All Forum Posts by: Jeffrey S. Breglio

Networking is the best way to find more or different kinds of deals. If you're looking to expand, then I suggest, as always, start attending the REIAs. You're lucky, we've got great ones here in SLC and Utah. Google, Salt Lake RIEA, Utah REIA, Utah Valley REIA, Northern Utah REIA. They all have tremendous educational and networking opportunities. There are members doing all kinds of deals and I'm sure you'll find someone to help you get to where you want to go.

Jeff

@Brad Smith

You have definitely made it to the right place. 

There are tons of great resources here on BP. 

If you are interested in getting involved in some local RE investing groups i would check out www.slreia.com and www.uvreia.com

These are the largest investment groups in Utah and they are setup in a great way for networking. 

Jeff Breglio 

RE Lawyer from SLC,Ut

@Tiffany Morton 

Welcome to the Utah investing scene. 

There is a bunch to learn. Be sure to take advantage of the resources that @Glenn Antonie has mentioned. 

Jeff Breglio 

Real Estate Lawyer from SLC,UT

Yes. Get an LLC to take title in (all your real estate holdings should be in one type of entity or another depending on what you're doing with it).

If it's truly being "gifted", i.e., you're getting it "free". It will be a taxable event to you! There are gift taxes associated with this type of transfer. CHECK WITH YOUR ACCOUNTANT!

Get a property report and judgement report on the sellers to make sure there are no surprises on title.

Long and short, use a good lawyer, accountant and title co.

Jeff

Yes, Bill is referring to the FSBO acknowledgment. You should definitely get that doc anytime you, as a licensed agent, work a deal with a party that is not represented by an agent, whether or not you're wholesaling.

I do create simple contracts for my licensed clients and if your broker approves, it's all good. I still "recommend" using the state forms.

AND A FOLLOW UP: Another client came to me this week (non-licensed) for getting busted by the DRE for wholesaling without a license. You do NOT need a license for the wholesale transaction itself (the assignment of the contract), but... how you market that could be a red flag with the DRE if it looks like you're selling a house, not a contract. This is the second time this summer it's happened. Maybe I'll have to put a webinar together on this. Fun stuff.

Jeff

There's great info on this thread. All solid advice. 

Both are great vehicles and I use both personally and set up both IRA, LLCs and Solo 401Ks for my clients all over the country. The IRA, LLC can reduce your custodian costs. But my preferred method is the Solo 401K. No custodian. Higher contribution limits. Less possible UBIT taxes. Softer penalties for prohibited transactions. And remember you can roll over a traditional IRA to a traditional 401K!! So many clients take their IRAs and move it to the 401K.

As a real estate investor, both vehicles can do anything your personal cash can do. It can be a bit scary to start using your retirement accounts. Learn and move forward!

THE MOST IMPORTANT aspect is understanding the prohibited transaction!! I teach my clients (about a 3 hour class) on this. Once you understand how to use your retirement account and avoid the prohibited transaction, you'll be comfortable. Seek out someone who TEACHES you how to use these accounts, and not just "sells" you a product. A reputable source will educate you. :)

Hope that helps.

Jeff

Management always incurs liability because the manager is responsible for the repairs and upkeep. If the lawsuit was based on condition of the property, they will certainly go after the property manager. The manager will try and deflect to the owner, and they might battle it out to see who's ultimately liable. Most property management agreements try to pass liability to owners, but it doesn't always stick. Managers have a fiduciary responsibility. If it's your job to maintain a premises, then you're liable if you don't. All property managers should be working through their own business entity for liability protection.

Jeff

If you are interested in networking with other investors in Utah county you might want to check out UVREIA. 

you can find them at www.uvreia.com

I was looking on KSL the other day and found a 4 plex near BYU and a duplex near UVU. 

Maybe you could check there as well :) 

Jeff Breglio 

I have been associated with SLREIA for years and it is a great club to be involved with for networking and growing your knowledge base. 

I would recommend any RE investor to go whether you are new(er) or seasoned. 

Jeff Breglio 

As always make sure you disclose that a party to the REPC is a licensed agent.

Next, since you need to use the Utah REPC, which is not assignable, you have to either use the assignment addendum, or create your own addendum getting seller's permission to assign. I prefer customizing your own rather than the Utah one.

The rest are the standard wholesaling disclosures that all wholesalers use to protect themselves. It's a long list to put here. But if you have good wholesaling documents, they will be in there.

Jeff