Notes – December 2017 TBI’s Networking Event

Happy New Year Everyone!

I’m a bit late to posting the notes from the December networking event but it’s been a pretty busy holiday season for me. I hope everyone else had a great time with family and friends and are geared up for 2018.

Here are the notes from the December event:

  • How do you work partnership deals, looking to get into a partnership to share some of the responsibilities?
    • Need to ask yourself: what do you want to get out of the partnership? And make sure you and the potential partner are in agreement with exit strategy and timeframe in case things aren’t going the way you expected.
    • Making sure that you can both add value. Start with 1 project to see how you work together and go from there. Helps to have an established relationship before you partner – trust and understanding of how the other person handles pressure.
    • Be sure to put everything in an operating agreement up front so it’s in writing.
  • Do people have privacy concerns regarding your LLC or business.
    • Each state is different, but if you set up trust in Nevada, won’t be able to track down your name.
  • How do you find out if a property will have zoning issues?
    • Start by calling a zoning attorney. Do your homework before talking to attorney.
    • Talk to neighbors to see if they are open to your proposed changes.
  • Any advice re: new construction on vacant land with wetlands?
    • Get a plot plan and hire a firm that specializes in wetlands.
      • They will identify the lot lines and where wetlands are.
    • Next, find out if you need septic system. If so, have it designed.
    • Present information to the town
  • Seller is worried about capital gains. Non-owner occupied. How do you alleviate the concerns?
    • Offer an installment plan to spread it out to lower the tax bracket.
  • Looking to wholesale. As a realtor, do I need to disclose that when putting it under contract?
    • YES! Always disclose that you are a realtor but acting as a buyer not as an agent.
    • Be aware of reputation and how you look to the seller.
    • Or try using a different agent to close the deal.

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