All Forum Posts by: Benjamin Pekarek

Hello @Kenneth Quattlander! 

Welcome to Bigger Pockets. I'm an investor friendly realtor based in Sarasota, and I deal exclusively with investors that are buy/flip, or buy/lease. Give me a call if you'd like any help in looking for quality flip material in the greater Sarasota market. 

-Ben

 Lee, 

For what I do, I use "disposable LLC"s as such: If I find a property I'm interested in, I use a generic, established LLC, such as Sarasota Investments, LLC - insert your name here. To get a REO property under contract, the contract itself has to clearly stipulate that the contract is not assignable, and that the buyer cannot be released from liability. I honestly don't care, as the buyer is an LLC, not me personally. I have a network of buyers to which I e-mail the listing, I don't market these properties to the public. I do not offer the contract "for sale", nor do I complete a double closing - that would defeat the "do not sale within xxx days/months/years" clause of the REO addendum. What I do is sell the LLC. I collect $X for the purchase of the LLC, and the new entity is now on the hook for the closing. ALL of the above MUST be completed PRIOR to day of closing!! In other words, since the sale of the LLC has been completed PRIOR to closing, no terms of the REO addendum have been violated, and I walked away with my wholesale fee, and my client got his property cash - everybody's happy. The only headache is the $25.00 check to Sunbiz that can take up to 15 business days to clear. Without their name on the LLC, they aren't able to close.

-Ben

You can only assign a contract if the seller allows it - and I've never seen a bank allow an assignable contract. You CAN, however, offer in the name of an LLC, and then SELL the LLC, thereby wholesaling the contract.This technique is called a "disposable LLC".

Tristan,

Good News will do a free termite inspection. As to a home inspector, I use major minor, and jigsaw. Both are based here in Sarasota

I allow my agents to do both. Give me a call and let's chat.

We work almost exclusively with investors. We operate as a property management company for buy/hold/lease investors, and as "boots on the ground" for flippers - I personally hold eight rental properties, as well as flip SFRs (I want to double my money each flip, so I very obviously don't have them come along everyday!) Call me if you think we could be of assistance.

-Ben

$850/mo. mortgage, or monthly rent?

Give me a call - I can help either way.

-Ben

That area is 100% a war zone. If you plan on flipping it, rehab to rental condition and lease it. Sell it turnkey to an investor that is willing to put the time it takes into leasing in that kind of environment. If you're willing to deal with, keep it yourself! 

Good luck!

-Ben

I agree with Eric, once the newbie flipper has used your money to establish a track record several HUDs deep, he'll either want a better ROI on his time from you, or find somebody else that will give it to him. I work off of a 50/50 split on profit with one of my former clients solely due to the fact that we're doing 2-3 at any given time. I don't put in a penny, and I'm basically there as a boots on the ground. If you have an interest in doing more than one at a time, I'd be interested in a 50/50 split for the long haul.

-Ben

It's called a REIT. I use JMI, OAKS, and ARR in tandem with my personal rentals.

-Ben