All Forum Posts by: Cody Cox

I'm looking to purchase a performing land sale contract on a commercially zoned building where the seller of the LSC owns the property free & clear, and the contract purchaser is an attorney and operates the practice out of the building. I'm looking to sell a partial interest on the note/contract, say the first 5 - 7 years. Any thoughts or comments on structure, yield, etc? I'm

The primary risk would be that the borrower redefaults on the loan. You would need to be sure that you have remaining sufficient capital to go through the foreclosure process. On the surface, then numbers look good, provided the collateral value is solid and in good shape.

Generally, the limitations are in the seller side of the transaction. They are the ones perceived to have funded the loan and are acting in the capacity of a lender. In not aware of limitations imposed on a purchaser.

The reason Mr. Kahn had to defend just a small handful of folks was primarily due to complaints by realtors. Once a complaint is file, the Agency is required to follow up. 

I agree with you that many wholesalers don't know what they are doing. Trying to buy of the RMLS or other realtor-related sites is just plain dumb, IMHO. With so many national guru-type educators swarming the Portland, OR area with very poor education (this coming weekend I think there are 3 or 4 national guru's in town), that to be a educated wholesaler one really needs to find a local REIA and get educated there.

As the former President of Northwest REIA (www.Northwestreia.com), I am partial. They have an excellent speaker this THursday that knows what he is talking about with wholesaling.

Cody

At John Sheldon's most recent meeting, attorney Gary Kahn was a special speaker that was presenting on wholesaling in Oregon. Gary's perspective is that wholesaling is very legal in Oregon. He has defended investors at the Real Estate Agency on several occasions and won every time.

I've heard Mr. Uffleman say wholesaling is illegal. I've heard Mr. Kahn say it is not. Depends on the attorney.

Cody

Let's clear some things up about REIAs. There is a difference between a for-profit and a non-profit REIA. With a for-profit REIA, the dues and income derived from national speakers do go to the owners of the REIA. However, they generally cover expenses for the venue and other events they provide. They do need to produce a high quality experience for their members.

With non-profit, like NWREIA in Portland, OR, all the dues, which really are quite minimal, go right back into the membership. They too have costs associated with the general meetings, the occasional Saturday workshop, and the various subgroup meeting facilities. The Board of Directors and subgroup moderators are all volunteers and do not receive any compensation. Dues from its membership fees generally don't cover the annual operating expenses, so they supplement their income by bringing in national speakers that do have a product to sell. A portion of the sales does go to the REIA.

When I was the President on NWREIA, I tried on only have 3 - 4 national speakers per year. I tried to bring in good speakers with a topic that was needed for our local group. I also negotiated hard for the price point of their product. As I told my membership, if the product they sold meshed with your business model, consider purchasing the program. If the product was not part of your business model, then don't buy it. Being real estate investors with a business purpose, we all should have a business model that we need to stay within. 

For folks that don't think they need a REIA, these are the ones I frequently see that are out trying to do business with little to no idea on what they are doing, subsequently becoming the target of the authorities. Without guidance by a REIA that's mission is educating their members, these folks find themselves in conflict with the law, and then real estate investors get that bad reputation and laws are written.

NWREIA has a portion of their dues dedicated toward lobbying efforts at the State and Local levels to protect your livelihood. If you do not belong to a local REIA, then you are enjoying the fruits of the REIA labors in protecting the industry.

Also, NWREIA is a chapter of National REIA. With that, members enjoy significant benefits from their membership. They are aligned with Home Depot, Sherwin-Williams paint and a host of other vendors that can significantly reduce your expenses in your investing.

In conclusion, the REIA is also the best place to network. At the various events provided by a REIA, there are like-minded investors looking for a deal to wholesale, or are ready to purchase your wholesale deal, or other money lenders looking to finance your deal.

Don't overlook the value of a REIA simply because you don't understand the model and the benefits provided.

Cody Cox

Past President - NWREIA

For all of you in the Portland, Oregon area, I invite you to attend as my guest our next Northwest Real Estate Investor Association (NWREIA) General Meeting on September 4th. We meet at the Lloyd Center Double Tree and open the doors for networking at 6:30 pm. We have a very dynamic guest speaker that night, so I encourage you to attend. Find out more at our website at www.northwestreia.com Cody Cox - President NWREIA.

@PaulSpangler, welcome to BP. As the President of Northwest REIA here in Portland, I encourage you to get involved with BP, but also get involved in your local REIA club. NWREIA is the largest club in the Northwest outside of the Seattle area. An being a non-profit, all our efforts go right back into our membership.

I also invite you to come as my guest to the next General Meeting on September 4th. We hold our General Meeting at the Lloyd Center Double Tree. we open the doors for networking at 6:30, and call the meeting to order around 7:00.

Come introduce yourself to me and let me know how we can assist your RE investing.

Cody Cox - President

NWREIA 

@Jonathan F.

 Welcome to BP and thank you for your interest in NWREIA. As President, I invite you to be my guest at the next NWREI General Meeting on September 4th at the Lloyd Center Double Tree hotel. NWREIA is the largest REIA club outside of the Puget Sound, and as a non-profit, all our efforts are designed to go right back to the membership. As the only chapter of National REIA in Oregon, we offer benefits and discounts that you cannot get anywhere else.

Come check us out as my guest.

Cody Cox - President

Northwest REIA

www.northwestreia.com

@JacobAsher, welcome to BP and the world of real estate investing in Oregon. I invite you to come as my guest to the next Northwest REIA General Meeting to be held on September 4th at the Lloyd Center Double Tree hotel in Portland. Being a Chapter to the National REIA and the largest REIA in the Northwest outside of the Seattle area, NWREIA is able to provide you with a variety of benefits and training opportunities you can't get anywhere else. Plus, being a non-profit, all our focus is pouring resources back into the membership.

In addition to our subgroup meetings hosted by local investors, we also have access to the best national trainers available in the country. However, we only bring 3 - 4 of these speakers in per year to the General Meeting. If you want a sneak peak for September, NWREIA is proud to host Mark J. Kohler, M.Pr.A, CPA, JD. Mark is a personal and small business tax and legal expert. You can review Mark in advance at his website, www.markjkohler.com. And as I tell all our members, if his product doesn't fit in your model, don't buy it. But, he will bring valuable information for your business.

You can find more information about NWREIA at our website, www.NorthwestREIA.com. Just print off this thread as your ticket for entry into the meeting.

Cody Cox - President

NWREIA