All Forum Posts by: Moises Carlos

Call your local association.  THey will tell you. 

So if all he is is a licensed broker, you can hang your license with him. Just log onto your BRE account and find him and assign your license to him. You don't need a company or anything for RE purposes. If you do want to form a company, do a C corp and then convert it to an S corp for pass through treatment. THe Cal BRE does not accept LLC or partnerships as brokers. Next you want to join NAR, CAR and a local board to have access to an MLS and zipforms (to write offers). That's about all you really need to get going. Submit good offers and you will get responses.

So you are netting 295 per month?  THat's $3500 a year and yo only put down $2700.  You get all your money back in one year!  Yeah, that's great.  

I've done something similar. My clients needed to get out of their home as they has already rented another property. We knew the FMV of thier home currently. I agreed to guarantee their net based on the FMV minus closing costs and take over their payments, utilities, etc. We then rehabbed the property and sold it for about 50,000 more than the original FMV. When we closed, we settled out the bills and they cut me a check after the adjustments and their guaranteed net. They did not share in the profits. However you work out the details is great but my advise is to be specific about what you will give them. An elderly women may not want to fuss with share of the profits. Just figure out a clean number and tell them you take on the rest of the risk. You can protect yourself by either having a valid contract to purchase the property at that price and/or a memorandum of agreement that can be recorded on the property. Consult an attorney with the pluses and minuses of using either of these. Good luck.