All Forum Posts by: Adam Hershman

 Hey Jacob, 

Generally wholesaling is finding a suitable investment property, contracting to purchase it effectively taking it off the market, and then marketing that property to your buyers to assign them the contract allowing them to purchase the home. Essentially it's similar to flipping houses, except you never actual own the property, and you don't do any repairs. Another way to look at it is, a wholesaler does the leg work of finding the right property at the right price and taking advantage. He then turns around, before closing on the house, and assigns the contract to an investor for a profit.

Although I could be completely wrong. I think wholesaling is sketchy so, I tend to stay away from it. But BP does have a guide, you can read it here: https://www.biggerpockets.com/renewsblog/2006/11/2...

Adam

 My suggestion would be KKOS, I haven't worked with them regarding an eviction, but for several other matters and they are always top notch.

http://kkoslawyers.com/services/real-estate/

 Just my two cents here, but for myself, and my rental property, I consider it a cost of doing business. Realistically you can charge for a screening fee (assuming your state and local laws allow) but you will only be putting yourself at a disadvantage to other properties that don't. If you have the nicest property in the neighborhood, or have the time to wait, or are more concerned about $40 than missing out on tenants then maybe it is worth it to you to charge for screening. For me it's due diligence on the renter, and in my mind those costs should fall on me, not the renter.

Adam

 You may have some recourse, but honestly, suing in small claims court would be rather silly. You  could potentially recover the $900, if you could prove that they were knowingly dishonest, but realistically a halfway decent lawyer will charge that for 3 hours of work. If you do pursue legal action, you will almost certainly come out of it at a net loss. My opinion is youre better off just walking away and dealing with the $900 loss, it sucks, but that's life.

Adam

 Good Luck in the venture, I'm really not trying to be a negative Nancy, just didn't want you to spend a bunch of time on a fools errand.

Adam

 I wouldn't necessarily rule out all of Las Vegas, but in general you will have a lower return here than most other places. For example:

My Primary Residence in Las Vegas- SW gated community, near LOTS of shopping (Best Buy/Walmart giant shopping center) 2848 sq ft 4 bed 2.5 bath single story. Using Zillows estimates for continuity between properties Rent would be $2400 a month and value estimate is $436K and change.

My grandmothers house I recently inherited in Camarillo Ca - The premier 55+ community in Camarillo, 18 hole golf course, rec center, enrichment classes etc. 1108 Sq ft 2 bed 2 bath. Zillow rent $2100, zillow value estimate $346K and change. 

Southern Cal is generally considered over priced, but you can see that for me every $16,470 earns $100 in rent in CA, but I would have a $18,160 to $100 rent ratio on my primary residence in Vegas.

Just my two cents, but there are other, more attractive markets out there.

You should be fine, both the 2014 and 2016 ask for "Borrower/Payer Taxpayer Identification Number". The IRS is stupid, but not so stupid as to not figure out the payer is an LLC. I would throw the EIN in the box and move on, but you could always seek CPA/Attorney advice as well.

Adam

Correct credit reporting agencies can disseminate information to companies or individuals, but only under the premise that the company or individual requesting the report has the express permission (usually in writing via a signed credit app) of the applicant to request that information. In the scenario you're describing, you have no permission to post personal, identifying information, and I would assume the landlord providing the information doesn't either. Once you start reporting about credit (which is what you're suggesting), you are also bound by the FCRA (fair credit reporting act) which comes with a whole litany of requirements such as responding to consumer complaints and disputes, keeping accurate records to ensure accurate reporting (this doesn't mean bank statements), and ensuring that any false or fraudulent information supplied to you by a non verified party be confirmed prior to dissemination and removed immediately when found to be incorrect.

As you can see, there is a legal way to do this, but unless you know some REALLY deep VC pockets, or are willing to invest A LOT of your own money, you probably won't have the capital to even get a framework of how this thing would operate. 

Adam

 I would very strongly suggest you consult with an attorney regarding dissemination of private information before putting too much work into this. Preferably an attorney with some experience in modern tort law regarding public disclosure of private facts as well as false light. You could find yourself paying some ridiculous legal fees if you decide to disseminate information that a reasonable person would find objectionable in violation of US Privacy laws.

Adam

 Hey Kyle,

First of all, the absolute best way to handle this situation is to contact an attorney who specializes in ADA issues.

That being said, I think you are on the right side of this one, assuming it is an Emotional support animal and not a ADA recognized "service animal"

The difference is (from Nolo.com)

However, these protections only apply to dogs that satisfy the ADA’s definition of “service animal.” The ADA defines a service animal as a dog that is "individually trained" to "perform tasks for the benefit of an individual with a disability.” The tasks a dog has been trained to provide must be directly related to the person’s disability.

So, an emotional support animal is generally not considered a "service animal" as support animals are generally used for conditions such as depression, anxiety, etc. rather than a recognized disability. Yes depression and anxiety are both serious conditions, but neither is recognized as a disability by the ADA.

My best advice is speak to an attorney. My second best advice is to ask the prospective tenant who is giving you problems to provide proof from a medical professional stating his disability as well as proof or documentation that his dog has been appropriately trained to the standards that the ADA requires to be considered a service animal. If he can provide both of those, you may be stuck, but chances are that it is an emotional support animal, which means there is no federal or state protection when it comes to discriminating against those with disabilities.

Adam