MichaelC

Yeah, you'll want to be kept appraised of any progress or lack thereof. Truth is, you are a minor player in this deal. Nevertheless, you get paid come closing. Sweet!

I agree. My opinion is that the new law has little bearing on what we do via lease options. I'm not giving it a second thought.

Hi, German. I know some folks out your way in San Diego who might be interested. I'll pass along your info and they'll take it from there. Welcome aboard and good luck.

I'm not Brian, but I wanted to say that CubixSolutions does offer a free two week trial the last time I checked. Why not give the program a run and see first hand what it can do for you?

Great news! You're almost there. The most important piece you already have in place: the lender has approved the t/b. Now, she needs to speak with the homeowner to gather his info. Also, whoever is handling the closing, be it a title company and/or attorney, need to be brought into the fold so all parties involved can coordinate their respective parts in closing this deal. Your job is to be sure all parties are in communication with each other, and to stay on top of things so any small issues don't become big ones. Good luck!

Hi, Charles. Not being in Indianapolis, the best I can suggest is to contact a local REIC. There most certainly will be both mortgage brokers and real estate agents who can help.

mhmi, the answers to your questions depend in large part on the type of deal you're doing. I'll assume for the moment you are looking at doing a CA. Correct me if you aren't. 1) Obviously a physical inspection isn't possible on a distance deal. You will have to depend wholly on the homeowner's description and photos. If he's embellishing the condition you'll find out soon enough once a few t/b's go through the property and give you some feedback. 2) No need to file a memorandum unless you are planning on remaining in the deal long term, as in a sandwich lease. If this were the case the memo would be filed at the county office where the property is located. Could be called the Recorder's Office, Assessor's Office, etc. Call the county to ask how they handle this. 3) I never use signs for a distance deal. I'll suggest the homeowner place a sign on the lawn with my number, but they rarely do. Truth is, all of your marketing is going to be done online. There are obstacles to doing a distance deal such as this. But nothing that can't be overcome.

HI, Tom. I'm not in IL so I can't answer the specifics of how Dodd-Frank might impact you. Generally, my understanding is the impact is minimal for what we do. There's a thread about Dodd-Frank that you might find helpful in the Legal Eagle forum.

Classic government move. The very people the law is aimed at protecting are the same ones who end up being hurt by it.

Heritage Foundation's take on Dodd-Frank. . .it will prove to be as effective and efficient as Obamacare: http://www.heritage.org/research/reports/2013/12/doddfrank-mortgage-rules-unleash-predatory-regulators

You're welcome, Evan. It's been good working with you!

You're correct, Evan. For the amount of time and effort you've put into this deal, you could just as easily make quadruple the amount working a deal on a more expensive property. But the bigger picture here is the hands on experience gained. You can't put a price on that. Good job!

That's a good starting point, Charles. Did I forget to mention my preferences for cars?

Of course, I'm not being fully serious. But my gut tells me that not too many locals are going to work for the same wages that someone overseas will accept.

Hello, Lynn. I haven't tried the local help route. I fear if I do their union rep will come calling, demanding better pay and health care. As for hiring your son, pay him with room and board, throw in a meal plan, and offer access to the laundry room.

Steve, that's about as succinct and comprehensible overview of Dodd-Frank as I have read. You'll never get a job working for the government.

Sounds like you are working a typical Cooperative Assignment, Charles. If so, then you would use the CA Residential Lease Agreement, the Option to Purchase Agreement, and the CA Assignment Agreement. The assignment fee/option consideration does not need to be placed in escrow. That's your money, Charles. (By the way, have you received my Christmas list yet?) The terms are negotiated between you and the homeowner first. You then assign those same terms to the tenant/buyer. Be sure you are doing this deal correctly and are using the correct agreements! If you have any questions, contact me directly.

If you like 48 degrees in Charlotte, you'd be running naked through the streets down my way. 78 today, 83 yesterday. I had to put on sunblock and mosquito repellent to hang Christmas lights. Steve, the Panthers? Not a fan, not a believer. I need to see some push from them in the post season before I jump on the bandwagon. Lots of competition in the NFC. Seahawks and Niners are tough, as are the Saints. As for my Giants, well let's just say the Smart TV I recently purchased has left me feeling pretty dumb as I spend my Sunday afternoons watching these stiffs go through the motions, more concerned about their offseason golf games than the football game.

What's prompting the move, Chris? A woman? A man? (Not that there's anything wrong with that)* *(obscure Seinfeld reference)

At this point it seems if you ask 6 attorneys you'll receive 6 different interpretations of the law. My very un-legal like and mostly uninformed opinion is that this law is going to focus much more on seller financing rather than what we do. Could be wishful thinking on my part and time will tell. I'm also confident that there will be many unintended consequences as a result of the bill. . .Obamacare, anyone?

Chris, fellow member <Steve> is a Tar Heel, but I don't know if he is in the Charlotte area.

My opinion is that I disagree completely that doing a lease option is in any way affected by this bill. I'm talking specifically talking about how we do them: as a Cooperative Assignment, as an assignment of any kind for that matter, as a Pure Option, and as a sandwich lease. I have yet to have anyone give me a specific quote from the bill that is proof I'll be out of business and working for the Post Office come January. In the meantime, I hope many investors are scared away. More deals for me.

I understand. I've been in that same situation. If the discrepancy between purchase price isn't so big, you can make the argument to the t/b that they are getting better terms, (low down, rent credits, time value, etc), than if they were buying today. Also, if the homeowner is willing to accept the bargain price with the Realtor, why are you increasing it?

I wouldn't risk $2,300 in the situation you describe, Daniel. Why not just let him continue with his listing while you do your thing to find a t/b? I do deals on listed properties frequently. I figure the homeowner prefers to sell and that's fine. I tell the homeowner to consider me as one more marketing tool working for him. Makes getting the deal easy. And if the Realtor beats me to the punch and finds a buyer, (rarely), good for the homeowner, I say. My business isn't dependent on any one deal.