All Forum Posts by: Zahrah McFadgen

@Zahrah McFadgen to make the "mention" function work properly, you need to type the "@" and then "?" symbols and click on a BP member (this function will bring up people who have commented in this thread). Or if you type "@" and then start typing a member's name, their name will pop up. Either way, you need to actually click on their name when it comes up in order for them to be tagged. You can tell it worked when their name turns blue. Hope this helps :)

Thanks Benjamin for letting me know. ..lol the function works when I use my laptop but not when I use my phone. I used the quote function instead to respond for now.

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Welcome to BP Henry! You might want to find a local real estate investment club to meet other local investors if you don't find one through BP. That's how I found my mentor. Good luck to you!

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@Anthony Dooley

I get it now. Makes perfect sense Anthony! I hope we both make millions of bucks!...lol thanks again. :)

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Hi Ohio! You can use the information in J. Scott's book on estimating repairs and rehab costs to help you with that. You can buy it here on BP under books, I believe. Good luck!

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Originally posted by @Brent Coombs:

The short answer to your question "What if I bought the property instead with private money and then quickly sold it to another buyer for the current appraised value or the ARV?" is exactly what Mike wrote: "As the owner you are allowed to buy and sell your own stuff".

ie. no License required. I'd go with private money too if I had those sort of friends! Cheers...

Thanks Bret! Yes, getting those kinds of friends seems to be the key for wholetail deals! :)

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Originally posted by @Anthony Dooley:

I do not recommend getting a real estate license unless you plan on listing, marketing, and selling property for retail customers. The only real advantage that I have found as an investor, a lot of agents are lazy. They don't answer the phone, they don't return calls, and they slow you down. Having a license, paying all the fees, and having access to the MLS will speed up your offers and allow you quick access to houses on the market. Wholesalers would not benefit, but possibly rehab/ buy and hold guys can. This is based on my personal experience.

Thanks for your input Anthony! do you mean agents with licenses that you have partnered with are lazy because they get their license and don't use it to their advantage? I'm starting off as a wholesaler but want to quickly transition into wholetailing once I establish some relationships with private lenders so I can make the most on the property. I think the license would help me most in that regard.

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@Mike

Absolutely! I think it would still be worth it going this route now that I know the benefits and limitations of having a license. Thanks again for your help! :)

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@Mike

Thank you, thank you, thank you!!! I will still get some counseling from a lawyer but your information turned on so many light bulbs for me! I was considering getting my license but was told I'd have to work for a broker and pay a lot of money for access to the mls. I didn't know if I wanted to go that route because I just want to be an investor and not work another job as a realtor. But I definitely like the second suggestion about linking up with an experienced investor and having two exit strategies for my deals! :)

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@Kevin

Thanks for the referral and help Kevin! I definitely will.

I will check Donna out and let her know you refered me.

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Upstate New York, New York

Thanks so much for your help Patti. So just to confirm, as long as I get the property under contract to purchase it, I can sell the contract to another buyer legally. What if I bought the property instead with private money and then quickly sold it to another buyer for the current appraised value or the ARV? That would also be legal even though I didn't have a license?

1 Vote

All Forum Posts by: Zahrah McFadgen

Zahrah McFadgen has started 10 posts and replied 76 times.

Post: Wholesaling & NY State laws

Post: Hey GA wholesale mentor

Post: Wholetailing without a license

Post: Analyzing Repair costs in Wholesaling

Post: Wholetailing without a license

Post: Wholetailing without a license

Post: Wholetailing without a license

Post: Wholetailing without a license

Post: CPA Referral in NE New York

Post: Wholetailing without a license