All Forum Posts by: Darrie W. Bennett

Cameron -

Thanks for the reply. I can't believe how much free info I get with Bigger Pockets. It's all good. I just updated the addendum to my Purchase Contract. Now it reads: 1. Escrow to be opened by the assignee within 3 days after the contract is assigned. 2. The assignee will deposit the earnest money deposit.

Otherwise, I will deposit the earnest and ask for it back when I assign the contract. Sound good?

Thanks Again,

Darrie

Hello fellow members -

I finished drafting my Assignment Contract and have a few questions:

1. Do I need to have an attorney review and make changes to the the contract before using it the first time?

2. When do you open escrow? When my offer is accepted or after I have it assigned?

3. How do you determine your assignment fee?

4. When is your fee due? Upon assignment or when escrow closes? I am asking to be paid upon assignment.

5. How do you collect your fee? Cashier's check, wired funds, ... ?

6. Do you ever ask the investor to put up the Earnest Money Deposit ?

I would appreciate any input.

Brandon -

You are moving too fast! Go back to BiggerPockets and click on "Start Here". Especially read the article entitled something like "Don't start wholesaling until you read this". Build a strong foundation first. Don't get a bad reputation from the start.

Hi Emerson,
Welcome to BP. I've only been a member for a couple of months; and I have had more questions resolved in these last two months than I have had in the past year ... no kidding.
I suggest you read the entire Beginner's Guide to start. You will be off and running.
Good Luck ... my definition of luck is, "When preparedness meets opportunity" and BiggerPockets leads to both.

Thanks Karen.

How do I do that?

Hello -
My name is Darrie W. Bennett ( pronounced like Dairy ).
Real Estate background ... In 1984 ( yes '84 ) I started using my salesperson license in the Business Opportunities part of R.E. for one year. Then I went into residential real estate because I had some Architectural Drafting skills, had completed a great course on Homebuilding, and I just liked looking at single-family homes and imagining their potential, which I could explain to potential buyers. I had some college but not a degree; so to become a broker I had to put in two full-time years as a salesperson ( plus take the required courses ) before I could take the exam. So that is what I did. It cost me a girlfriend because she wanted me to get what she called, "A real job", so I would have consistent money to take her out. Years later she apologized after seeing that I was serious about taking this course in my life, and not willing to put years of effort trying to climb the corporate ladder only to end up being laid off. Anyway, I passed the test and became a broker in 1994 ... Yeah!, but I was still working for another broker as a Broker / Associate. I did get a full-time day job ( A real job )from 1992 - 2002 to pay the bills in between commissions.
In 1996 I started my own one man office called the Bennett Development Co. ... still residential real estate.
In 2004 I incorporated into was is currently Bennett Investment Corp. Still representing Sellers and especially Buyers ... educating them on making carefully selected residential real estate investments, showing them what they could do with their investment; but I wasn't investing myself.

Where I am from: N. Oakland, CA ( the East Side of the San Francisco Bay Area )... what we here call "The East Bay".

What I do: I am the President/CEO, Treasurer, and Secretary of my own Sub-Chapter S corp. ... The Bennett Investmnt Corp. A residential real estate investment corp. ... I am always "Building my Business", starting now with wholesaling.

Real Estate Goals: My goal is to focus on Wholesaling until I have the funds to renovate & flip. Then I will venture into new construction of 2 unit properties( using my intellectual property; floorplan designs I will copywright soon ), and finally sub divisions using my floorplans. Somewhere along the way becoming finacially independant living on my real estate investments. I plan on investing wholesaling profits into separate corporate profit centers like Renovating & Flipping, and LLC's for: Group Investments and Tax Lien Certificates.

How I came to be a Member of Biggerpockets: When I had slaved long enough at my day job to qualify for medical and dental for life; I retired early. I had my broker's license, so the next logical step was to open an office and hire some sales associates ... but the though of that didn't excite me; besides I didn't have the capital. So I remained a one man office while I looked for other ways to Build my Business". I did the seminar circuit and one day on the radio I heard about one that sounded really good. I went, I liked what they said, and I paid $200 for a 3-day seminar with them. It was fantastic ... by the second day I was hooked. It was the first time I heard of "Wholesaling" real estate, although it wasn't the only aspect of the seminar. Problem ... they wanted $15,000. Fortune Builders, Inc if your interested in the name.
Well I knew at this point that Wholesaling was the way for me to start. I always heard you have to spend money to make money, so I decided to check out all the Guru's and pick one and maybe spend a $1,000 so I wouldn't have to reinvent the wheel. But guess what ... during my search I found Biggerpockets! WOW!just what I need ... I am joining; so here I am and glad to be here.