All Forum Posts by: Demetria Sanchez

@Will Fraser Thank you for your response. This was my first run in with this type of situation and wasn’t quite sure where to go with this. Very useful.

Hello

A friend of mine is currently away due to a family emergency and needed someone to sign the closing documents on a investment property and wanted me to do it. The issue is, we don't actually know what steps need to be taken as I am not a member of their LLC. May someone explain to me how I may help this friend to close on this house? I'm not sure if a General Power of Attorney document would work as I don't believe my friend is the only member of their LLC( although i could be wrong ). What options do we have for me to sign on their LLC's behalf , despite if they are a single member or not?

@Clint Coons

I thank you so much for your response. I tried my hand at a on market property and before considering to put in a offer for the property, I discovered in my state’s real estate contract a no assignment clause. After doing research online I was introduced to this way of wholesaling. It seems like a seamless way to do this(although my initial thought when wholesaling was to inform my seller that I would be assigning the contract). However, this may have to be the route I will have to take. Thank you again for your break down. I truly appreciate it.

Hi everyone ,

So I was curious as to the correct steps one would take when wholesaling using a trust. Here is my understanding :

1. Establish a corporation

2. Establish a trust (this trust would be used to list my endbuyer as the trustee after I resign from my trust)

3. Once I find a deal, get it under contract using my trust.

4. Assign the contract to my endbuyer and collect my fee.

5. Sign the necessary docs needed to resign from my trust and list my endbuyer as the beneficiary to take ownership)

6.My endbuyer signs the closing docs with my seller on closing day. (From my understanding this is the point where my end buyer is now the owner of the trust).

Before anyone mentions it, I am working towards my first deal. Also, noticing how the real estate contracts are worded in certain states, it seems as if many states have a no assignment clause or I would have to get written consent from the seller prior to assigning the contract( at least when dealing with on market properties. )

Any advice would be greatly appreciated. Thank you.

@Bjorn Ahlblad Thank you for responding. I agree to disagree with you. You are right in regards to the entire point is to invest and get profit however, I have 6 people a part of my household, 4 young children and my husband a long with myself ,so for me , the property which we chose to invest in has to have adequate amount of space, and that’s where I become picky. Even though our plan is to occupy one unit and rent out the remainder for profit, we will more than likely intend to sell the property once we have reached a certain amount in profit. I think it becomes a little challenging because of our decision to occupy one of the units but hey, I am on this site to learn and I appreciate any input whether I agree or not.

@Deborah Gilbreath This is great advice. I thank you for your knowledge as I am really wanting to do this the right way. I am a huge skeptic and I question everything which is why I waited so long to get into real estate investing and also lack of mentorship. I wish your client well.

@Deborah Gilbreath Thank you for your response. It is so frustrating. I am going through NACA. I hope something comes up around the time we are wanting to purchase. Even if we need to renovate the property. I would love to build if I could but it just seems a bit complex for me.

Hello all,

I am new to REI (however I have been researching for 2-3 years now) and my husband and I are considering instead of purchasing a single family home for our first home , we were looking into purchasing either a triplex or fourplex in Georgia. Our goal is to reside in 1 unit with our family while renting out the remaining 2-3 units. We plan to make this purchase in January 2020. The issue that I am seeing is that there aren't too many triplex or fourplex units in the areas i prefer. I must admit, I am really picky and my goal is to find a multi family building that are townhomes (I rented a townhouse back in my home state of Fl and loved it). I would love to know if any other investors , wholesalers or real estate agents who are familiar with Georgia (preferably properties starting from McDonough , GA going north) can give me in pointers on where to look. The goal is to get all the knowledge I can to help me make a final decision on where we decide to purchase. Thanks for anyone's input.