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Posts posted by MichaelC

  1. Hi, Glenn. Yes, I'm in Broward. And let me just say it's damn hot these days! :blink:

    I haven't done a subject to deal in quite some time, so I'm not able to recommend anyone to you. In general, I found that most attorneys in our area shy away from these type deals, due to the excessive litigation mindset of folks in our area. Are you finding this to be the case, as well?

  2. Hi, Glenn. 20 years?? That's a heck of a long break. What brings you back into the fold? I've been in this biz for about 25 years, starting in NY, then got into it in a big way when I moved to New Mexico, and have been here in FL for 19 years. It sounds like you've got a grip on what needs to be done with the various lease option strategies we use, but feel free to reach out if you have any questions. Happy to help.

  3. Hi, Steve. Good to hear from you again. Ahh, yes, the Super Bowl. Something my Giants are far, far removed from. The conundrum I face is that as a Giants fan I detest the Eagles, division rivals that compete twice each season. I'm not a Pats fan, either, but I have to respect what is the greatest dynasty in professional sports. B&B just keep on rolling. I do not want to see them hoist another Lombardi trophy, but it comes down to the lesser of two evils. Plus, I want at least to be able to say that the only team that could stop the big, bad Patriots were my Giants. . .not once, but twice! B)

    So for this Super Bowl, I'm saying, "Go, Pats!"

    • Like 1

  4. 1) I'm in Florida, so I can't say. Have you tried a title company? What about a local real estate club? I have to think that would be a source for an investor friendly attorney. Also, send a message to an investor friend I know in NC, (he's also a Realtor). He might be able to help. His company is Triad Management Realty. His email is TriadMgmtRealty@outlook.com.

    2) Is it necessary to reveal your profit? No, although the homeowner will eventually find out. But so what? If the offer you made is acceptable to the homeowner, your making a profit has no effect on that. He understand, I would think, that you are not a religious organization, but you are a for-profit business.

    3) You can handle the closing in several ways to assure you are paid. Speak with the attorney to you are paying to protect your interests in the deal.

  5. Hello to both of you, and welcome to The Naked Investor. The issue of needing to be licensed to do what we do is one I hear probably on a weekly basis.

    I understand the confusion. If you spend much time reading the various postings on the multitude of internet forums and blogs, or you have viewed the hundreds of podcasts that are up and running, your head must be spinning from the variety of opinions, the negativity, the horror stories about the Real Estate Police dragging away unsuspecting investors in the middle of the night.

    My opinion is just that, my opinion. I'm not smart enough to be an attorney, (sorry, mom), and so I won't hold myself out here as the last word on these things. However, I am an investor with 25 years experience doing these very lease option deals we are talking about. I started out in my home state of New York. Moved to New Mexico where I got into this strategy in a big way, and now find myself in Florida for the past 17 years. I am not licensed. I have never been licensed. I'm not anti-realtor. I have just never personally felt comfortable working in a cubicle in an office. I'm pretty sure I'd be the world's worst employee. So, based on my experience, I will say we do not need to be licensed to do our deals the way we do them. I am a principal in every deal I do. I have an agreement between myself and the homeowner, with the right to assign to a third party. That is not brokering real estate without a license. Personally, I'm glad to read all the naysayers scaring people away from these deals. Less competition and more deals for us.
    Marquis, don't let fear hold you back. You can do this. I've been doing these deals for 25 years and no one has ever said the words Michael Carbonare and genius in the same sentence. The next time someone tells you that the law requires you to be licensed, ask them to show you the specific paragraph in the law that confirms this. I suspect you'll never hear back from them.

    • Like 1

  6. Hi, Caleb, and welcome to The Naked Investor.

    Marketing is key, as you obviously already know. I see you've got your Carrot site up and running. That's a good start. From reading your post above it sounds like you're already well schooled in what needs to be done. With marketing it comes down to persistence and diversity. In other words you always need to be marketing and you always need to track your results and change on the fly as those results dictate. It runs the spectrum from fast and free, (emails), to text marketing, bandit signs, and direct mail. Some sites and programs that might interest you: My+Leads; Callfire; Mojo Dialer; Call Loop; Sly Broadcast; Skipio; Vulcan 7; Property Farm; Podio; and Hubzu.

  7. The older, first edition manual is available here. I have been negligent in completing the 2nd edition. It's on my to-do list, but it's a matter of making the time to sit and write for hours. . .and hours. So I do not have a time table for publication at this time.

  8. Hello, and welcome to The Naked Investor.

    No doubt real estate investing is a fluid business, always changing in one way or another. For example, look at how dramatically marketing has changed in just the past decade or so. We used to "dial for dollars", as we called it, every weekend when the FSBO ads came out in the newspaper. Now, print media is a dying industry as marketing has moved online and digital.

    My point? Yes, certain aspects of real estate have changed, but some facets remain viable. Lease options are still in use today and probably more popular than they were when I started 25 years ago. Your location isn't as restrictive as it once was. If someone's local market isn't producing the results they want, with a few mouse clicks we can do deals at a distance. Don't put up obstacles where there aren't any, tw33tybyrd. You can do this. The key is to remember you aren't in the real estate business. . .you're in the marketing business. Find sellers in need of debt relief, (and that's really what it comes down to), let them know how you can help them, and you'll succeed.
    Let me know if you need any help.

  9. The woman at your office may be well intentioned, but she is wrong. I've done hundreds of leases over the years, and who knows how many addendums. None of them required a notary. A notary is simply a third party, independent witness to the signing of a document. Someone who can step forward under oath and tell the court that, yes, this individual did in fact sign this agreement in my presence. While it wouldn't hurt to have any document notarized, it is not a legal necessity for something as simple as an addendum to a lease agreement. Do you anticipate this person will deny having signed the addendum? If so, go the notary route.

  10. Hi, Dion. There isn't any need for an attorney. A tenant is responsible for any damages their guest causes. It isn't necessary to specifically add an addendum to the existing lease. However, if it helps you to sleep better, you can write "Tenant agrees to accept responsibility for any and all damages that their guests may cause.

  11. Hi, Cappy. Welcome aboard! The HUD-1 is no longer in use. It has been obsolete since October, 2015, when the switch was made to a document called the Closing Disclosure that consolidates the HUD-1, Good Faith Estimate, and Truth in Lending Act disclosures. You can find a copy here.

  12. Interesting timing. I was having a conversation with a homeowner last week about this. He was convinced that the new construction in his 'hood was going to increase the value of his house. I argued the opposite was going to happen. He cursed me, no deal was done, I hung up the phone and had an adult beverage. All is well, Steve. B)

  13. Hello, Steve. It has been a while! Always good to hear from you. All is well down my way.

    Real estate markets here are fairly well balanced. Properties priced well will attract attention and sell within 45 days or so. I see that as healthy. However, I see a potential slow down if prices go much higher. We're starting to push the limits, in my opinion, of where prices can go. Much higher and I think buyers are going to hit the "reject" button. That, combined with slowly rising interest rates could make for some antsy sellers and some profitable opportunities.

  14. Hi, Dustin. There isn't any info here regarding Sub 2 deals because this forum focuses mostly on the various types of ease option deals we do.

    Sub 2 deals are altogether different. For a first time deal you would be wise to find an investor friend with experience. In lieu of that, ask around at the local REIA, if there is one near you, for some guidance. Or you can contact an investor friendly attorney for guidance. But don't go it alone. That's a recipe for disaster.

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