All Forum Posts by: Nick Brown

Do I care about comps when analyzing a rental property for cash flow? Other than determining the ARV to see how much built-in-equity I have, do I really care about comps on a longer-term buy and hold cashflow play?

Thanks!

Specifically asking for the South Jersey market. It's my understanding the NJ Realtor's contract is not assignable.

Any info/documents you can share will be greatly appreciated.

Thanks

Hi all,

Quick question - in the Fort Lauderdale market, what return would you need to see from a rental property if you were paying all cash for it?

Reason for the question is because I have a potential wholesale deal pending, but it does not fit the mold for a fix and flip whatsoever. Obviously in order to wholesale this I need my end buyer to pay all cash so I'm wondering what return would make that worthwhile.

Thanks,

Nick

@John Thedford thanks for the input on the statute, John. Wouldn't you still be okay however if you put up a legitimate EMD and after the contract was signed you only marketed the contract as a vendee?

Thanks @Stephen Chatto@Josh C.. So normally, in a wholesale transaction, you will use your LLC on the P&S agreement, then sign by you personally (giving an appropriate EMD), and then you will assign to an end buyer. And because you gave a real EMD and were transparent with the seller in the beginning, you are able to sleep at night :)

Thanks @Account Closed. I will be assigning the P&S agreement to an end cash buyer before closing. I will not be purchasing the property. I definitely will be consulting an NJ attorney. The reason for the post is that if I get a property under contract and for whatever reason I am unable to find an end buyer, etc. and have to back out of the deal, I don't want to be personally liable for anything in the event the seller gets angry and files a suit.

Thanks @Ned Carey. So does using the LLC but signing with my name add any real level of security/liability protection - or would the LLC most likely be pierced in the event of a lawsuit?

Hi all - when getting a property under contract for a wholesale deal, is it permissible to put "my llc company name" "and/or assigns" etc.... and then have the end buyer sign the assignment contract?

In other words can I get properties under contract/assign them using my LLC without actually selling the LLC? Or would it be better to set up an s/c-corp? I'm looking for a way to not have my name personally on the P&S agreement, while also not having to sell the entity every single time I complete a transaction.

I obviously have plans to sit down with an attorney, but figured I would gauge the forums as well. Thanks in advance.

Thanks @Account Closed. How many deals would you say close per month?

Hi all - I'm wondering how long it took you to set up your wholesaling business to the point where you were churning out deals consistently. How many deals/profit in year 1, year 2, etc? And if you got to the point/how long it took to automate your wholesaling business.

Thanks!