How can I make money in Texas? I called the Texas Real Estate Commission and they said I couldn’t assign contracts or receive money for finding properties and “flipping” them. How do I go around this issue? How do I deal with investors if I can’t receive money? I am sure there is a way to do it or there would not be people documenting there success in real estate in Texas.
RROACH1
The Texas Real Estate Commission regulates the selling of real property. The key is real property (land, houses, buildings etc.). They do not and nobody can regulate the sell of information. If I know of a guy that has a house for sale for $10k that is worth $100k and I charge you $5k to tell you where it is. By the way I was going to buy it myself if you didn’t so the paper work is already filled out. That is not illegal.
What I recommend is to find someone where you live doing what you want to do and do what they are doing. Don’t try to reinvent the wheel. Qualify the person. Ask yourself if they have the time with their family that you want, the wealth, health, and fitness that you want. Then ask did they get it from their real estate or by selling books and tapes. If they got that from their real estate then do what they do, don’t get cute and try to improve on it because they do some things that ordinary people think are irrelevant that they have found to be crucial so don’t even ask just do what they do. An example is I was talking to one of my real estate buddies last night and he asked be about something I said that I do. After the prospect passes the application, I take the lease over to the house that they are staying at now to pick up the deposit and sign the lease. Not at my rent house but where they are now. That way I can see if they actually live where the application said they live, and I can see how they live (because your house will look like where they are in 6 months) and I can put my eye on Fido to see if he is a Chihuahua or a pit bull.
Where in Texas are you?
Near San Antonio. I would like to wholesale properties and assign them to investors/buyers. The Texas real estate laws are difficult. How do I get around the assignment challenge with respect to closing with a title company, transferring the property to the investor/buyer, and protecting myself from the laws, as well as, receiving my potential assignment fee.
RROACH1
Find somebody who is doing it and ask them. I suggest you go to one of the local real estate investor’s clubs in your area http://www.reiclub.com/real-estate-clubs/Texas.html You will find somebody that is doing it and follow what they do. Most clubs have a membership fee but will let you attend once or twice to see if you like it. At that time you can network and find someone that will help you.
There’s no problem assigning contracts in Texas. I’m in Houston wholesaling.