All Forum Posts by: Ray Eason

 @Steven Johnson

That's good to  hear and refreshing as well.

It's hard to think a person starting out would be educating so called "Pro's" about doing their jobs and business. But I completely understand.

What do you mean buy not bringing money to the table for transactional funding?

I have not closed on my first deal yet, but was thinking for starters, I would do a simple wholesale deal, get learned and then do a double close after.

But if doing a double is just as simple... What's your process for double closings?

 @Ned Carey

Maybe it's part of OUR learning process.

Reaffirming, to us, that we know what we are doing. While making us that more passionate about our personal and financial choices.

Or maybe they are just workers, realizing they are working for the rich and, subconsciously, don't like it. :)

Thanks for the feedback Ned.

 @Ned Carey

Ned, makes alot of sense. Thanks for the feedback.

I'm learning really fast in this business. So far, I love it. Even though some of these guys get me hot under the collar.

 @Sean Brooks

Well for the most part, their lawyers have been fine for other matters.

It's been the RE Investing they are not working with me on. And they want to get crappy about it. One guy told me, "I'm not going to argue with you...".

I thought "I'd hope not, I'm the customer!"

And yes, I have some contracts and forms that I have and wanted them to review but I guess it's safer to go somewhere else (someone that actually believes and understands what I am doing and want to do).

I'm not against getting my license but right now, I just want to assign some contracts and wholesale/quickturn some properties.

Thanks for the feedback.

 @Steven Johnson

I've talked to a few more than the PPL guys. I just figured I could get them to review my docs under my current service with them. I've actually made contact with a RE Attorney who was referred to me through another investor.

I just find it odd that these guys at PPL feel and think this way. I mean, are they partially right? Granted, I know lots of people are doing Wholesaling and are successful and doubt they would be doing it if there were the slightest chance of being help liable legally.

Hello and good day.

Does anyone know why Prepaid legal is not a good option for Real Estate Investors who are Wholesaling/Assigning Contracts in California?

I have been on the phone with 2 of their Real Estate Attorneys and both are telling me that I have to have a license (which I know I don't) in order to do Investing in California.

Why do they not understand this practice?

Or are they partially right and that if someone attempts to sue me, the DA will ask if I have a license and pursue legal actions if I don't?

I simply wanted them to review some contracts for use in the state of california but I cant trust their ability to do the right job if they don't believe in what I am doing is legal.

The only reason I have called them twice is because I have service with them and want my Real Estate documents reviewed.

Why are they so difficult? :(

@Jonathan Wilks

Yes. I definitely agree.

Just out of curiosity, do you have a legal entity setup?

If so, what kind?

 @David C

David,

Yes, I agree. So I am wondering if I should simply put "Contact Assignment" or something like that. 

From what I understand, I should have the S-Corp Election. But I didn't see that on the site. I'm going to call LegalZoom about this.

Thanks for reminding me :)

Hello and good day.

I am in the process of getting some properties under contract and wholesale/quickturning those properties to my cash buyers and need to setup a California based LLC.

I am using Legalzoom. There is a question on the form that I am not sure how to answer.

It wants to know "Which of the following best describes your real estate business?"

The option i initially selected was "Selling property for others".

But as a wholesaler, I am not selling the property, I am selling the contact to my cash buyers. There is an option to select "OTHER". If I select OTHER what should I enter here?

Or does it matter and I can simply say I am "Selling property for others".

Any input or feedback would be appreciated.

FYI: I am picking the Gold Express package because it comes with the FREE PR Service to help promote my business. Plus it has some other benefits.

Thanks!

@David Bateman

Thanks David. How do I find his podcast? I went to the Learn section and clicked on podcasts. What's the best way to find him?