from Columbus and all over Central Ohio.

The meeting has always been very long on content and very short on “pitches” (typically less than 15 or 20 minutes including a mention of the services of the sponsor).

Our goal is to educate about the business of real estate and how to conduct business in a fair, lawful and ethical manner as well as create an opportunity for networking.

If you have real property to sell or want to let attendees know the types of properties you are looking for, you can bring fliers and place them on a table after they have been reviewed and approved.

If you have a product or service or investment (other than real property) you want to promote, you MUST submit marketing material for those products, services, and/or investments for approval no later than 72 hours before the scheduled date and time of the meeting.

Please note that Sweet Tree Investments Inc. reserves the right to remove flyers and prohibit activities it, in its sole and absolute determination, deems inappropriate.

*DISCLAIMER: Sweet Tree Investments Inc., an Ohio corporation located in Worthington, is the sponsor that hosts the meeting. PLEASE BE AWARE that Sweet Tree does NOT pre-qualify, evaluate, endorse, guarantee or warranty any deal, offering, service, company, entity, or person and strongly recommends that you perform thorough due diligence as well as seek appropriate legal, accounting, inspection, and other professional advice, evaluation, and oversight before signing any documents; entering into any contracts, agreements or commitments; and before transferring any money or giving any person or entity anything of value.

TOMMY’S PIZZA provides the room to us as a courtesy in anticipation of food and beverage sales. You are not obligated to buy food or beverages but it would certainly be a nice gesture if you did so. A gratuity is added to your bill to take care of the server(s). You CANNOT bring in any outside food or beverages.

Looking forward to seeing you at the meeting.

@Andrew Bernthold The focus of the meeting is education and networking, both of which are keys to success.  The guest speakers for the November meeting (besides the Q&A where all RE related questions are welcome)  are 2 attorneys with very strong real estate backgrounds who will be talking about common mistakes, common misunderstandings, and some really bizarre things (that are pertinent and important to understand) that investors get involved with.  No doubt, from Lancaster it's a haul - you'll have to determine if it's worth the effort.  If you're really committed, I'd probably say yes.  If you're on the fence, probably no.