OfflineOK so here i am ready to hit the ground runny as an real estate investor i've been wanting for this for so long, but had some personal setbacks i had to deal with. Thank the Lord the skies are clear now i can live my dreams> Y'all i breath-sleep and dream about this business venture i want this with everything in me.I've started giving out business cards,i have all my flyers printed up, Bandit signs ready, Over ten serious buyers, Real Estate agent in place,CPA in place, Attorney in place.Etc! So here is the problem i took the purchase aggreement to my attorney for her to look it over to make sure i have all the protection(contingence)in place plus and or assign so i can start locking my deals on contract. Everything was going great! The she said "HEY" according to the Brokerage law you might be in Violations!Because you're acting or doing the duties of an agent in regards of locking up the property on contract and then trying to sell or market the contract/propery to multiple investors to see which one wants it, so that action would put me in the seat of an agent and that would be in violations since you dont have a license. Im doing exactly what dean teaches in doing assignment deals am i missing something why i am being told this?? I feel i could cry right now, because im so ready to go. Please this is inportant so if you're not sure on the topic dont give advice. Thanks for your help!
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
YOU are NOT selling the property, just assigning your position in the contract for a fee.
BTW, I'm NOT a REA or advisor of DG site, but should be on the payroll!lol
Mike
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
When you are following Dean's system you are investing in real estate for your own benefit. You are allowed to do this. What you cannot do is list or market a property for someone or act as an agent for a buyer. A real estate agent license is required to do that. What you are doing is legal. I am not an attorney but I know this to be true. Hope that helps.
lol at Mike! Thanks! I feel better she just gave me a scare and the reason why because she's an attorney. I appreciate the insite.
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
No worries!! Is this a RE Attorney?
There are no laws that prevent you from assigning a contract as long as the purchase agreement is signed by you including the verbiage, "and or assigns" after your name. You are right...This is exactly what Dean teaches and what many of his students, (including us)are doing. I would suggest another attorney.
Stick with it, you are on the right track. Don't lose your enthusiasm...it's GREAT!!
Take care!
Julie Wakefield
John and Julie Wakefield
JCW Properties, LLC
THanks Coach! I figured i wasnt wrong but the things she was saying just throw me for the loop!!!! I thank God for this site cause i tell you people can sure do knock the wind out of your dreams sometime if you let them.
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
It's important to maintain your positive energy and not let people bring you down. Some of the most important coaching we do is to get people re energized and thinking positively. Don't ever let the people who try to bring you down succeed! Keep moving forward.
Thanks Julie This is great! i appreciate the great advice.... I will persist without exception!
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
Your attorney should know better. I'm sorry that you got a scare like that from your attorney. This is typical from an agent who is not familiar with investing or wholesaling. You are on the right path. Keep moving forward.
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
This site is bombarded day in and day out with RE Agents, Brokers, and RealTORs who fraudulently misquote the law to scare away newbie investors. Never ONCE have I ever heard of an attorney doing this. Until now. It is completely wrong, and any law student with more than 2 years of law school knows it. If you were actually considering having this "person" represent you - STOP. They don't know what they're doing or talking about, and that's NOT who you want defending you in court. Lose this "lawyer" IMMEDIATELY. I hope you do - best of luck...
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
your wording. If you describe what you're doing like this: a person who finds people that need to sell their home, determines how much $ the seller will accept, and then finds a buyer for that property; you basically just described the main duties of a Realtor/REA. A lot (I try not to say most cuz we aren't all close-minded) of people in the business will stop listening after that point because it does sound as if you are attempting to get around the laws.
In reality, what you are doing is
1) finding a good deal
2) getting the seller to agree to give you the deal, and then
3) finding someone else willing to give you more $ than you're giving the seller, so THEY can take over the great deal.
It doesnt matter whether the "deal" is a house, or a can of green beans; you have a legally binding agreement that says that can of beans is yours (once you pay for it) unless you choose to sell your right to buy the beans to somebody else. You are not selling the beans, your selling your right to buy the beans. Make sense? Hmmm now I want some green beans lol
You are not representing the property owner or the end buyer. As long as you make it clear to everyone involved that you are not, and are not claiming to be, a real estate agent, and you do not claim to represent either side of the transaction, you are not violating any laws.
Sorry to be so long-winded, hope my info helps. Good luck girl!!
Monica
Skeptic, turned hopeful, turned determined!
You will NEVER succeed if you don't try.
we love detailed answers here. using green beans really puts it in perspective for some because it doesnt matter if its real estate or green beans. you can assign the contract. just get a new lawyer that does real estate closings. you wouldnt want a real estate lawyer representing you if you were on trial for murder. so find you a real estate lawyer. ive heard some say this isnt even real estate law its more CONTRACT law. IM NOT A LAWYER nor do i play one on tv lol.... just my .02.
best of luck and happy investing,
WALT
p. s. keep that enthusiasm don't let that go anywhere........