All Forum Posts by: Joseph Ziolkowski

.... :)

I gotcha. That's interesting. I think it's false, but interesting just the same. I really don't see why it would be illegal. No one is getting hurt. You are facilitating a transaction that may not have happened otherwise. The seller is better off, the buyer is better off...
I would pose this to the attorney. Say that you were in the exact same business, but instead of assigning the contract, you actually bought the house and sold it again in 2 weeks, netting the exact same result (plus an extra set of closing costs, transfer taxes, etc.) and you did it over and over again? Would that be illegal too? Same exact result everytime, you know? I'm not an attorney, and I'm not sayin, I'm just sayin. :)

Congrats Jaime! Man, that's great that you did it with no money! It really is motivating to hear this kind of thing. It helps more than you might think! I hope you get a bunch more and write about every one.

If we're going strictly on principle here, then yeah, you're totally right about that J Scott. Thing is, whether we're being a bully in a given country depends on who you ask. If you ask the people we helped, nah, we're the good guys. If you asked the people that were in charge, we're the bully. If you ask the people that were brainwashed by the people in charge, we were the bully.
I'm just sayin. However, I'm not saying that we are entirely a bastion of goodness and light. I do understand that greed and national interest has played a part in some of the decisions our illustrious govenment has made. And when politicians on the right or the left make that kind of decision, and it hurts people either here or abroad, i want to grab them by the scruff of their neck, and toss them out onto the street until they realize what an honor it is to SERVE the people of this country. I think they may have forgotten that...

No problem Ken :) That's what it's all about here. People helping people. The way it should be! That being said, if you need help with anything, just ask, and then pay it forward down the road.

Wow, good thread! I agree with Eddie to a point. But with Steph too. What I mean is that personal responsibility is key. Sure, an experienced buyer should and must do their own homework and be responsible for their own financial well being. If they are a successful real estate investor, it almost goes without saying that they live and die by that credo anyhow.
But the wholesaler must also be responsible for their end of it too. New wholesalers, You are in BUSINESS providing a SERVICE for which you are paid. If you expect a cut of an investor's action you must bring comensurate value to the deal. If you don't, why on earth should they pay you? Everyone is responsible for their own action, and their own fortune. Not someone else's. Yay freedom, yay capitalism!

Hey Greg,
As a disclaimer I am NOT an attorney, nor am I licensed to practice law in MN, but I'd say this character does not have his facts straight. In wholesaling, as you know, you become a principle in the transaction. Period. Whether each individual contract is assignable is between you and the seller. That's it. Assigning a contract is perfectly legal. It's not a mainstream strategy, and so it may make some people nervous, but don't let some atty that may never have done a deal in his/her life tell you that there's anything wrong with that.
Now as far as the 4 or 5 deal thing goes, I know that Fannie Mae (i think) will only allow you to get a personal note on 4 houses at a stretch since the big meltdown, but there are a gazillion ways around that, and it doesn't concern a wholesaler regardless.
If there are any penalties to be paid, it's in the form of taxes... but a good CPA familiar with the game can probably help you out of some of that as well. Hope it helps!

Howdy investqr! Welcome to the forums, and definitely good luck getting that place sold and making some cash! If you've been lurking, you surely know already what a great resource this site is. Any questions, just ask. People here are really good about helping out. Might we know your name? :D

Thanks Eddie, just did it!

Welcome aboard James! I'm a Chicagoland wholesaler myself. Is it me, or does there not seem to be too many of us around these parts... :D This really is the best real estate networking site I've been a part of. The info I've gotten here has been more helpful in some cases than a $1000 course. Good luck man. Hit me up if there's anything I can do to help.