All Forum Posts by: Taylor Jennings

Sub2, Subject 2, not sure if there is just one way to say it...

My question is, "When does Sub2 apply?"

I've got a 3bd/3bd duplex that:

1. The owner owes $35k
2. There is a tenant of 20+ years on one side
   1. Pays $450/mo
3. The other side is rentable with $10k or less in repairs
   1. Rent rate should be $550/mo

Truthfully, I don't think I have a buyer for it at this time... I would imagine it would need to sell as a turnkey and it would be tough for me to wholesale it.

I'm not sure what the existing mortgage amount is, but before I spend anymore time on the deal I want to know what would qualify this one...

(I'm not putting this into "Analyze" forum because the question applies to all deals I come across in the future)

The duplex is in Indianapolis, Indiana.

@Rodney Kuhl Account Closed

PS I'm familiar with the "Alienation Clause" aka "Due on Sale".

@Karen Crane Our local MLS allows us to search Tax records but Owner's name or Tax Mailing Address.

The Tax Mailing Address seems to be the best way to see if someone owns multiple properties since the individual may have various houses under different LLCs or with other partners.

*Quick Tip =)

I can see myself using this in the future. Thanks!

DATE: Thursday 3/20/14

TIME: 7:00pm-9:00pm (Feel free to arrive early!)

LOCATION: The Speak Easy @ 5225 Winthrop Ave., Indianapolis, IN

(Big Gray building with a BLUE "#" symbol on the side, come into through the parking lot side)

PITCHES: No pitches, just educational.

MEETUP: http://bit.ly/IndyREIMeetup

Bring your business cards! Feel free to arrive early.

Use this time to talk about wholesaling, flipping, and financing strategies with experienced investors to help you take steps forward in your business.

What a great time to meet other BiggerPockets members who are just as enthused about real estate investing in Indianapolis as you are!

Toward the end of the evening we will have an open Question and Answer session.

Anybody in Broadripple, Fishers, Westfield, Noblesville, Carmel, etc feel free to attend! Send me an email with questions >[email protected]

I've got two offers out and one more before tomorrow =) One or all will be my first purchase.

Wealth.

When I have time and finances to do what I want, whenever I want to do it, and from wherever I choose to be.

The ability to be spontaneous without consequences.

The opportunity to give generously to others with time or financially when my gut tells me to without thinking twice.

@Dion DePaoli In Indiana you don't need a license to transfer "equitable interest" to a third party for a fee. If we were promoting the "sale of real property" then it would be a totally different story.

Verifying Viable Interest:

1. We will require them to send in the purchase agreement to our Title Company to record
2. We will have the wholesaler scan/screenshot the PA and submit it to us on the site

@Bill Gulley Are you saying wholesalers are the bottom feeders of real estate investing? ha

I agree with you, if we do multiple transactions then it will bring a little more attention to the service.

"any listing of RE in any book or magazine or publication of properties not owned requires a broker's license, to advertise RE for others, including FSBOs."

We won't be advertising the actual property, but the rights to purchase it. So a piece of paper...

The site will be invitation only so not everyone can join haha nice comparison =) I'm not sure the privacy of the site will matter, to your point.

Great question! The site won't actually be limited to just wholesalers. We'll eventually be hosting Turnkey profiles, Realtor listings for investor specific properties, and potentially notes at a later date... I'm not too familiar with notes so I don't know if it would be possible.

We have an RE Broker that will be holding my license, come March, and is excited to partake in the Startup. So we won't be circumventing the correct process for long.

There is a big wholesale market here in Indy. WS are making good profits as well. Most deals are a minimum of $5k.

Thanks so much for commenting! I really appreciate you two taking the time to post!

Do you have to have an Auctioneer's License for this?

Anything else necessary to do this other than a broker's and realtor's license?

Couple of questions I had... Not sure why I didn't think to ask them on here first.

I'm launching a website for real estate investors to list, filter, and buy off market properties this month.

My main concern is being sued and served a cease and desist...

Phase 1: We will be "JVing" with wholesalers to find buyers for their deals and will split the assignment fee.

1. Is this illegal if we publish the houses online and mention how we are selling the "Equitable Rights" to purchase the house? (State of Indiana)
   1. The site will be invitation only and not viewable by the public.
2. Is there risk JVing with wholesalers we don't know that well (legally)? Obviously we could get stiffed somehow, but I'm more worried about a wholesaler being a rotten person and doing something wrong to get us in trouble.

Thanks!

(PS we will be consulting with an attorney about the entire business concept, but we need to generate a bit of revenue... My wife won't let me spend $5000 into legal fees right now haha)

@Shawn Holsapple haha nice

Any suggestions on location? I figured we could just do dave and busters again since they like us so much =)

Could probably book something on a Friday night. That's really the only day that works for me... Not that I have to be there or anything!

I'd be cool with going to a local brewery too.