OOH. Some touchy people here.
I’m being misunderstood, big time.
When I say that some items may be illegal in some areas, it doesn’t mean that they are immoral, indecent, or scam, or anything of the sort.
Some states have differing laws on things. Flipping laws, for one, are much more strict in some areas than others, and the wording of the laws is hard for the layman to understand, and the laws are changing daily. Doesn’t mean that flipping is bad, or wrong, if legal in your area. I just don’t want to give some advice that someone make take and use, WITHOUT, checking for legality in their jurisdiction. We can advise that, but it doesn’t mean they will.
My earlier deals, before learning the laws on real estate in my area, may not have been done entirely by the proper process, as I had received erroneous info from other ‘investors’ who belonged to a Real Estate Investment Group, and while I checked for legality, I didn’t check thoroughly for all necessary details. While everything worked out alright for all parties involved, I was lucky not to get burned.
Exactly the mistake I don’t want others to make, and why I won’t give details. Some might see a shortcut available and take chances, and/or screw things up for someone, themselves, buyers, sellers, investors, etc.
The Real estate broker ‘privileges’ I mentioned are the ones that allow me to represent others in sales, be involved in unlimited numbers of deals, receive payment for services rendered, sometimes double-dip legally, arrange financing that some others may not be able to, and avoid the common “$10,000 per transaction penalty” that non-agents in some states sometime have to worry about because of semantics in the legal process. Some of my methods aren’t able to be reproduced, legally, by non-agents, and if details were revealed, some might try. That’s all. Nothing crooked, illegal, unethical, or immoral!
If you knew anything about me, you’d know that I don’t belong to the Association of Realtors, because their policies indicate I am supposed to be honest with the public, as long as it doesn’t conflict with the best interests of other Realtors. I know this because I have been punished in the past, by the Board of Realtors, for my blatant honesty with my customers and/or potential customers/clients. I responded with a respectful “Kiss my ass!” My honesty, values and integrity are beyond reproach, and a good reason why I don’t make as much money as some other real estate brokers. I’ll talk a buyer out of buying a home I don’t feel is right for them. There is no negative talk about me, regarding any business matter I’ve ever dealt with, and I intend to keep it that way. I am trusted and expected to do the right thing, in all matters, personal and business. I have no conscience and no need for one. I doubt the negative comment maker can honestly say the same.
So before being crude, petemfa, temper your comments with intelligent thought, regardless of the difficulty involved.
There are people who have gone through a divorce and gotten screwwed royally. Mutual real estate investments with that married couple are the number one reason why divorce causes bankruptcies. The judge can award property ownership, but not responsibility for the notes. The banks refuse to cooperate. As they see it, they are more likely to receive payment if there are two responsible parties, for the loan repayment. I’ve seen it over a hundred times. Good people with their credit screwwed by divorce. Now the same two incomes that were providing a decent living for one home, and allowing extra income for investing in RE, is split between two house-holds. Same good people, half the income. Desire to invest still present. Should they be automatically excluded from the ranks of RE investors because of an unfaithful spouse?
The blanket offcolor comments are irresponsible, and while building up the credit and saving for the next 7 to 10 years are a best case scenario, it rarely happens that way. Some of the investors here, and on other forums, have never really had hard times and find it easy to be ‘hard’ on others, since they’ve acquired ‘professional investor’ status, at least in their minds. They should try to be more considerate.
Honest, helpful responses please, not demoralizing comments.