All Forum Posts by: Braden Smith

I keep up with all deals such as this in the NOLA market and have not seen anything such as this for sale. I also checked the MLS and do not see any 26 unit properties listed for sale anywhere in the Greater New Orleans area, southshore or northshore. This asking price seems really low for our area and unrealistic. Where is it located? I can get you more info on it...

Need to get a house with secondary structure demolished. Who do you guys recommend in the New Orleans area that does good work for a good price?

Most of the wholesalers in the GNO area are putting properties on Craigslist and looking on CL. If you place an ad on there you will get replies from wholesalers. Also check out the NOREIA meetings in Metairie. See here - http://www.neworleansreia.com/default.aspx

@Christopher Stanis - I am both a realtor and an investor so I know it all too well. I work for a smaller boutique brokerage and have done so for a few years. I find that the larger big box names would rather not have someone who does both for the liability issues. A smaller, local boutique brokerage would probably be your best bet. 

Hey @Christopher Stanis. Having a real estate license can and will affect you as a real estate investor. 

First and foremost, you must disclose to everyone you speak with and meet that you are a licensed agent. Disclose, disclose, disclose... that's the number one rule. When you have a license you are bound to all the rules and regulations that go along with having that license and that includes disclosing the fact that you are a licensed agent.

If you are planning to buy and sell land off market, you will just need to make sure that all parties are aware that you are a licensed agent but only acting on your own behalf and not representing any other interest but your own. Make sure to have language in your contract that states something along the lines of: "When this agreement was fully executed SELLER acknowledges that BUYER is a licensed real estate agent and that the BUYER is not representing any party but their own interests in this transaction."

If you are wholesaling the vacant land, that can be trickier... Wholesaling in general is frowned upon by all real estate commissions and associations because it removes the agent/realtor from the equation and in turn cuts the broker out also. Every realtor has a commission split with their broker, such as a 60/40 split where 40% of every commission earned is paid into the brokerage. When you wholesale property you are not earning a commission and therefore not paying that 40% into the brokerage. As you can imagine, most brokers will not be happy about this. If you plan to get a real estate license you will need to make sure you have a brokerage lined up that will allow you to do the things you are looking to do.

The same is true for the lease options. You will need to make sure that any brokerage you might hang your license at would not have a problem with it and the way you plan to do it.

In addition, once you have the license you are then held to a higher standard and will be treated as such in any and all legal matters that may arise. If and when a legal issue comes about (which they often do in the real estate world) you will be expected to know the rules and play by the rules. It will be on of those "you should have known better" type situations. It's a fine line you walk being both a realtor and investor, and it can be a slippery slope at times. 

Good luck with your endeavors! And Happy New Year!

Hi @Karla Evans. Nice to have you on BP! I'm a local realtor and investor. Let me know if I can help. Good luck to you!

I've heard of people using Rentec Direct, but I have never used it personally.  See here - https://www.rentecdirect.com/

You cannot publicly market properties for sale that you do not own. If you do so, you are practicing real estate without a license. 

The only legal way for you to publicly market properties for sale without a real estate license is to actually buy the property first, then you can legally market it as a for sale by owner. 

By publicly marketing properties for sale that you do not own you are practicing real estate without a license and are subject to the below provision of Louisiana real estate law and will be subject to fines of up to $5,000 and the commission may require that you return any fees collected for engaging in real estate activity. In addition, the commission may assess costs and attorney fees against the unlicensed person found to have been engaged in real estate activity without a current license.

http://www.lrec.state.la.us/license-law#§1459. Real estate activity; unlicensed persons

§1459. Real estate activity; unlicensed person

A.(1) In addition to any other civil remedy or civil penalty provided for in this Chapter, the commission may issue a subpoena to any person or persons who the commission has probable cause to believe has engaged in real estate activity without a currently valid license.

(2) Subpoenas issued by the commission shall comply with the notice requirements of R.S. 49:955. These subpoenas shall be served upon the unlicensed individual personally or by any type of mailing requiring a return receipt and shall include a statement of the manner in which the unlicensed person shall be required to respond to the commission.

B. The commission may impose a civil penalty of no more than five thousand dollars upon any unlicensed person who, after a hearing or informal resolution in accordance with all provisions of this Chapter and the Administrative Procedure Act, is found to have engaged in real estate activity without the benefit of a currently valid license having been issued by the commission pursuant to the provisions of this Chapter. In addition, the commission may assess costs and attorney fees against the unlicensed person found to have been engaged in real estate activity without a current license.

C. The fact that any person engages in or performs or offers to engage in or perform any of the practices, acts, or operations set forth in R.S. 37:1431(7) is prima facie evidence that such person is engaged in the illegal practice of real estate.

D. No person engaged in real estate activity without a currently valid license shall have the right to receive any compensation for services so rendered. In addition to any other penalties imposed under R.S. 37:1455 and 1458, the commission may require that any person engaged in real estate activity without a license return any fees collected for engaging in real estate activity.

Acts 2003, No. 713, §1; Amended by Acts 2006, No. 343, §1

Here is some new info:

Decker Randolph, profiled in WWL-TV real estate investigation, arrested by JPSO
https://t.co/UsqbnWiWN5

http://www.wwltv.com/news/investigations/un-real-e...

http://www.wwltv.com/news/investigations/man-profi...

http://www.wwltv.com/news/local/investigations/kat...

http://www.ripoffreport.com/r/faithful-real-estate...