All Forum Posts by: Vikki Waln

If you're trying to start up with very little money, look into wholesaling. That's turning contracts without actually buying the house. You get the fee for putting together the deal. It's a great way to earn capital to get starting in rehabbing. You can do marketing as you go, list for free on places like online classifieds, and send out yellow letters or postcards to bring in leads. Look around here and other places online for free or low cost wholesaling seminars. Pick up books at your local library on real estate investing. You don't have to spend a lot to get started, but start your education where and when you can.

We are setting up with Wordpress and that's free. Just pick a template, and enter your text content, get a free forms plugin to add on. Make your form fields and tell it to email it to you. Done!

I'm still not clear why you think he was not an employee of the company on the transaction. He doesn't have to be a founding member of the LLC to act as an employee of the business if his wife hired him.
Regardless, if you think he did something illegal, then you should be consulting an attorney.

I think it just depends on how motivated the seller is to get out of their home, and what they want out of it. Most homeowners do not know what seller financing is, you'll have to explain it to them. If you can take over the property and pay their mortgage for them, AND put a little money in their pocket monthly, and put off the capital gains until the full purchase of the house happens, it leaves few reasons for a seller not to do it. Sellers don't know what the advantages are of financing it for you, until you tell them. They can't choose the option until they know there is one.
A local mentor says: always give the seller at least three options on an offer.

We'd still like to network with some local people.

Is there a set topic each meeting? Or just hang out and network? Can't make Tuesdays, though.

Not sure why you are worried about bank financing, when you can get into nice houses with seller financing, and put a renter in to cover the mortgage.
Skip the bank hassle and learn some creative financing deals.

Definitely sign up for the emails from the CAREI website. Bronchick does frequent free webinars. He just did one a couple of weeks ago on asset protection. Was very informative.

We just created a C corp for the purpose of wholesaling, and I'm a bit confused about the issuance of shares. Upon creation we authorized 100 shares at no par value. We figured (soon) we would determine a value and make a resolution to our book. We need to at least capitalize $500 to fund and open our bank acct. So, here are the questions:
1) Do we need to issue 100% of those 100 shares amongst the founding members? Or can we hold some unissued?
2)If we do hold some unissued, do we have to put a value for all 100 shares, or can we value only the shares issued?
3) Should our incorporator remain a non-shareholder for privacy or asset protection issues? And does the incorporator taking an officer post blow the whole privacy/a/p purpose?
4)And since this is a business only for wholesaling ( we will LLC to hold properties later) is there any benefit to staying as a C designation, or should we just go S corp?
We've gotten split advice from the attorney/cpa's we've asked. The first was a 'real estate' attny/cpa, and he said S-corp, but he didn't seem to even know what wholesaling was. The other is a rei and attny, but not cpa, who said c-corp.
I want to know from actual investors what benefits you guys are gaining on your wholesale side , S-corp vs. C corp.