All Forum Posts by: Kim Mayhew

I'm new to the investing game, actually not completely new but have been away from REI for over 20 years. So I like to watch some of the presentations made by "gurus," though after doing that for awhile I find I'm growing weary of their marketing techniques. The one for this program, which requires you to sign up for a webinar at a specific day and time, is one example. I signed up, and showed up to view Cochran's presentation. These things are set up so that it seems like it is a live event, but it isn't. I was over 45 minutes into it when the power went off for a few seconds, causing my computer to reboot. I rejoined the webinar supposedly, but it started back at the beginning. Funny. And feels scammy. Hint to gurus, if you're going to play a pre-recorded presentation, just say so. Honesty goes a long way.

The bait for this particular one was some line about buying a house for $18.47.  Interesting that on the spreadsheet shown on the webinar for that particular house, that number is never mentioned.  That house was located at 61 Ernst, Dayton, OH.  He said he bought it for $1320, sold it for $4000, paid a realtor commission of $1250, his "total in" was $70 and his net profit was $2128.  Math?  $4000 sell price, less $1320 purchase, less $1250 commission equals $1430 net profit (not $2128) - not sure where the $70 came in.  And the claimed purchase for $18.47, not seeing that at all.

So, even if I were inclined to purchase a program, I think I would skip this one.

Thanks everyone for your responses, I really appreciate them. I knew this would be a state specific issue. I'll verify with attorney/title company when I'm ready to sign something, but just needed some opinions prior to setting up the business. Sounds like I'll be fine to work on my own while doing assignments, which is what I did in another state years ago. My plan is to put everything into trusts when I get to the buy and hold level, so that will be done differently I'm sure and I'll deal with that then. I have no intention to cut the spouse out of his rights to property, just want to keep his annoyance out of the day-to-day operations as much as possible.

The advice about a separate account has been taken care of for years, but is a good point as well.

Is it typical, or even desired, to do contract assignments through an LLC?

Thanks again! This is a great community!

Kim

I'm returning to REI after about 25 years out of the game. Things have changed a lot and I'm trying to get up to speed on current business methods.

My question - Do I have any legal requirement to include my spouse's signature on contracts and other documents, while operating under my name only? I will be focusing on wholesaling to start but will form a LLC later when I move on to buy and hold. At this time, I just need to know about purchasing properties in my name only.

My reason for this concern is that my spouse is 100% negative about pretty much anything in the world, and has no inclination to learn about anything financial. He's also old and I just don't have the inclination to even try to teach that old dog any new tricks. I've seen several discussions here about getting the spouse on board with investing as in a supportive role but I will not even be wasting my energy to do that. We've been married almost 30 years so by now I know which battles to pick. However, his retirement is secure and mine isn't. My business interest has always been in real estate and I'm anxious to get back into the game. He will not be involved at all unless I am forced to do so by law.

I live in NC and will be focusing my efforts in NC and nearby TN, neither of which are community property states.

Thank you for your experience and thoughts on this.

Kim