All Forum Posts by: Felix Goldstein

 ken, we actually disagree on something. your example of wholesalers on amazon is irrelavent.  you say u arent sure why real estate is any different. real estate is different because real estate brokers need to be licensed.  the "brokers/wholesalers(as u call them)" are not required to be licensed.

@Jose Martin, opps forgot to xomment on the whole disclosure thing.  i would say yes. u want everyone to know what will happen. it sounds like u mean just telling them what u will do

 Jose, that seems like a terrible idea to start wholesaling. unless u want to start investing. a wholesalers mentality and realtors mentality are diffenrent. many brokers invest also.  why dont u just charge a minimum.  i have had brokers tell me that their minimum for selling a property is 4k. that would take care of your issue. the cheap houses is excatly why brokers have that minimum.  i disagree with u that its less work to wholesale the property instead of listing it.

my record low for purchasing a house is$1,900(no that is not a typeo). my assignment fee would of been alot more then the house is worth.  that one was complete junk and didnt sell though. but yeah when u get prices like that, the commission might be more then the purchase price of  house.

@John Hamilton, some of your statements seem contradictory to me. you say "Wholesaling is not illegal. Wholesaling is assigning ownership to a party/parties that in turn sell for retail. Many types of businesses wholesale. Not just real estate." however, before you said "However, you don't "own" the property. You own the promissory note saying you intend to purchase or assign that option to another interested party." please explain. also you say it is only illegal to wholesale if its done publicly. i would disagree with taht, brokering is brokering it doesn't matter if you are doing it publicly or privately.

@Brian Gibbons, i'm glad you put up that video.  good video. i think Sheila was the lawyer that i talked to on the phone a long time ago when i called them. it was a while ago, don't remember 100%.  i need to make another call to the dept of RE. they even say if i ahve questions i can call and talk to their legal dept or investigator dept.   also i've meet Jeff before. He is a good guy. well needless to say, i have some issues with what the two attorneys said in taht video that work for the DRE. they mention taht someone has to have the intent to buy. well people enter into contracts that are contingent on them finding the financing.  so at the time, they make the offer, they don't know 100% that they will close. also they mention this clearly in the beginning that it has to do with acting for another and for a fee.  with the whole ownership issue. like i told them on the phone. well the city seems to think i'm an owner just by having a contract signed.  they were ready to give me a permit. with the whole intent to buy i have issues with. my contracts are contingent on me assigning it.  just becuase my contract says that, that doesn't explain how i'm acting for another. they also say, that i can't market the house and can't put a picture of a house. thats ridicoulous to me. what if i want to double close? then i'm not even selling the contract, i'm selling the house.   i don't want to be a test case.  its way easier to call them and show them what i'm doing and either they will tell me no stop doing it, or they will say i'm ok. i dought i would be in trouble, since i'm calling them instead of ducking and hiding.  thirdly, they mention someone wholesaling only to circumvent license law.  I'm wholesaing instead of brokering becuase i don't like brokering. its different. i have no control when i'm brokering, i have the control when i'm wholesaling/investing.

 they got fined probably becuaes they were not wholesaling the right way. i get wholesalers asking to sign birddog agreements, non circumvent agreements, and some other types of contracts.

yes buying for yourself is different then brokering.  you sound different act different, etc. Not sure if you will listen to what i have to say since there is soooo much slander against me on this thread.  you ask if you should disclose that you are doing an A-B B-C closing. it sounds like you are talking about a double close.  not sure what disclosure you are talking about. just simply a disclosure saying that you will be double closing?  i would say no, but checking with your broker, the title company, and your states real estate dept would be a good idea. the title company is the one that makes sure all the disclosures that need to be signed are signed.  as soon as you have a purchase agreement or option to purchase signed, its up to you what you do with the property, how you sell it, etc. (weather you double close or assign is up to you) the person that sold you the property, can't decide for you.  why do you even want to get into wholesaling when you are an agent? why not just broker the properties? you are the first agent that i ever meet that wanted to get into wholesaling.

 @michael herr.  lol. i have the same problem here in ohio. although there is a way to fix that. don buy where rats live.

@Richard C you ask me to dial it back and yet you still continue to defame and screw with me by now talking about the transactions that i supposedly didn't do.  That is why i was talking to you. look kid, i'm going to take the bibles advise and stop talking to you.

since we got to talking abt people doing some pretty serious crimes, most people dont know that pablo escobar was a big time real estate investor. he was also a lawyer and a columbian congressmen.  most people have heard that he built his own prison.  he owned the land the prison was built on. he happened to own the land and talked the court into letting him do his time there. his brother roberto escobar, wrote a book called the accountants story. he writes abt that in his book. anyways, i just thought that was intersting so i am posting it here.