All Forum Posts by: Chris Soignier

@Rigo Medina,

I'll be happy to set up an MLS search even if you're not yet ready to buy....just think about your key criteria (i.e. price, location, year built, etc.) before we chat. Zillow and Loopnet are a waste of time by comparison.

As I bonus, I'm an investor in 11 apt. complexes, so I can provide some actual MF expertise when it comes to property selection and due diligence.

None.   Start w/ smaller community banks.   They're less likely to sell their paper, which means it doesn't have to conform w/ any underwriting standards other than their own.

http://dfwinvestors.com/

Look for HEB REA and Arlington REA on meetup.com

https://www.dallasreig.com/

I did Real Estate Express, which was purchased via Groupon for under $200.    The program was very complete, and gave me everything I needed to breeze through the exam on my 1st attempt.

You must be sponsored by a broker as long as you practice, unless you become a broker yourself.    Most agents are 1099 employees, and are free to work their own hours.    No broker has ever checked up on me to see if I'm working....they pay me based on productivity, not effort.     To be clear, you don't cut the broker in on anything, as the commission is technically earned by them, and they give you a cut.   You should look for at least 70%.

 That's where private lenders come into play, owner finance (on the buy side), and sub to financing come into play.

 As an agent, your fiduciary responsibility is to your client, which in Eliot's case would be himself.   You owe your counter-party a standard of honesty and transparency - be sure they understand that you are an agent, but don't represent them, and are looking at their house as a for-profit investment.

The pros and cons have been discussed endlessly on BP.   There's no clear-cut answer IMO, it's a personal decision.   Glad I have mine, but I'm not going to debate anyone who feels they're better off w/o a license.

Why are you asking the question for him?   Point him to BP, and if he doesn't have enough initiative to solve his own problems, he's not likely to make it as a real estate investor.   I would not recommend co-signing, unless you're willing to risk having your credit pulled down to his level.

Assuming your friend is licensed in TX, she doesn't deserve a license based on her ignorance of TX real estate law.    You need a license to broker real estate transactions.    In wholesaling, you take equitable title to the property, and are not brokering it.  

I'm a licensed agent, and would be happy if wholesaling w/o a license was illegal (less competition!), but it's not.

 I'm competitive too, and got my license for similar reasons.    College transcripts differentiate your performance from others in the job market when you're fresh out of college.    Anyone w/ a license can get a "job" at just about any brokerage - nobody cares if you're in the top 10% of TREC test takers.   I breezed through my exam in 45 minutes and passed the first time, so I'm pretty sure I kicked butt, but that's not even going to buy me a piece of gum.

In Texas (at least), IRA and 401K funds receive homestead protection from litigation...no need for an LLC from an asset protection perspective if they're in a retirement account.