All Forum Posts by: Darrie W. Bennett

Mark -

   i would tell him everything about the 1031. Let him know he can, as I call it, "Swap Until You Drop" and defer the capital gains tax forever. Also, that his kids can inherit his property at a stepped up basis to benefit them.

  You can have him as a client as he exchanges himself to financial security. Besides, eventually he will find out about exchanges and wonder why you never told him about it. 

@Derek -

I just watched the Interactive website video. When I googled the same I found your discussion here in Bigger Pockets. Now that it is 2 1/2 yrs later, I am wondering if you ever signed up with them.  It sounds good to me. I am just getting started in wholesaling. I have a website with Vista Print now; but of course it wasn't designed for R.E. Investors.

Please let me know what you did.

Thanks,

Darrie

@Jason -

  I heard the radio ad and went to the Free Seminar ... I was the first one to sign up for the $197 3-day seminar. I went for 2 days and didn't go to the last day.  The end of the second day, they wanted $15,000 for the course. I passed it up. A few days later, I got a phone call lowering it to $10,000 with a 3 part payment plan. After talking with the rep. he was going to do a 3-Way with than Merrill and us; IF I was ready to charge the $10,000. I said, "You want me to pay before I read the Contract" ... he said, "What Contract"?. 

Bottom Line ... the $197 3-day seminar was well worth it to me. That was the first time I heard of Wholesaling; and wholesaling is just what I need. So I started looking for a Wholesaling program offered by a GURU ... Thank the Lord I came across Bigger Pockets first. Everyone is here and didn't cost me $15,000. By the way ... you can buy the Fortune Builders Program on-line for about $1,500 I think ... not sure about the price.

@ Andrew -

Again, Point well taken. I haven't met many who know what like-for-like really is. But in fairness, 1031 Exchanges have not always been the topic of conversation either. In fact, since I read your first response I am now considering not referring exchanges to an exchange co.; but instead, doing them myself. I was part of a webinar on Exchange Basics recently and scheduled for two more ... on Reverse/Construction Exchanges and one on Advanced Concepts of Exchanges. I truly believe in the benefit of exchanges in the real estate investment plan; and I'm the kind of broker used to detail work, meeting deadlines, creating business systems, etc.

Bottom Line ... Thanks to your response and sharing of information, I has just decided to tweek my business a little more.

Thanks !

Question ?  ...  I know very little about qualifying to do one. I remember something about bonding, escrow accounts, holding title temporarily ... I don't know, but I will look into it. Maybe I will just increase my knowledge about, and still use an outside company.

@Andrew Point well taken; but your "Feeling" is wrong.

Inc. & Grow Rich by C.W. Allen ISBN # 0-9671871-0-9

CashFlow Quadrant by Robert Kiyosaki

Thick face / Black Heart by Chin-Ning Chu ISBN # 0-929638-28-1  ... this one will change your life.

The Art of War by Sun Tzu

Not a book; but I suggest you learn to play Chess !! 

@ Melissa -

   Welcome ! Look into becoming incorporated ... check this out "Inc. & Grow Rich" by C.W. Allen. ISBN # 0-9671871-0-9. I suggest using a exchange co. like Exeter above. Exchanges are too important to let a real estate agent guide you through. ... Keep exchanging and deferring taxes until you die. Otherwords ... SWAP until you DROP! ...  Then when you ( potential kids ) inherit the property, they avoid paying the deferred taxes because the get the property based its current basis; then can SWAP until they DROP!  I believe I am correct. 

@DJ -

One more thing. I suggest you look into becoming incorporated. Check out this book ... Inc. & Grow Rich ! by C.W. Allen  ISBN # 0-9671871-0-9

Laura hit it right on the head! Take her advice. I would add that you get your broker's license A.S.A.P.  ... you can still get your experience with a good firm and have your broker license in your back pocket. ( Or back BIGGERPOCKET ).

There is nothing better than sitting in the "Captain's Chair".

That is what I did :-)

@ Ray Eason

Ray -

  After reading your post on July 20th, I called the C.A.R. Hotline and spoke to a Real Estate Attorney about wholesaling. I am an incorporated Real Estate Broker and wanted to know if my wholesaling activities could be interpreted as taking a "Net" listing from a seller.

   I was told I could Wholesale some deals and take a regular Listing sometimes, with no problem as long as i do the following:

As a Wholesaler

   * Disclose Everything in writing to Seller & Investor.

   * State I am not acting as an agent for the Seller or Buyer.

   * I intend on assigning the Purchase Contract to an Investor.

   * The amount of the Assignment Fee.

Hope this helps ...

Darrie