All Forum Posts by: Jenny Pena

Welcome to the forums!!  

I admit that there has been sketchy situations, my opinion is as with anything, due diligence is key. Wholesaling's purpose is to provide a burdened property owner with a compensated exit strategy. I do feel that it is good practice to disclose to the seller that wholesaling the property may be in the plan, and that there will be a profit involved. Wholesalers do work. They invest their time, they market, they network, they do put money into making deals happen, just not in conventional ways. I will agree that no EMD is bogus and unlawful.... I would have to argue that the seller would then have recourse because the contract was not valid without EMD.

Just re-read my post and wanted to include that I decided not to become licensed.  Did not want the fact that I took the classes to cause any confusion.

Also, @Brandon Sturgill , I am curious to know why you view assignments as unprofessional?  Is it not similar to banks selling a mortgage note?  They are essentially assigning their interest in a property to another financial institution.

Another example to illustrate could be car dealerships, when we "Trade In" our car, we are essentially accepting very low compensation for our property (car) with the knowledge that the car dealership will sell it on the "used" market and most likely realize a profit.  When we sign our auto title over to the dealership and that dealership then assigns it over to one of their used lots, it becomes a very similar comparison and is widely accepted as a "professional" business model.

JMHO

Although I took my classes over 10 years ago in the state of NH, I remember that licensed agents have a fiduciary responsibility to those who they work on behalf of..... that being said, I would think, it would be necessary to disclose to a seller in a potential wholesale deal, that although you are a real estate agent, that you would not be "Listing" their property or providing any services that would bind you to a fiduciary responsibility to them (or receiving a commission from either party) when attempting to make an investing transaction with them.  If you decide to wholesale a property, I would explain the process, as well as your role, and include a disclosure that frees you from any responsibility to represent the seller.  

Don't know if this is correct or makes sense, as I said, it was a long time ago when I learned about agency and agent ethics.  This may also vary from state to state.  I just think that many people who are not well versed in real estate may mistakenly think that if you are licensed that it somehow prevents you from being personally involved it the transaction of the property and expect you to work in their best interest.  

Oow almost forgot, Thank you @Guy Gimenez , I appreciate your input and positive feedback! 

You just said the *MAGIC WORDS* @Justin Silverio     LOL

We are very close geographically.  I will PM you regarding more.

Ouch!!  If that is the ratio, then I'll probably be sticking to some more "grass-root" approaches until I have a more reliable funnel.  I'm not opposed to spending money on lead generation, an I know I will be beating the pavement hardcore until I can delegate (aka: pay for) work to get done, but I'd rather be the Tortoise not the Hare!

Thanks for the heads up @Justin Silverio 

I've been toying with alot of project management applications to find one that I feel can be integrated well with the processes I will be creating, what I found with Podio, that I haven't with others I have tried, it that there are already a few real estate "apps" (templates basically) that other users have created and uploaded for free use.  This has given a good starting point for structuring the program to my needs/desires without having to do everything from scratch.  I also like how it can integrate with Zapier to capture leads from social media, web forms, email, etc.  

So Far, so good..... We'll see how long it takes before this application gets "Hired or Fired" by me.  

Good Luck in your pursuits!!

Thank you all so much for your responses.  I will definitely me utilizing the driving for $ model as well, I am looking to create multiple streams of lead generation.... Gotta fill that funnel, right?! 

And Thank you again @Justin Silverio , between your blog, fast response, and being so local, you are a great resource.  

Thanks for the quick response @Justin Silverio .  I am in preliminary talks with an attorney who is willing to trade some services like reviewing contracts and other business needs with the understanding that I bring in closings on the deals I construct.  My concern is that if I am wholesaling (which is my focus to start) I may not have the ability to influence who the deal closes with, in which case, where is my value to this attorney?  I don't want to fall short on expectations in any business relationship, especially one that holds such potential value.  

If I am only assigning the contract, and the buyer has his own closing attorney (which will most likely be the norm) then, I'm essentially of no value to the attorney I'm in discussions with, correct?