All Forum Posts by: Jared K.

@Bill Gulley Sounds like a good idea. Not saying it wouldnt work but most of the well liked fellows have friends in real estate b/c they know all the business men in this town. People dont keep many secrets here so thats a big part of my battle. I have had several deals ripped right out from under me and people will do anything to cut you out of the deal!! Savages I tell ya!!!!! Ruthless cutthroat scoundrels that smile at you all the way!! I know I can record my contracts etc etc but somehow it would just come up missing or something. I just stay positive and push through the hurdles like a bull on steroids!! I refuse to give up and I will be a success!! No one has the right to determine my future!!!

@Drew Wiard Oh, now I see why. I have never used any of the automated payment methods so I am following this post myself to see what comes up. Hope you find what your looking for. Good post!!

@Zack Dunn I have the same problem with investors passing deals between themselves here where I live also and yes deals are slim here too. Just to clarify on my last post, the representative is appointed by the owner to carry out management and the paperwork can be done by an attorney to get set up to do so. As to liability, since you would be a go between person carrying out the orders of the actual owner, your liability would be as a messenger of sorts with responsibility. As long as you do what is legally correct  you should have no problems. If you did have a license you would be held more responsible in court of law to follow all policies, laws, procedures, and practices set forth by national real estate laws and Ky real estate laws. You should probably consult with a real estate attorney for advice on this matter before you go through the trouble and expense of getting a license. Many big complexes employ a manger to handle their rentals that do not have a real estate license. 

Hope this helps!!

@Wendell De Guzman Thanks for the compliment! I couldnt agree more with your statements as well!!  Nice job on those properties!! Glad to see you put them on here for good examples.

I have had 2 LLC's. There are benifits to an LLC if your income through them are substantial enough to compensate and protection of liability etc. I would discuss the tax pro's and con's with your CPA or tax firm before moving forward and consult with your attorney about the same. An LLC is easy and inexpensive to start on most state websites but not so cheap and easy to shut down.

If you make $ in your name before starting an LLC the income will just be attached to your taxes.

@Gino Gynero 

What Sharad is saying with this post is the wholesaler put the property under contract and priced it higher than the MLS list price. Sharad could have purchased it right off the MLS for less so why use the wholesaler, why pay more? There was no value to using the wholesaler. Hope this helps.

I know several guys that have the tenant do a direct transfer monthly via checking but I know that can cause issues b/c not all tenants have a bank account which is probably why you get cashiers checks and M.O's. If they cash the same at my bank then I take em!!

Why are you looking to quite taking them @Drew Wiard ?

Sounds like the wholesaler was a new guy following the wrong info. Wholesalers can be great for your business if they bring you good deals then its a win win. I wholesale and own rentals but I wouldn't have ever priced above listing price. I guess in Cal. or Fla. rising markets that might work..lol

@Zack Dunn Yes, technically you are required to be an agent and work under a broker to do property management from what I have seen also. I ran into these same hurdles here in Ky myself several years back. I know many people who have done management with NO license by having their clients appoint them as a "representative" for the actual owner. I am assuming the owner and the representative had a written contract for payment, which would be best.  The paperwork states "representative" for the person doing the managing and they sign docs, deliver and all but the letters etc state the company that is actually doing the lease which is the owner of record for the property. 

Their may be other ways to do this as well but this one is a common one that works in my area.

Jared

@Jerry W. Yes I agree he could have got in big trouble. He took a cat to a shelter they wasn't feeding too, forgot to mention earlier. He told them to forget the compensation, damage, storage bill, stuff he seen that was inappropriate and that he was going to have them sign a contract releasing both parties from any liability or ability to prosecute to release their stuff back to them, the legal stuff anyway, and forget the matter. Then he could rent his place to someone else and move on. Yes it worked to get them out but I agree it could have gotten him in trouble for sure. He was mad at these people by this point so he didn't use good judgement in the first place. I am not sure if the people signed the paper and this is finished but he gave their stuff back anyway to prevent the storage bill. Once he found out he was legally wrong to seize their stuff he done all he could to be nice about the situation in case he did go to court. I will probably ask him today if he has heard anything back form them b/c this was a recent matter.