All Forum Posts by: Rickey Wallace

Thanks for the info! After reading the link u posted, @Flavio Zanetti, the only thing being said there is the danger of being hit w/ the "due on sale" clause. Ppl mention having them in their LLCs but there isn't much stating when the preferred time to place a property in one. Besides, they only talk about properties under Fannie May lending conditions, never any under other guidelines or free n clear

When is the "best" time to open up an LLC? Before the first purchase? After the 1st? After acquiring several properties? Do you buy a property and then put it into an LLC or do u LLC and then buy the property?

Thanks @Mike Watkins! Good to hear. I look forward to reading it and hopefully acquiring more insight to what I've already picked up.

Oh no! I have no intention of not getting involved in the business due to books, or lack thereof. I just had no intention of reading any. I currently watch and gather notes on multiple investment strategies from the site, other sources, n from my network of friends. I'm glad for Brandon's success n his style runs nearly identical to my developing plan, we just have a differing end goal (if i'm correct.) Lots of work n planning is in my pipeline so we shall c what comes of it!

Around my neck of the woods, we have a program similar to that, sounds like word for word, but it's definitely a local thing n only 25% of urs (20k+ 😵). Our program, LHOP, places a lien for $5k that only needs to b repaid if the house isn't a primary residence anymore n the lien activates on a resale attempt. Interest free too. I would say it's best just to double check the wording to cover urself. They may not catch the renting but they will definitely catch the refinancing or the selling n the "due on sale" clause comes quick lol

I've had the horrible but great fortune of acquiring a new, and my first, RE book. My gf decided that it'd b a great gift for me for Father's Day so she went ahead n bought me this book. I showed her ONE webinar from this site n she immediately ran to make a purchase to show her appreciation. Sad cuz I was intending on being the first person (unless it happened n I am still in the dark about it) to b on a podcast, telling of my rise to passive investment success, getting to the "Famous 4", n not having an answer for questions 1 n 2 due to not reading books about RE investing or business management or some jazz. Ecstatic cuz that book she got for me...No Money Down (insert more words for title) by none other than Brandon Turner himself. No plugs needed lol Btw, b4 I get started, ¿is this actually any good? Is the information actually relevant?Preferably, any unbiased info would b much appreciated. Thanks!

Good morning! I'm not too sure on your exact area of interest for investing in Lancaster county but if u have any interest in the Lancaster city area, I can give u most of the detailed scoop about its ins n outs. I'm looking to expand my knowledge range to the outlying cities (Manheim, Lititz, Conestoga Valley, n so on n so forth) but haven't began my full research yet. Lmk if I can be of any help. Happy investing!

Thanks Brett Snodgrass ! Funny thing is I heard that same thing in a podcast I had recently listened to n I had my realtor guy give me the same speech about PA RE law. Full disclosure is the safest n most ethical way to go so I'm all for keeping everything on the up n up (not saying I wasn't beforehand lol). I plan on being that guy that no one speaks bad about, in regards to how I conduct my business, at least 😅

Lol that makes sense. I guess that's one of the reasons y realtors don't ever mention wholesaling at all. I don't mind splitting commission for like $4k when the deal only takes like 2 weeks to close. It's not my direction for business so it's like an extra cherry on top of the sundae 😄

David Alvarado yes I know about. On a good day, listings won't even get listed b4 they're sold. In a situation like that, my thoughts go to compensation for all parties. Do u think that the broker gets their share as well?

Thanks Christina R. ! That thought process was something floating in my head as well. There r many situations where netting the most money isn't what's best for seller. Speed n no more negative spikes to credit score or such might be better for them then