All Forum Posts by: Chris Stromdahl

Hi Chris,

I do not which career path will be more lucrative.

I recently pass my WA State Real Estate Brokers exam. I did this primarily to understand the foundation that RE transactions are based on and to see what doors it opens.

I doubt that you can go wrong, it is all about getting out there and putting in the work.

Has anyone ever used delinquent utility customer lists to target willing sellers?

Is this public information?

Can I simply reach out to my local municipalities for this information?

Once I find a Trustee Sale with some potential what do I do?

Who are the buyers?

If I want to buy the property, who should I contact? The current owner? The bank? The Trustee company? None of the above?

What is the financial strategy? % of ARV?

What else should I think about?

My partner and I are in the process of putting together the pieces/figuring out the process to leverage the publicly available information on Trustee Sales and Sheriff's Sales.

Please clarify the difference between the two.

@Justin Case 

@Matt Gier 

@Vlad Kuzin 

Thank you so much for the input, everyone. 

Justin and Vlad, I could not agree more. I am meeting with him to discuss the creation of an LLC and to begin the process of drawing up transaction documentation that is specific to my company and the real estate business I am interested in pursuing. He has been very open with me and came from a network connection. My father in law is an attorney as well. He checked into him. I do not plan on consulting with him on everything, but for my money the piece of mind is worth it.

Matt,

The cost of creating an LLC is around $1200. Again, I checked with my father in law and this is in line with the market. If I remember correctly, he charges around $200/hour. I know that I can go to the Secretary of State, fill out an application, pay $115 dollars and walk away with an LLC. But I want my business built on a strong legal foundation.

@Justin Tippens 

With regards to the market, I had the same concern. It was explained to me that there will always be larger investors with a strong presence and plenty of cash. But, the properties that they are focusing on are not the same ones that investors at our level are looking at.

In order for us to win in a saturated market, it is all about putting feet on the street and hustling. Start making phone calls and visiting with people.

One thing I did was research property managers via NARPM.

http://www.narpm.org/

I called the property managers in my respective area and, at the time, asked if they knew of REI property agents. I prefer to work with agents that own/have owned property themselves so I asked about this.

I made another list and I called those agents.

That is the start of my network.

There is a lot more work to do now. I actually ended up getting my RE license recently to see what doors that opens. And, I am going to start networking within the wholesale industry.

For the most part, people want to help or are willing to point you in the right direction.

Hi Brian,

I am not sure if "Podio" has a language option, but it was discussed on a recent BP podcast and it is available at no cost.

Worth checking out.

I believe it is cloud based so they may be more efficient way at adjusting to consumer needs.

https://podio.com/

I am excited to be meeting with my real estate attorney this coming Monday for the first time.

He was referred to me by a networking connection. My father in law is an attorney as well. We did some checking and verified that he checks out.

All is well.

What are the questions that I should ask?

What should my expectations be?

Here is my position:

Business development:

I want to work with an attorney that will help me create my legal entity per state laws and to draw up the necessary documents that are tailored to my business and the real estate transactions I am involved in.

Investing:

As a new investor I am looking for someone who can help me navigate the legal aspects of real estate transactions. That means having a solid understanding of the work flow, documents needed, alternative steps to take if need be. Ultimately all of this will lead to a closed deal.

Thoughts?

If you would like to provide the contact information for Seattle, WA based real estate attorneys I am open to them.

Gerald, 

Not going to be able to make the 31st, already looked into it, will be out of town for work. Thank you for the info thought.

Michelle,

Thanks for the welcome!

I am excited to be meeting with my real estate attorney this coming Monday for the first time.

He was referred to me by a networking connection. My father in law is an attorney as well. We did some checking and verified that he checks out.

All is well.

What are the questions that I should ask?

What should my expectations be?

Here is my position:

Business development:

I want to work with an attorney that will help me create my legal entity per state laws and to draw up the necessary documents that are tailored to my business and the real estate transactions I am involved in.

Investing:

As a new investor I am looking for someone who can help me navigate the legal aspects of real estate transactions. That means having a solid understanding of the work flow, documents needed, alternative steps to take if need be. Ultimately all of this will lead to a closed deal.

Thoughts?

If you would like to provide the contact information for Seattle, WA based real estate attorneys I am open to them.