All Forum Posts by: Logan Hicks

@Bill HamiltonDefinitely good advice here. I actually opened a secured credit card a while ago, and increased the credit line to 12.5k, which is pretty ridiculous according to most bankers. 

I havent missed a payment for a year, got several small secured loans (secured by cash) and other smallish loans (secured by collateral).

I still only have a 580s to 610s range though. Paying off my last two collections this week, or early next week, and Im hoping my score will reflect a noticeable increase after that. 

Mostly I think its due to my payment history, which is in the 80s and 90% PoT range. Secured lines are slowly increasing this, and as time goes on and my missed payments are falling off into the beyond 2 years range, its going up, I just wish I knew of better ways to do it faster.

At this point I dont really care what it costs, the amount of opportunities, and the value of those opportunities are costing me millions at this point, so if there was a magic button to mash, please, by all means, show the way.

Microsoft Project is a fantastic software for this. It can be easily made cloud based, and you can get a Microsoft MSDN license as a business for very cheap, and get steep discounts.

IMO, I wouldnt try it. 

The whole point of wholesale of any industry is to sell in volume, and sell at a substantial discount, which leaves margin for others to profit, thus building a distributor model.

The problem with that and real estate, and the MLS system, is MLS tries to get the seller the highest value possible, which contradicts the core concept of wholesale.

I think the only way this would work is with banks, and they will probably want the whole saler, and the agent to be one in the same for their convenience, which you have, which is advantageous to you. 

Stop in at a local bank, and ask. Worst they say is no.

This is why you LLC to a C Corp to an LLC.

This makes it damn near impossible to be sued as the overall owner, and gives substantial protections to the property management company.

Id have to agree, normally having insurance as a business is a must, but in RE, its mostly a waste.

Multi million dollar claims only usually arise in conditions of gross negligence linked directly to the owner at no fault of the deceased.

So unless youre a slum lord, you have a good chance of being just fine. Put away 7.5% of your income as your own pool of "insurance".

Hi Connie, Id definitely be interested in talking to you in more depth on your note buying. Ill private message you.

@Jeff ParkinIm actually in the Baltimore area Jeff, and its one of my primary purchasing areas. Im more than happy to work with other investors to purchase properties, especially since there are so many to buy. Baltimore is practically drowning in opportunity, if you live in the area, and know it well enough.

As for detroit, its not worth the propane Id use to torch the houses to the ground. Definitely avoid it in my opinion.

@Brent Coombs Why would I show up to court? I didnt do anything wrong.

On top of that, the only person that can be deemed at fault would be the foreign individual, who cant be penalized, because enforcibility is limited to the borders of the state by the state courts, and can only be raised by additional pursuits to the federal level at best.

Even at the federal level, they cant seize assets, they cant seize funds, or lien property unless its owned by the foreigner, and they cant arrest anyone, because no crime was commited by the other 3 parties.

The absolute most they could attempt to do is maybe attempt to pursue the judgement in a foreign court, who doesnt have to legally honor the foreign judgement, and they probably wont. On top of that, collection efforts will almost always be placed on the burden of the US Federal or state courts, who outsource to local US based debt collectors, who dont possess the means to collect debts in foreign countries. Maybe call and annoy them maybe, at best, but then US collections laws apply to the US collection companies, complicating their collections efforts substantially. Humorously enough, this could actually lead to counter suits for collections practices violations, and end up getting the states and/or collections agencies sued and/or fined.

If you talk to most collections companies, they wont even attempt to collect foreign debts.

I use ringcentral, and it works wonders for me. Thats what I would suggest. Its a cloud based PBX service, plus its fully scalable. It will work well for you.

Numbers game people.

Cost of doing business is what this is.

Take HSBC for example. During the major campaign to force Iran from building a nuclear facility capable of enriching uranium, we placed a financial embargo on them.

HSBC was caught moving money for Iran at a steep markup of 5-8%.

The total moved money ranged in the billions.

US government fined them a few million dollars in penalties. No arrests made.

TL;DR, play dumb, pay the fine. Rinse, Lather, Repeat.

Ill pay fines all day as long as theres no criminal penalty associated with it.

If I can make 1 million dollars on a bulk wholesale, and only be fined up to 50k for gettng caught, but its completely illegal as an agent, Im more than happy to play the scooby Doo. 

Also, Non-US citizens cant have civil judgements deemed against them on the local level, as US courts dont hold jurisdiction on foreign non-citizen individuals in foreign countries. Can a judgement be ruled in the US? Sure. But creditors have no authority to collect on that judgement in the country of the foreign individual.

Orchestration of the sell of real estate isnt punishable by any courts, regardless of license status. Theres also no such thing as conspiracy to commit the distribution of real estate.

Only the attempt to sell the property directly by acting as an agent or broker is.

However, its not illegal or in civil violation for one individual to make a specific sign, a separate individual to post a said sign at a location, and for a foreign individuals information to be on the said sign. The fourth person is simply there to unlock the door and walk through the house with you.

Collectively, you accomplish the exact same objective, the key difference is you do it outside of the enforcement jurisdiction of the local, state, and federal authority. 

Sometimes you gotta play dirty to get ahead ;)

have you actually sold your site yet?