All Forum Posts by: John Kent

@Mindy Jensen in looking at the source html there is 120 pixels of padding (empty space) at the top of the email. 

Followed by the branding logo and a huge blue box with the page title and some uninformative text immediately above and below the page title. 

Then for some reason below the blue box is a Call To Action button which probably should go after the interesting content which would incite one to accept the call to action.

I see that the Mentions email that button takes the reader to the post with the mention, however, the Alerts email takes the user to the Alerts list. Personally, I would prefer going to the post which triggered the alert. I don't find the Alerts list useful unless I no longer have the email.

Below the Call To Action button is the content which would be great to see a little bit higher on the email. 

With a double pane email client the email list displays up top and the preview pane in the bottom. Ideally the content portion would appear in the preview pane avoiding extra clicks and waiting for the email to open. At minimum the post subject would appear in the preview pane. Giant headers and extra padding at the top of the email is a design negative. On mobile devices this is less of an issue as there is no preview due to limited screen space. On email clients meant for business use this is a design flaw. 

The email alert format gets worst and worst with each redesign. Please the put the post excerpt toward the top of the email just under the Bigger Pockets logo. All of the empty space makes one have to scroll in an email client to see what the post is about. Relocating the View Alerts button under the excerpt is a big help as well. 

Lastly, the title of the Discussion is key information please put the title back over the excerpt. 

South East Professional Title

@Andy R. it always bothers me when people ask for legal advice on this forum. The responses are usually filled with ill-informed opinions. 

With respect to your question about the mortgage you need to ask the lender who will be lending the money if they will require the husband to be on the deed. Usually, it is only a requirement when income is necessary for qualifying. 

With respect to your title question, this is a legal question that you should ask an attorney. When you do. Ask if it would be in your interest to title the property Tenants In Common instead of Joint Tenancy. If you do your own research and decide it works for you then all you need to do is to inform the title agent or add a line to the contract stating how you would like to take title and the proportions for each party. You may also want to look into holding title in a land trust or llc.

Title segregation is simply splitting ownership interest by percentage. 

@Justin LaTorre as others have mentioned foreclosure auctions require funds shortly after. However, bank REO auctions allow the use of financing on many of their properties. Usually, they will state in the auction terms if that listing is a cash only sale.

@Andy R. when you inquire about this situation ask about taking title to the property Tenants In Common instead of the normal Joint Title. Segregating your interest may make you feel better about the venture.

Easy answer find different buyers. Plenty of landlord types with some down payment money would assume a loan if they can get the property at a discount. There isn't a limit to how much you can make as the agent if you know where to put the numbers on the paperwork. No wholesaling or creative techniques needed. Less headaches than dealing with people who don't want to do this or that. Lock up the property and find someone who will. 

BTW if the property doesn't work as a rental than it doesn't work as a lease option either. Are your buyers just scammers looking to grab an option fee and run away or collect rents until a foreclosure? As a licensed person you do not want to be involved in an equity skimming deal. The best way to work subject to deals is if you are in control until the loan is paid off. 

You may wish to consider taking the property subject to and giving the end buyer a sweat equity lease option or lease purchase with the one time right to assign the option/purchase agreement once repairs are complete.

If the sellers options are really limited he might just have to buy a cheaper home. 

@Dan Green it looks like you are a real estate agent so you can probably accomplish the deal as a broker with a listing agreement since VA loans are assumable to the end buyer. Subject To would likely add complications.

This link may be helpful for addressing his new loan problem: https://www.veteransunited.com/valoans/second-tier-entitlement/

@Brandon Reed I emailed the corporate formation attorney's information to you just a few minutes ago. 

For real estate contract review and transactions Reinhard Stephan is very knowledgeable. I have used his title company and taken a few real estate classes that he has taught. 

For what we discussed the Florida Bar contract would probably work for what you need. Google "filetype:pdf florida bar as is contract" and you should be able to download a blank contract to review.

@Account Closed this is similar the often asked question here "is wholesaling illegal?".  In my state, renting residential property that you own long term, doesn't require a license. Renting property for a third party does require a license. Each state has different real estate and licensing laws so one must know Kentucky laws to know the answer.

It sounds like you went into the attorney's office and said "hey, I learned to this cool way to make a lot of money on the internet, is it legal?" How you actually conduct your business with respect to procedures and processes followed are often the difference between compliance with the law and non-compliance. In this land with a billion laws for everything the devil is in the details. 

Before seeking a second opinion it would probably be beneficial to you to break down your investment process into smaller steps and examine each step to see if it can be done legally without a brokers license. When you reach a step that is questionable ask about that step. Typically on a lease option deal you get paid from the equity spread when the property sells and monthly from the rent/PITIA spread. 

Lastly, I recommend taking the courses and obtaining a real estate license. General real estate knowledge is very helpful. Knowing the landlord/tenant laws is essential for doing rentals. Simply showing the property and taking an application can lead to a lawsuit if the fair housing laws are violated. In my state the agents license is a 1 course and a state exam. The brokers license requires 2 more courses and 2 years working under another broker as an agent. A real estate school in your state should be able to tell you the Kentucky requirements. They may even list them on their website somewhere. If your investment business requires a brokers license than you have to run the deals through the actual brokerage.