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Wholesaling Module 3 (Proper Business Structure) Part 3

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Over the years, I’ve owned as many as 20 properties that were actually held in my own personal name. I don’t recommend that. In the beginning, maybe you could purchase a property or two in your own name, but when you decide to continue with your investing, you should set up an LLC to become the owner of any future property.
When it comes to wholesaling though, you definitely want to set up an LLC. This keeps that activity separate from you for liability purposes, especially if you’re a real estate agent in a state that does not recognize net listings.

There are lots of other entity types. There are S-Corps, C-Corps, general partnerships, things like that. What I recommend at the end of the day, after all the studying we’ve done and all the experience we have, is that an LLC is simply the easiest, least expensive, fastest way to set up a separate entity to shield you from liability.
The reason behind this is, life isn’t perfect. Things sometimes don’t go the way you think they’re going to go. Let’s say you get involved with a wholesale transaction and down the road, the consumer files a complaint. If you executed the sale in your own name through what’s called a sole proprietorship, you would be held liable and your assets would be potentially at risk in a lawsuit.However, if you set up a limited liability corporation, LLC, you get some of the same benefits of being a sole proprietorship but you also get some of the benefits of being a corporation. One of those benefits happens to be a separation of liability, or liability protection. If you were involved in a wholesale transaction through your LLC and the consumer involved in that same transaction decided to file suit down the road, they would file suit against the LLC rather than you personally.
In another module, I’m going to actually diagram how the wholesale payments work. The bottom line is the easiest way is to set up a basic limited liability corporation which has what’s called pass-through income. It passes through to you and does show up on your personal income tax statement.In most states, you’ll have to file some type of return for the LLC at the state level, but it’s not required at the federal level since any income generated in the LLC is passed through to you personally. The other thing is that with an LLC, you’ll get a separate tax ID. It’s a nine-digit
number just like your social security number but it’s separate and unique just for the LLC.
You need to think of an LLC in the eyes of the IRS as simply another entity. It’s like another person. They think of you as your own unique entity and they think of your LLC as its own unique entity. The bottom line is it all goes through your personal income tax statement.This is really important, by the way. If you’re a licensee and you’re going to be involved in wholesaling, you absolutely must set up an LLC. Let me describe a scenario for you. If you’re a licensee, please pay particular attention to this.

8 Wholesaling So Everybody Wins
You set up an LLC. You’re the single member or the owner of the LLC. You own 100% of it, all shares. However, that doesn’t mean you have to sign documents. What you can do is you can hire an admin person, somebody who has signing authority for the LLC. You can grant them that right in your LLC operating agreement.If you’re interested in learning more about LLCs, we do have a couple of recorded modules on the website, MyInvestmentServices.com, that go into more detail. I suggest you download and review them so that you do this correctly. Also as you know, we do have an attorney in our group who coaches people and consults with them on setting up their LLCs.So in this scenario, you’re a licensee and a wholesaler. You set up your LLC, and you hire another person. It could literally be even a virtual assistant who you grant signing authority. In other words, they can sign documents on behalf of the LLC. In this case, you’re Party B. Remember there was Party A (seller), Party B (wholesaler), and Party C (buyer) in a wholesale transaction. When you execute the sales agreement, you’re not signing. The administrative person that you hired for your LLC signs the paperwork. They sign the documents for the LLC.When you draw up the purchase agreement to get Party A’s property under contract, in the field where we identify the buyer, you’re going to name the LLC. It’s going to say, “Gary Wilson’s LLC,” or, “American Dream LLC.” And then you have that other person sign the documents for that LLC. When they sign the document, they’ll write “Jane Doe, authorized signer for American
Dream LLC.” You could potentially make them a member, the owner of 1% or one share perhaps. In that case, they would sign “Jane Doe, member American Dream LLC.” That’s another possibility.At this point, you really need to be speaking to your attorney about your first LLC. They’ll tell you how to actually structure that. I hope this helps you with the first part of it though.The second part of it is this. If you’re licensed, you’re not going to be working as a licensee in this situation. You’re actually going to have another agent in the office act as your agent (so they actually will earn a small commission). They will be the one executing the paperwork, the basic sales agreement from the agency point of view. Now they’re creating the sales agreement.

They’re documenting it, filling in everything. Then your assistant is going to sign everything on behalf of the LLC. Then that agent who you have in your office doing this for you is going to present the paperwork in a sales agreement to the other party.Sometimes it’s in fact another agent. What you’ve essentially accomplished here is this. You’re not actually signing anything. You don’t actually put anything in your name at all. You’re not taking control of the property. You’re not putting it under contract. Your LLC is.

The reason this is important down the road is if something ever went awry, somebody could file suit. They could file a suit against the LLC, and they can certainly try to attach the brokerage company, but now they won’t have much success with that. Nonetheless, that’s what they sometimes do.That’s how you wholesale as a licensee.

Wholesaling So Everybody Wins 9
If you’re not a licensee, you’re automatically going to need an agent representing you. You’ll still need to have an LLC, and yes, you still need to have an admin person who has signing authority for you. A couple of things to keep in mind here. There’s a term called ‘dealer status.’ What we’ve seen is some states is that if you’re an investor and you’ve done five wholesale transactions in a year,they could require you to take on ‘dealer status.’ This means you’ll have to file tax returns differently. They might actually force you to file Schedule C. In other words, they would look at you as if you’re a business, like a corporation. You really have to be careful here.If you’re going to get into a lot of wholesaling, you absolutely need to set up an LLC right out of the gate. Don’t wait. You might forget about it, but the next thing you know, when you’ve done five or six wholesale deals, you may get an audit on your tax return.Check with your tax accountant or attorney when it comes to this stuff. I just want to make sure you’re aware of ‘dealer status’ and the ramifications.

In Review
Always remember when you’re wholesaling, use an LLC to conduct business for you in your name. If you sign anything, if you are in fact signing anything, always sign your name with a comma, and the word “member” after it, and the name of your LLC. It would say, “Gary Wilson,member, American Dream LLC.” Note: You can sign certain things for your LLC. You just don’t want to sign sales agreements. You might set up a checking account in the name of the LLC, and you’ll be an authorized signer for that checking account. In that case, you would sign the banking documents, “Gary Wilson, member, LLC,” but your admin person would sign the sales agreements for the LLC, not the banking.Whenever you sign anything, if you are in fact signing, just remember to put that comma,“member,” and the name of the LLC after that. Some attorneys will say you just have to sign comma “member,” because somewhere in whatever it is you’re signing, the LLC will be named.In any case, just check with your attorney on that.In Module 4 we’ll talk about how to locate properties correctly when you’re looking to wholesale—how to locate the best deals, whether they’re flips or rentals, that you’ll then advertise to people who want to buy those contracts from you so that they can therefore buy the properties.

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Wholesaling Module 3 (Proper Business Structure) Part 2

Wholesaling Business Structure

As a reminder, I’m not an attorney. I suggest you seek the advice of a competent attorney when you decide to set up any particular entity.There are two basic strategies. If you have a real estate license, you have the possibility in some
states and provinces to do what’s called a net listing. We’ll talk about that shortly.For most of us, whether we’re a licensed real estate agent or simply an investor, setting up an LLC is typically the best thing to do. It’s the easiest, it’s straightforward, and very inexpensive.It’s readily recognized in all the court systems now, with plenty of case studies. It’s a great way to get into this business legally, ethically, and also reduce liability for you.The bottom line is there are lots of rules and regulations regarding the transfer of real estate. You need to be aware of this. The courts are not too keen on wholesaling. Let’s just put it that way.

Net Listings
Before we get into LLCs, let’s talk about net listings. If you’re a licensee (or if you’re not a licensee you can hire one), you can do what’s called a net listing. Here’s how it works. In states like Pennsylvania (there are other states and provinces, too), if a seller of a property only wants to get say, $100,000 for the property, but you think you can sell it for $120,000, you can write the listing such that the net bottom line to the seller would be $100,000 but any income or sales price you get over and above the $100,000, you keep yourself as a commission.We’re going to discuss this and diagram in a little bit. The bottom line, I’ll just call this out to you here. Assuming you’re a licensed real estate agent and you’re an investor, you can approach the seller with the concept to list the property for sale under the following conditions:

Number one, the seller determines what final sale price they would like to see. You don’t ever infringe upon that. The second thing is you enter into a listing contract for that specific price.The example we give here is $100,000. The third thing is you agree that your commission compensation will be any amount of money that is over and above the final sales price the seller receives for the property.You list the house for a price you believe it could actually sell for. In this example, the seller wants $100,000 for the sale of his house. You the agent enter into a listing agreement with this seller that will net the seller $100,000. You get this in the listing agreement. You draw up an addendum that explains your commission structure, which is anything over and above $100,000, and also you put it in there that this gives you the right to advertise the house for any price you want. Then you advertise. In this case, let’s say you advertise the property for $125,000 because you believe it might sell for $120,000. The seller would get $100,000 and you would get $20,000 as your commission for selling the house. If you’re a savvy agent and investor, and the buyer of the property is going to remodel and sell it for profit (in other words, flip the property), obviously you would want to get the listing agreement on that sale, too. So you can propose that when the buyer purchases the house from the seller, that he also agrees to re-list it with you as his agent when the remodeling is complete and the house is ready for resale.

You can actually write that into your buyer’s agency agreement. I’m sure you can see the value in doing this.Some states recognize this net listing. Others don’t. You can simply Google your state, and search for that phrase “net listing” and see what a realtor says about it.If you are not a real estate agent, you’re going to have to set up LLCs. If you are an agent in a state that doesn’t recognize net listings and you’re going to wholesale, you should likewise set up an LLC.

Wholesaling Module 3 (Proper Business Structure) Part 1

Among other things, in this module we’re going to discuss how to properly structure your
business for wholesaling and net listings using LLCs.First, let’s do a quick introduction.
As you might imagine, I love real estate; it has allowed me to built multiple businesses and travel to multiple countries on multiple continents, literally on a regular basis. Real estate is one of the best ways to create financial independence because when you buy and hold real estate properties,specifically rental properties, it allows you to build a solid foundation. When you flip homes, obviously it allows you to get cash windfalls upon the sale of a flip.

It’s obviously not the only way to invest though. Having all this property has allowed me to start a brokerage business, a title business, a real estate settlement business, a property management business, and an appraisal business. I even had plans to start a mortgage brokerage business but I pulled the plug at the eleventh hour. Good thing, because soon afterward Congress passed legislation that changed how appraisals were done. It would have put me at a significant disadvantage. I’m glad I followed my intuition because it could have been a sizable mistake.

The bottom line is real estate allows you to do a lot of things, not just build businesses. It basically buys you freedom. Remember, there is financial independence and there is financial freedom. Financial freedom is measured in time, not necessarily in dollars. In other words, the wealthier you are, the more time you should have available for doing the things you enjoy.Real estate allows you to do that. I’ve known people to pursue other dreams too. I’ve had clients who bought horse farms and now offer riding lessons and stable horses for other people. I know people who moved closer to the water to start paddleboard businesses, surf shops, fishing businesses, charter businesses, you name it.
The bottom line is if you have big dreams, you need to take appropriate action to pursue them.
Having a W-2 or 9-to-5 job is not going to get you there. It’s highly unlikely that you can realize any of your dreams if you work in a regular corporate 9-to-5 job. It’s just a reality. The sooner you accept it, the better. Entrepreneurs are the dreamers in this world. I think you should spend time everyday dreaming. If it wasn’t for the dreamers of the world, we wouldn’t be flying. We wouldn’t have computers or cell phones. We wouldn’t drive cars, and we wouldn’t go on vacations to faraway places previously undiscovered.Life is too short and too sweet to be a sheep. It’s the most precious gift of all. You should pursue it with vigor and passion. You’ll need to roll up your sleeves and get busy, but the thing is, it’s not a chore. It’s a passion.

I firmly believe God wants us to be happy not sad, wealthy not poor, healthy not sick. I believe it’s our duty to pursue what He has intended for us. What better way to do that than to be your highest and best self? Be a living example of a joyful life.
Make the absolute most of this precious gift. When you invest in real estate, you’re providing a good service for your fellow man. One of the greatest truths I’ve ever heard is from a guy named Zig Ziglar. He’s passed away now, God rest his soul, but he had a famous saying. “If you just help enough other people get what they want, you’ll be able to get plenty of what you want.” It’s actually scriptural in its origin.There are three basic ways to pursue investing in real estate and serve others through the process.The first is to invest in rental properties. If you want to learn more about this process, you should read Rental Profits without the Pain. Visit MyInvestmentServices.com or call 1-800-931-2605 for your copy.

Another option for investing is flipping properties. If you want to find out more about that, read Flipping for Profits without the Risk, also available at MyInvestmentServices.com, or by calling 1-800-931-2605.If you’re already a student, you get the books for free. In fact, you get a dramatic discount on the training courses too. I think it’s half off. Go get ’em while the getting is good.The third option is wholesaling. I prefer that eventually you do own real estate but if it’s just not in the cards right now for you financially, start by getting into wholesaling or get your real estate license. As a matter of fact, you should read Investor Agent: Make More Money Not More Work.
If you’re already in the investing game, at least leverage your activities so you also have commissions coming in.

Module 1 What is Wholesaling? Part 4

Financial Freedom
The end goal obviously is financial freedom. There is financial independence and there is financial freedom. Financial independence means you’re generating your own income independent of other people. In other words, you don’t have to work for somebody to generate income. You’re generating your own income. You’re independent.
Financial freedom is when you no longer even have to generate your own income. When you have plenty of income-producing assets that are generating income for you. That’s when you can start traveling around like I do, going all over the world practically. At the moment, I’m in Osage Beach in the middle of Missouri in the Ozark Lakes Region. The leaves are turning colors, the temperature is a perfect sunny 80 degrees. I’m going to be out on the water here in a little bit, and also go look at a natural bridge and some ancient ruins. I get to do this because I can go anywhere I want, virtually any time I want, and do whatever I want, all as a result of owning real estate, owning income producing assets. What allowed me to get to this point involved wholesaling.My goal for you is to first get you to financial independence. You’ve got to roll up your sleeves.You’ve got to get busy. You’ve got to put some skin in the game because it isn’t going to happen on its own. Once you accomplish that and establish a beach head in your financial life, you can start to acquire your own assets.

Wholesaling is not the end game, guys. Wholesaling is simply a path to allow you to eventually accumulate your own properties. See, true wealth in real estate was never built on flipping homes or wholesaling. It was built on owning the assets… but if you can’t own the assets right now (in financial terms, if you don’t have the capital to do that), you’ve got to turn to something like this.You’ve got to wholesale. And you’ve got to get your real estate license.By the way, if you don’t get your license, you’re missing the boat. Years ago, all the gurus used to say you didn’t need your own license. The irony was they all had theirs, every one of them:
Carlton Sheets, Than Merrill, Ron LeGrand, Russ Whitney. I knew them all. I never met Carlton Sheets but I met the other three.For right now, the path to profit is paved with cash flow. In other words, if you don’t have the capital to buy properties, it’s because you don’t have enough cash flow to accumulate capital.The way you acquire cash flow is to get involved with serving other people through wholesaling,and with your real estate license. Eventually I want you to purchase some rentals.You can flip those if you want. I flipped a bunch of them. I even flipped apartment buildings.That’s another subject for another day but it’s another way to accumulate wealth and income,building up huge chunks of capital, rather than competing with every Tom, Dick, and Harry out there who are flipping single-family homes.

Here’s a little bit of psychology as to why it works. I’m a professional trainer. I know that if I only give you the ‘what’, you’ll understand it intellectually but you’ll be unlikely to implement.If I give you the ‘what’, then you’ll need the ‘how’—which is critical because you want to know how the mechanics actually work, how you actually piece together the puzzle. What step do you take first? What step do you take second? That’s the ‘how’.The third piece that makes the critical difference between you succeeding or not is the ‘why’.Why does this work the way it does? Why do people sell properties or get things under contract with a wholesaler? Why would a wholesaler do this? Why would a wholesaler sell the contract?Why would a purchaser buy a property from a wholesaler as opposed to trying to get it directly from the owner?
That’s what we’re going to talk about now. When you understand this, all of a sudden, a light bulb is going to go off in your head and you’re going to understand completely and concretely why this works the way it does.In basic principles, wholesaling works because of two important factors: some people have available time but not a lot of available money. Other people have available money but not a lot of available time.At some point in everyone’s life, we fall into one of these two categories. Of course there are exceptions. Some people have time and money, and as you might guess, my goal for you is to be one of these people eventually. But initially, you’re either going to be someone with a thriving business who’s generating good cash flow but without a lot of time… or maybe you’ve got a lot of time because you might not even be employed right now, or maybe you tried to build a business but it collapsed (which happens the majority of the time, sadly). A typical wholesaler, at least in the beginning, has time but not good cash flow.

Wholesalers need to have time to go out there and find the deals, get them under contract, and sell them to ready buyers.There are people out there who are ready, willing, and able financially and they’ve got cash.They have cash flow and capital but they don’t have the time to be out there looking for properties, negotiating, and all that kind of stuff, so they migrate toward wholesalers who have done all that work for them.An investor with the money is willing to pay a fee for the wholesaler to do all the legwork to identify and provide a contract on these good deals. That’s the basic premise, two groups of people.One group has time, no money. The other group has money, no time.

Wholesaling brings those two groups together. If you’re in category one, which is Party B (thewholesaler), then you can serve those in category two. That’s why you’re here.Just remember that to do a good job wholesaling, you have got to find your buyers first. Too many people make the huge colossal blunder of going out there to find the deals thinking that if they find the deal, it will attract the buyers. They don’t have enough time under the contract to find the buyer and get the buyer interested plus pitch them on the potential profits of this property, and get them onto the wholesale deal so they can eventually buy the property.

The fact of the matter is, I don’t care who you talk to. Anybody who has wholesaled successfully and correctly over a lot of years will tell you, you’ve got to get your buyers lined up first. Find your buyers first, then build up the demand. Especially because it helps you understand what your buyers are actually looking for, so you can go out there and find those specific types of properties.When you get properties under contract, you can operate with confidence and competence because you know what you’re doing. You’ll be confident because you know you’ve already got a buyer who is committed. They’ll be sending you information saying, “Here are my qualifications. I’ve got money. I’ve got credit. I need to buy something.” Then you go find the properties.That is the absolute most critical thing for you to learn here at this stage. But you have to understand, some people are looking for rentals. Some people are looking for flips. You need to know what that is on a client-by-client basis. Set up your file structure on your computer to help you accommodate this. We’re going to show you all that, too, by the way. Hang in there.Again, if I could emphasize this one more time, nothing could be more damaging to your reputation than putting things under contract and not having investors to buy the contract. When you can’t buy that property and you don’t have a buyer ready to buy it, and that deal falls through, the seller gets hurt… and you get hurt because your reputation is going to suffer.Believe me, your reputation will get around, either as being somebody who is trustworthy,honest, reliable, ethical, and more importantly, who gets the job done. Or as somebody who wiggles out of a lot of contracts. Your reputation will suffer and nobody will want to work with you. I’ve seen it happen personally.I’ve seen people who used to work for me as agents, or as students who didn’t follow the rules.And they didn’t last. They got out of the business. They got squashed. Yet there were other people who did exactly what I told them to a perfect T, who have gone on to build thriving million dollar businesses through wholesaling.If you find yourself in a situation where you’re reading a book or somebody is teaching a program or class that says, “Don’t worry, just go find the deals and we show you how to get out of them if you can’t find the buyer,” run as fast as you can the other way. They don’t know what
the heck they’re doing. They’re wrong and you’re going to get hurt.

The consumers will also get hurt. The only person walking away with the money will be the person you paid for a bad course.Enough of my preaching, I just wanted to go over that with you so you understood that there are absolutely pros and cons to getting into this, the yin and the yang, the good and the bad. Most of it is very identifiable,learnable, and understandable. When you identify it, learn it, and understand it, you’ll be able to operate a lot more effectively and profitably.In the next module, we’re going to get into some marketing and learn how you actually find your buyers first.

Module 1 What is Wholesaling? Part 3

There were two brothers, investors. One was running for city council. The other was a real estate agent in the same company as me. They had come across an estate sale. The heir of the estate—the son who took over the properties when his parents passed away—was left controlling three properties. He wanted to sell them all together.These two brothers got all three properties under contract, but they only wanted to buy two of them. They just couldn’t afford to remodel three properties, and do all that kind of stuff.

They knew about me, but we’d never seen each other before. (It was a big company.) Someone said, “Hey, you should call Gary. He’s a good guy and he knows what he’s doing, easy to work with, and will give you a good deal.”They called me up, and I was intrigued. I looked at the property and was pleasantly surprised.This place had all new siding, all new windows, and a beautiful front porch.The interior had all original hardwood floors, crown molding,chair rails, trim around the windows and doors—just a beautiful place. Everything was completely wrapped in aluminum. In other words, on all of the window and door frames on the exterior, there was no exposed wood
(which means it was as close to maintenance free as you could possibly get on the exterior). It also had a giant beautiful front porch.It was on a corner with a double lot.

This place was a real charmer. The interesting thing is that it had one gas line but two separate electric meters. Its location was right on the edge between one area that was more owner-occupied and another that was more tenant-occupied.I thought to myself, “What a great place for a duplex.”With a duplex, you typically get tenants who are more long-term, especially if you have three bedrooms or more. They’ll have children and they’ll want to stay a long time. They want to be in a neighborhood where other people have children, which is typically an owner-occupant neighborhood. It had a nice long drive to the back with a garage, the whole nine yards.What I thought as I was walking through was, “My gosh, this thing is set up perfectly to split into a duplex.” The way the rooms were laid out, where the bathrooms were, the plumbing, it was perfect. I could easily turn a second floor smaller bedroom into a kitchen, which is exactly what I did. It already had a bathroom upstairs, and another floor with three bedrooms.It had a living room, dining room, kitchen, bathroom, and three bedrooms for the second and third floor. The first floor would make a huge beautiful one-bedroom apartment that had a giant kitchen, and its own bathroom. The kicker was that they only wanted $16,000 for the property. In other words, the entire cost would be $16,000 to me.
The brothers were just going to transfer the funds over to the current owner. As you might imagine, it took me about 0.001 seconds to accept the terms. I took the property for $16,000,spent another $16,000 adding the second kitchen, separating the gas, and adding a second furnace and water tank. The electric was already separate.
The way the building was laid out, it took very little to provide separation of units on the interior because it was literally separated by a floor. I was able to keep everything intact, the original foyer, the hallway, the stairs. I provided a locking secured access to the first floor, interior and exterior. The exterior was in the back off the kitchen. The interior was off the front hallway. That was their front door.It was an easy split, an easy separation. Literally I spent a total of $32,000 doing this, went to a bank and said, “Just appraise it whatever you want. I don’t really need a lot out of this. I just want to refinance it and pay myself back.” At that point, I was doing everything with cash.

I knew the place was worth probably $100,000 but I expected the bank to be very conservative.They came in at 75% of the street value. This is what banks were doing at that time. They were being very conservative. Appraisers were going low because everybody was scared.A huge fear was cast all across America. I took an 80% loan on that, which means I borrowed $60,000. Remember, I only had $32,000 tied up in the property, so I put $28,000 cash in my pocket, after paying for the cost and rehab. And I still had $15,000 in equity.
Here’s how that breaks down:
Assessed value: $75,000 Loan amount: $60,000
Less 80% loan: ($60,000) Purchase price: ($16,000)
Equity: $15,000 Rehab cost: ($16,000)
Pocketed cash: $28,000

Remember, that $15,000 equity is according to the bank. I actually had more equity because I knew if I sold the building on the open market, it would probably sell for $100,000. So I effectively built about $40,000 in equity, $28,000 in cash, and I was earning around $1200/mo rent, all because I bought a wholesale deal for $16,000.This is the kind of potential that’s out there for all of us when it comes to wholesaling.This property ended up making me so much money over the years it was ridiculous.Right out of the gate, I made nearly 100%—$28,000 cash out on $32,000 cash in. If you just look at cash-on-cash basis, that’s probably like a 90% cash-on-cash return.That doesn’t even include the equity or the cash flow from renting the place out. Do you follow what I’m saying? If you’re not investing in real estate, don’t hesitate anymore. Just get involved.Communicate with us and we’ll help you do it.That was pretty much it. The guy who had lost his parents wanted to sell the properties. I was invited in to take one of the three properties so I became Party C. Party A was the seller, and Party B was the brother, the investor who took two of the other three properties and didn’t want this third one.
Wholesaling has served me well, and has served a lot of other people well throughout their investing lives. For me personally now, I focus on building a portfolio and acquiring large rental properties. I don’t get involved anymore with single families, duplexes, or things like that. I buy large apartment buildings but I would not be able to do this if I hadn’t started doing what I just described to you here.