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All Forum Posts by: Zoran Stanoev

Zoran Stanoev has started 2 posts and replied 135 times.

Post: Full time worker looking to get started making cashflow

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72

Have you "attended" any of the weekly webinars?  I think they're geared toward people in your exact situation. Brandon does a great job breaking down the steps. 

Post: New Illinois WholeSale Law

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72

@Devin Howard

that's basically true. here's some more info. it was a hot topic at the local REIA's this month. This is from the CCIA. You should definitely consult with your attorney about it. The fine is substantial.

THE LAW:
ILGA.gov SB-1872 Read the new Law... pay attention to:

Page 3: "Section 1-10 (5) Whether for another or themselves, engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or options on real estate or improvements thereon. For purposes of this definition, an individual or entity will be found to have engaged in a pattern of business if the individual or entity by itself or with any combination of other individuals or entities, whether as partners or common owners in another entity, has engaged in one or more of these practices on 2 or more occasions in any 12-month period."

THE PENALTY:
"Page 87 - Sec. 20-10. Unlicensed practice; civil penalty."

a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a managing broker, broker, or residential leasing agent without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil penalty to the Department in an amount not to exceed $25,000 for each offense as determined by the Department

Post: Wholesaling homes in California any updated info on Illinois?

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72

Illinois just passed a new law that basically requires anyone doing more than 1 wholesale day per year to be a licensed broker. Your post was a little confusing, so I'm not sure if you're going to wholesale in Illinois. You probably won't find any "wholesale" laws because it's technically not a real thing in real estate.  The rules typically govern who can and cannot market a property. If you're interested in getting licensed in Illinois, I'm sure a quick google search would do the trick, but if you haven't started yet, it might be best to try it in a state that doesn't require you to get licensed. If you're looking for more info on the other states, you might be better off picking a state or two and then looking rather than asking for info on all 50 states at once. 

Post: GREAT LAKES, IL MULTIFAMILY INVESTING

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72

Have you checked out any meetups or REIS? Here's a link to one in your area.  There are lots of great people to connect with.  

https://www.meetup.com/Lake-Co...

Post: Reading list, first book to last. (A request)

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72

I also just finished Buy Rehab Rent Refinance Repear (BRRR) by David Greene (a BP book) and really liked it. David does a great job explaining things and addressing common questions. It also helps provide perspective and give you an outline to create a plan of attack.

I'd also recommend podcasts, both real estate related and just business in general. Sounds like you might prefer listening to reading.  And not sure if you know but you can set your podcast player to play at 1.5x or 2x speed. Once you get used to it, you can consume a lot more content.  Good luck. 

Post: Comments on Illinois Wholesale Activity

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72
Originally posted by @Roger Blankenship:

When you place a property under contract equitable title has passed. Equitable title is not the same as actual title of course, but does come with certain rights. I doubt Illinois law prevents "for sale by owner." But to be properly careful wholesalers should always market their contracts, not the properties. That's true in all states. 

I'm sure every wholesaler will say they only market contracts and not properties, but I find that not to be the case. Obviously, people can still sell their residences, so FSBO's are not illegal. In any event, Illinois's newly passed law makes it illegal to wholesale properties without a broker's license. I'm sure Georgia law is different.

Post: Assignment contract for begginers ?

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72
Originally posted by @John Thedford:

If you are representing yourself as a buyer and have no ability or intention of closing that is called fraud by inducement. You are getting properties under contract by fraudulent means.

John, I'm curious if there was actual litigation about this in Florida or if it was just something you heard.  I'm not sure if you've heard, but Illinois just had a new law signed that appears to be aimed at eliminating wholesaling. I'm always curious to see how different states deal with wholesaling.  (disclosure - i've never wholesaled a property). 

thanks

Post: Assignment contract for begginers ?

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72
Originally posted by @Patryk Domanski:

@John Thedford I intend on telling the seller about the assignment . I am an honest person I'm not going around telling people I'm closing on their property. Once I have the capital I plan on going into fix and flips anyways . This is just the plan to get in .

If your plan/goal is to fix and flip, I’d recommend spending time at meetups and getting to know flippers in your area and seeing if they’d be willing to partner on a deal with you. If you bring the deal, that’s usually pretty enticing so long as you’re willing to work hard.  

Let me know when you hear from your insurance adjuster and you still have questions after she talks to her legal crew. I can put you in touch with a local attorney in Illinois. 

@Theresa Harris I wish people would stop recommending that someone find an attorney that will provide some free legal advice. I'm pretty sure no one else is working for free.  There are no quick conversations or questions. If an attorney has the time to do something for free, please realize free advice is worth what you paid for it.  

good luck

Post: Attending BP Conference - as a conference Rookie

Zoran StanoevPosted
  • Real Estate Broker
  • Chicago, IL
  • Posts 147
  • Votes 72

As the itinerary comes out, I would find some of the break-out sessions that you want to attend and do some research on those speakers/presenters. Listen or re-listen to their podcast interviews and search for other interviews they've done. If they've written a book, grab a copy to read. 

As for meeting people, I think it's best to focus on meeting 2-3 people of value every day rather than trying to collect as many business cards as you can.  Quality over quantity.  

and don't forget to have fun!