All Forum Posts by: John Slater

@Christian Hernandez

First place I would start is a part time job to pay bills while you get your business up and running.

Second and could be right now is to sign up to get your license. I used licensesolutions, $80 to get your first 3 certificates done. That takes minimum 54 days to complete.

Then apply for your license, need about $500 for this, now sit back and wait 4 months for BRE to give you a test date, study hard in this time to make sure you pass first time.

Now licensed, expect to pay around $2k in fees for boards and broker etc. get the right training and get to work. Until you are licensed you can’t help a buyer, unless you work alongside a realtor. In the meantime, learn to find leads for investors… maybe that could bring a deal while you are waiting for license.

Hit me up if any questions.

@Charlie MacPherson

Thanks, I’m not a fan of wholesaling either, borders on the ethical side for me when someone has no intention to close on a property that they suggest to the seller they are buying..... was curious about the laws from an educational stand point. Thanks.

@Wayne Brooks

Got it, thanks, I was just reading that also. Is there something specific about marketing the contract versus marketing the property they makes it doable...?

@Charlie MacPherson

Does Florida real estate law says you can’t wholesale?

everything I read says you can, but do it properly to avoid getting in trouble...

Hi David... definitely need a tax person to answer that question.  Not 100% certain from a mortgage perspective, but if the trust deeds to property to you, the question would be whether it can be quit-claimed or grant deeded to you.  I would first start with a title rep to ask that question.  Regardless of what the mortgage broker says, its a potential title issue in the future if done wrong.  I just emailed my title rep with the question, i'll let you know what he says.  I use an attorney/CPA called mark kohler KKOS.  He's both CPA and attorney, most importantly is an investor as well.  He's expensive to chat to, but one of his guys in the office will be able to advise.

I have a some contacts in Tampa... good guys doing a lot of deals.. are you finding leads just in bradenton or?

Thats the misconception that all lenders and all loans are part of the foreclosure moratorium...  which they aren't. 

In california we are seeing an increase in 2nd loans foreclosing, sleepy seconds now coming in to play because these smaller "trust" lenders see a chance for the return if they foreclose.  

The foreclosure moratorium applies to "Federally" backed loans... fannie mae, freddie mac etc..

@Rohme Williams

Hi. I’m an investor and agent so see it from both sides.

If I’m working directly with a buyer as an investor then I don’t need to be showing a proof of funds, in fact I’ve never had a seller ask.

As an agent representing someone, I want to make sure they can close for me to submit their offer. Last thing I want to do is waste my time or reputation if a buyer failed to have ability to fund.

@Sienna Parker

Not all mobiles are considered vehicles. In fact, if it has wheels that yes it is, however the word mobile is confused with manufactured home also. In a lot of parks, if they are set on a solid foundation, and usually then bolted to the foundation, it is sold and owned as a house, whether mobile or manufactured.

It really depends on exactly what you look for.

Most mobile parks also charge space rent, some allow you to buy the land and not have to pay rent, instead it's a much lower HOA. The closer to the beach, the higher the rent usually.