All Forum Posts by: Jason Eyerly

You're kidding, right?

Thank you @Adam Gerig and @Shawn Holsapple for your input. I will be looking into those when I am closer to completing my broker course. I will personally go to the office as well as check with Investor friendly agents that I can get any recommendations on. Thank you as well to everyone else who contributed.

-J

You and every other new member to Biggerpockets is looking for a mentor. Instead of looking for a mentor, you should be looking for more knowledge and a way to make yourself stand out. Make the mentors want you to be a part of their team. Good luck!

Welcome to Biggerpockets! You've certainly come to the right place. I can tell you that if you hang around here you will find all the knowledge you need to do anything with real estate, without buying any expensive courses, although I do recommend J. Scotts flipping books, and becoming a pro member! I can personally guarantee this to you, because I'm doing it! In the process of becoming an agent and started my campaign to funnel in leads. So you're in the right place if you utilize it correctly!

Good luck, and welcome aboard!

Jason Eyerly

I guess it's the closing process and what a title insurance and what not is what I don't understand. I'd ask for explanation but I would like to think that I will learn about this in my licensing class. Thanks for the info, I really appreciate it.

Sounds like you should invest in some local focused REITs.

Hey BP,

So I'm getting pretty interested in this subject-to idea. It is creative investing after all, right? I understand you need a back up plan in case the loan is called on, but it seems some investors have had much success with only one or two ever having a loan called on, and usually they are able to work with the lender on it, or use their backup plan to pay the place off and do as they will. This part I understand. What I don't understand is the actual process from contract to closing, and the insurance. If someone could explain to me the process I'd be really grateful. I'm a bit confused as to what the insurance is that everyone refers to, and what they are talking about when they mention getting a landlord policy with so and so being listed first and then the old mortgage owner and lender being listed as second on the insurance.

All I understand is step one, which is going to an attorney and getting a contract drafted that says you will be taking over payments, they will be transferring the title to you, here's what happens if you don't pay, and here's what's required of both parties.

Also, is this considered speculative? I would imagine that this isn't the go to strategy when the homeowner has equity, so you could only do this on a home where they have paid a small amount of what the initial loan was, or they owe more than the house is worth. In that case, they (or I) would have to bring money to close, is this logical?

Thanks,

Jason

Shawn,

I was referring to getting a commission from a wholesale buyer taking the process from making the deal to closing, versus charging them an amount for the contract itself. What happens when you bring together a buyer and a seller, neither of whom have an agent?
I feel like for my area I would like to "hang" my license (after I take the broker course) with ReMax, but there website doesn't have much information or an apply now button, so who do I contact?

Regards,

Jason Eyerly

Hello BP,

As I'm in the process of getting my license, I've been considering that upon completion of the course I would try and get employed with a local real estate company. I was wondering if it's legal/ethical to work under your own company and a real estate company, or how that works. The reason I asked is because my initial intention was to just wholesale before I even considered getting my license. Now that I am getting my license in addition to just being able to flip a contract or assign it out, I may be able to collect a commission from the seller/buyer on these sales.

The catch is the marketing that I've done. I've got my own business cards, paper ads, bandit signs, car magnets, and direct mail campaign running, so I how would I separate when I am working for myself, or when I am working for the real estate company?

If someone could clear this up for me, as well as whether or not you take commissions when "wholesaling" as an agent or still take a flat fee for the contract, I'd appreciate it. I did plan on offering to list for homeowners who's houses I cannot quickly turn around and sell to a buyer (or myself), so this is important to me.

Regards,

Jason Eyerly

Hello BP,

I finally got my agent license in the works and am currently wholesaling in the Northwest of Indiana. I'm in the Goshen/Elkhart/Southbend region so if you have any potential leads, or are looking for any deals in this area please let me know!

Regards,

Jason Eyerly