Attorney William Bronchick: William Bronchick Best-Selling Author

William Bronchick : You buy a property, you wholesale it, you profit. Do you need a license to wholesale Property? In most cases, the answer is “no”. Real estate brokerage is an activity regulated by states on their own terms, thus each state defines which activities require a license. There is a lot of vagueness and ambiguity in some of the state licensing codes, as well as “gray areas”, which complicate the matter. Furthermore, if you vary the techniques and your business practices beyond the scope of what I teach in my courses, it is not always clear how the state authorities might view your practices.  Therefore, this discussion is limited to the simple act of buying and flipping as follows: 1. Sign a contract with a seller, assign it to another investor 2. Sign a contract with a seller, sign another one with a third party, then double close “FOR ANOTHER” The large majority of states use the “for another” language in their state licensing s...

William Bronchick : Have you ever had a tenant leave in the middle of the night or the middle of an eviction? Did you ever wonder what to do when the tenant abandons the property? Basically, when a tenant abandons the property, you do not need to file an eviction or wait for the sheriff. You can change the locks. HOWEVER… If you are not certain whether the tenant has abandoned the property, you should not change the locks. If you have the keys and your lease allows it, you could enter the premises, but KNOCK FIRST. Whether or not the tenant has abandoned is often a judgment call, looking at a combination of factors, such as: ·          Did the neighbors see them move? ·          Are the utilities shut off? ·          Did the tenant put in a change of address at the post office? ·          Is there any si...

William Bronchick : No real estate course or seminar is a substitute for a good Colorado real estate attorney. Finding a good Colorado real estate attorney may be difficult since most attorneys are not themselves investors or familiar with creative transactions. Most attorneys will give you just enough advice to keep them from getting sued, but not enough advice to show you how to make more money out of a deal. A good   Colorado real estate attorney is one who advises you of the risks, suggest alternative ways of doing a transaction and charges a reasonable fee for doing so. A bad real estate attorney either says nothing, points out problems without offering solutions or systematically kill deals. This is why attorneys are frequently referred to as “deal killers”. Ask other investors in your area who they use as an attorney. Join a local real estate investors association and ask for referrals. Ask local real estate agents and title companies for referrals....

William Bronchick : People settle claims out of court all the time, and that is often the smart thing to do. But, most people forget the one simple step that is crucial to the process. This simple step, if omitted, can result in a future lawsuit against you, even if you allegedly settled the claim. Consider the act of settling with a tenant who his behind on his rent: you accept the keys, waive his back rent and he moves out quietly. But, the tenant can always come back and sue you years later regarding damage to his property because of a leaky pipe. There is a simple way to avoid this lawsuit from happening. Consider the times you may have accepted or given an earnest money deposit on a real estate contract. The closing never happened, and you either kept or forfeited the earnest money. Does this mean you can’t be sued in the future for breach of the contract? Don’t bet on it! Consider the times you may have settled a claim with your neighbor regarding any controversy ...