All Forum Posts by: Vincent Incopero

@Andrii Okipnyi feel free to contact me directly.  I can assist. 

Karl, 

It's sounds like you are assuming all of the risk for half of the profits. Imo, fifty percent seems generous. Calculate the amount you would pay in commissions on the flip sale and that's essentially his contribution. The seller foots all of the costs associated with the Realtors, so finding the place is something any realtor would be interested in assisting you with. I don't want to diminish the value of a group of reliable contractors but you can ask around here and have names in a few short hours. Lastly, as a realtor and an attorney who focuses on real estate I can assure you that the Seller's attorney, NOT THE REALTOR, who has any role with the title company. 

Bottom line is you have all of the downside risk, experience has value as does a license, but 50%?!?! 

I'd start low, seeing as you can always increase and based that percentage on the actual contributions of the partner. 

50/50 should require that your partner have some additional skin in the game imo. 

@Jack Taylor  All of the disclosures, corresponding pamphlets and the 6.1 Contract (the most widely used RE Contract) can be found here.  FSBO Forms - Jack Taylor

If you have specific questions regarding the completion of the disclosures, the execution of the contract or dealing with a buyer who has a Realtor, feel free to PM/email me.  

@Jason Deck - Feel free to PM me or call and I can answer any specific questions you may have over the phone. IMO I think it would make most sense to establish a series LLC to minimize/control the annual costs associated with safeguarding your holdings. You can separately establish a trust that is the member (actual owner) of the individual series to add a second layer of asset protection.

@Bill Gulley

IL Lawyer Search - Apparently direct links don't work.  You'll have to type my last name yourself

@Bill Gulley

See my Credentials

@Bill Gulley@Eric M.

This is genuine, I explained everything in the body of the offer for the skeptics, naysayers and gurus. Complete transparency from the outset and throughout.  It was an offer to create an IL sticky, a local how to/what is guide. 

No marketing, just accurate concise, specific information from licensed professionals. Third party marketing was the impetus, its pretty rampant and effective, especially when @Rickie Responder has a license attached to their name.

Something for nothing really is worth nothing, and judging by the responses, nothing would be better than something useful, current and vetted.  Funny thing is, other licensed professionals, whom I called to contribute in kind, expressed similar interest in providing content and acknowledged the void this could fill... 

ATTENTION ALL MEMBERS of the BP CHICAGO METRO AREA:

I WANT TO PROVIDE IL SPECIFIC CONTENT IN ONE EASY TO FIND PLACE & I NEED YOUR HELP TO DO IT.  IF YOU ARE TRULY INTERESTED IN RAISING THE QUALITY OF THIS SITE AND YOUR INDIVIDUAL COMPETENCY, YOU WILL CONTINUE READING THIS PASSIONATE PLEA.

After spending may hours searching the various forums within the BP site at large and reading thousands of questions and the fifteen thousand answers given in response, I noticed an overwhelming trend:

QUESTIONS GET REPEATED OVER & OVER & OVER & OVER and the answers that follow are either:

A. Misleading and/or Wrong OR

B. Provided by contributors that lack expertise in the field they are responding on.

Think about how many times Rickie Responder simply says "Contact Joe 6 pack at Unknown Inc. and tell them I sent you."  Do you really need to tell Outsider Inc. that @Rickie Responder sent you - WTF is that all about?? 

It's difficult for me to see how that response is any different than a paid advertisement for Outsider Inc. Moreover, while I understand the value of a referral, Outsider Inc. has done nothing for the BP community at large and has no body of work that you can look back at to verify that Outsider Inc. is actually qualified/experienced/tested.

SO HERE'S MY SOLUTION, MY OFFER AND MY HAND (for those of you are suspicious of my questioning of @Rickie Responder above):

I WILL CREATE CONTENT MONTHLY (comparisons, how to's, guides, checklists etc.) THAT ADDRESSES SPECIFIC ILLINOIS LEGAL ISSUES.  I WILL POST IT WITHIN THIS CHICAGO AREA SO ITS EASY TO FIND AND UPDATE IT BASED ON READER SUGGESTIONS AND CHANGES THAT AFFECT THE SUBJECT MATTER.  THEREAFTER, ONCE IT HAS BEEN BP TESTED, I WILL POST THAT SAME CONTENT OUTSIDE BP FOR THE BENEFIT OF MY CLIENTS.

With any luck, professionals in other disciplines will take it upon themselves to do the same (CPA's, lenders, inspectors/contractors, appraisers maybe even some @Rickie Responder's that have more to say than "Welcome to BP; can I make some money off of you).

THIS COULD BE GREAT FOR EVERYONE, BUT IT STARTS WITH YOU, ESPECIALLY YOU TOP CONTRIBUTORS/GURUS/LEGENDS.  I CHALLENGE YOU TO PUT ME TO WORK, VET ME AND ELEVATE THE COMMUNITY AT LARGE BY DOING SO.  3 - 2 - 1... BRING IT @?(YOU KNOW WHO YOU ARE)

@Account Closed

The question sounds like the chicken or egg debate.  You will probably need both an attorney and a title company.  

An attorney, like myself, will prepare an assignment for you that ensures you have a right to be compensated for your efforts.  However, in order to turn that piece of paper into gold, you will need a Title Company to perform the services required to transfer ownership and clean title to the property to the purchaser.  If you are looking for more information, feel free to contact me.  I worked at a Chicago Title for a few years before going out on my own as an attorney.  I would be happy to assist you. 

@Kenneth Lee If you don't mind clarifying, can you please explain the course of events a little better.  Namely, did you bid at an auction or did you make an offer through a realtor or other medium.   Are you simply waiting for the physical recorded deed to be in your possession or have you not yet closed?  With a little more information I can tell you what is to come and where you currently stand.