All Forum Posts by: Scott Williams

Can you use your end buyer's proof of funds? Some of the flippers I'm aware of are giving agents their buying criteria and proof of funds, then the agent writes offers on behalf of the end buyer. MLS does seem to be pretty tough way to find viable deals at the moment, at least in So Cal. Good luck!

PM me the address if you like, I will take a look and see if I can tell you anything else about the property and/or owners.

Scott Williams

I haven't been to that particular seminar (yet), but I have seen most of the speakers at some point, and have never been disappointed.  They are all the "real deal"; what "alarm bells" are going off for you?  If you google their names, you can find some podcasts for Clyde Wilson and Gary Johnston, if not most of the others. Near as I can tell, most of these guys are financially set long ago, and continue doing these seminars to give something back and be surrounded by like minded people.  I don't know what you are expecting to get out of it, but I don't think you will be disappointed with the speakers.  I have spent some time with Fixer Jay and Clyde Wilson, I was super impressed with both.

Scott Williams

There are LOTS of legal restrictions in California that you will need to be aware of if you are buying properties from owner occupants who are in foreclosure.

Here is some reading to get you started (I have no affiliation with the company in the link): 

https://support.propertyradar.com/hc/en-us/article...

Scott Williams

I'd sell an option on the red button 

Looking forward to hearing you speak @Rick H.

Highly recommend that you speak with an Attorney ASAP.  My understanding is that having someone fund your Trust Deed IS selling a security per the SEC.  There are legal requirements for licensing to originate Trust Deeds  (Brokers license and/or CFL license in CA), there are requirements for the investors income / net worth relative to the size of the loan they are funding.  You are required to document how the lender was qualified to fund (net worth / income) and kept with your records. BRE requires quarterly & annual reports for the number of loans originated, number foreclosed, etc.  If the borrowed money is crossing state lines, I believe there are more rules that come into play.  More rules if the funds are for your own benefit, Usury limits if not licensed, etc. etc.  Laws seem to change constantly and are mostly getting more onerous for the loan originator.  

NOT trying to be Debbie Downer here, but I think you will be very unpleasantly surprised to learn all the requirements to be compliant.  If one of your loans goes sideways, you could end up in more trouble than you realize.  

Search "Syndication", "Blue Sky Laws" and look for posts by Bill Gulley on this site, if you want to read more. 

Scott Williams

Regarding "I am borrowing large sums of money from a private individual and drafting promissory notes", have you spoken with an Attorney to insure that you aren't violating any SEC laws, etc? Your actions likely require a license and disclosures to the investor as it sounds like you are selling a security (In my non-legal opinion).  Apologies if you know all this and have it covered already.

Rather than writing notes payable to the individual, I believe you could be making the lender's Living Trust the beneficiary on the note.  This way when the lender passes, the note would still be owed to their estate and distributed as provided in the will.  Good luck!

Scott Williams

@Mike Grayford

Are you still using Podio for your CRM/List Management or have you found something bettter?   

Thanks, Scott

Hi Tina,

I am interested in anything you find in HB or the surrounding areas.  Please feel free to add me to your buyers list.  Hope we can do some business together!

Thanks, Scott