All Forum Posts by: Rick Pozos

Even with a small amount you can lend to others. If you have 10k or 15k you might be able to lend to someone you know who is in the real estate game who might need a little help to finish a project or needs a little cash for a sub-to deal. It would be a 2nd position, but if you know and trust the person then there should be no issues.

Welcome Jonathan,

There is a bunch of info here. Podcasts are great, articles are great, people are great. Connect with some people here in SA and get to know them. 

Get involved in a real estate group. Also a great way to meet others in your shoes and some that are a little farther along.

Think seriously about rolling over the$$$ when leaving an employer. If you move it to a SD plan you can always lend it to others and learn more about RE investing through them and how they rehabbed or did their deal. You can learn AND make some money at the same time.

I have changed jobs a couple of times and several months later when the money is gone, I wished I would have rolled it over.

Hi @Veronica Martinez 

Welcome, welcome, welcome. I have a few rental properties that my wife and I co-manage, well, mostly she manages. If you have any questions or issues that come up, please call, text or email anytime.

rick

In the very recent past I have bid on a few. I bid several thousand over the asking price. Did not get any.  Prices are going way higher than asking. People are bidding about 80-90% of retail price. They are usually in need of some work. Which makes them WAY over priced. If I was an agent, I would probably not want to bid on any for a buyer unless he was crazy and willing to pay almost retail and still have to put in 20% of the price for repairs. 

That is just what I have seen over here lately. 

Welcome @Kalifa Lettine, @Drew S. and all the other people interested in real estate in San Antonio, TX. THis is a great place to get some great information.

Two big groups that meet throughout the month: Alamo Investors Assn, San Antonio Real Estate Investor Assn. You can google them for specific info.  There are also a number of small groups that meet all around town.  I am also going to start a small group that meets the first Wednesday of the month, but still looking for a place to have it. Will let you know soon.

If you have any questions that need quick answers, you can always email, text or call me.

@Jay Hinrichs

 I have yet to see any state or federal law that states that it is illegal to contract a property and then at a later date sell your contract. If you can find it, I will retract my statement with full apology. As I have said many times, I am NOT an attorney.

I will agree that MANY wholesalers do what you said about "tie it up and then go to craigslist to sell it".  That is SOOOOO wrong.  I also hate when wholesalers do this. It makes sellers mad beyond belief.

I only contract a property when I know that it is a good deal. I am marketing all of the time, so when a deal comes to me and I already have a rehab or two going (I am not that big that I can do too many things at once) I am NOT going to walk away from making money. This is when I will make a couple of phone calls( I DO NOT use craigslist to wholesale properties) to sell that contract.

I am really sorry that some wholesalers do not perform. It is sad.  You have to know your market and you have to know 100% that you have a good deal that someone will be willing to purchase from you.  If you are not sure, do not get it under contract. 

@Dan Dwyer yes, if it is on MLS and you have a contract or an option and a contract the house is off the market. That is why Jay gets mad when you have a contract with no intentions of closing. It will be off the market for a week and he just lost all possibility of selling it for that week.

I am sorry for upsetting Jay. 

I usually do not work with Realtors though on the buying side, and it is because they are accustomed to working with only the seller and buyer in a transaction.  It is not common in their world to deal with assinments and wholesalers. Nothing bad about Realtors. I love Realtors.

It is NOT illegal anywhere!!

You have to be the buyer in the contract. After you have a contract, you can do whatever you want with the contract unless there is wording in the contract that legally prohibits you from assigning. 

If someone asks why I put "and/or assigns" after my name, I let them know that title will be taken in an LLC and I am not sure which one right now(complete truth, I dont know who will buy the contract from me yet), but it will not be in my name personally. I let them know that if there is any issue whatsoever, please have their attorney review the contract and call me if there are any questions. I NEVER, NEVER, NEVER say that I am going to wholesale the property, just that the title will be taken in the name of an LLC. Also, I never say that it is MY LLC, just that title will be taken in an LLC. Right after I have a contract I execute an assignment contract with the end buyer. Get that assignment to the title company so that they know what is going on.

I have to agree. If you want a realtor, pay the 5 or 6%. If you want to save the 6%, then sell it yourself on craigslist.

Pick one and go with it.