Grf1974

Yep, he didin't call back

No I wouldn't. Make absolutely sure his listing has expired and have him call the realtor about removing the sign. You don't want to step on anyone's toes...especially a disgruntled realtor lol. You could. It would depend on the situation myself if I would or not. If he'll allow you the time w/o making any payments to him, and you find willing TB's that have no problem waiting to get into the homes why not? If they would go ahead and pay consideration, I'd hold on to it just in case lol.

lol cuz at the time I don't even have the address of the property much less his address for his personal residence. Can it be emailed? Hadn't thought about it honestly, plus I've had no chance to even check out the particulars of the property since I don't have the address. Good idea though

Depends on the kind of deal, L/O, CA, Pure Option, or what. In MC's manual the forms include a cancelation clause, and you can put in whatever time length you and the home owner agree to. Hence your "Option" to purchase, how long you have to exercise that option. If it's an L/O you try and get as much time as the home owner will allow for you before you start payments, and before that time if you want out of the deal you use the cancelation clause. (someone may want to correct me if I'm wrong on anything ) With an L/O I'd say no. But of course I'm sure you could allow it if you wrote it up that way On a P/O you can either do it as an exclusive contract meaning NO they can't sell it outside your option, or a non-exclusive in which you do allow them to try and sell it on their own before you exercise your option to buy. But don't do any of this if there is a Realty involved! Sounds like you did this one pretty well correct then. You left yourself an "out" in the contract. That's great. It's just of course you'll have to expect most of your TB's that respond to the ad to not have money lol. Might wanna atleast include a line like "Low Downpayment, No Bank Qualifying." Atleast then they expect to have to put "something" down lol. Not sure the whole "Have a job?" line does any good either way Sounds like your neighbor may be what you need. Don't know about making him a "partner" per say, but I'd see if he'd go along with you to check out the property and tell him "if I do buy it, would you like to do the work? Got any idea what it might cost me to get it up to code?" and see what happens. You're very welcome. Just remember 2 things. 1. I'm a newb as well lol, so I don't have all the answers, just trying to do my best from reading MC's manual, the forums, and what little I have done in REI. 2. Don't let your desire to make a deal happen make you do a bad deal. Don't be a motivated buyer

ECG I'm a newb as well, so take my advice for what's it worth. 1. Give it some time. I've always been told from here to get the properties under contract first and then worry about the TB's. I did the same thing you seem to be, I looked for TB's and then hoped I could find a home to put them in. Imo and going by the advice given to me on here, forget about marketing to TB's until you get a property under contract. 2. The deal on the duplexes may not be too bad. But are you ready to have to rehab a property? Do you have someone that can give you an accurate quote on the rehab cost? Even though the owner is saying he'll finance 100%, how much is he asking you to put down? And are you comfortable with it? 3. DO NOT become a motivated buyer! This is one of the easiest traps for us all to fall in to. We want so much to get a deal done that we loose our judgement and just try to make something work...even when it's bad lol. 4. Advertising how much you're wanting a TB to pay is a difficult situation. On the good side, you keep most of the "non-qualified" TB'rs away. On the bad side you limit yourself to only as much as you're advertising for your option fee. So if the person could actually come up with $5k and you're advertising for $2k, you may very well miss out on another $3k you could have had in the deal. But hey you made $2k you didn't have to begin with lol, so you have to decide for yourself which is better. MC pointed out to me in my diary thread that if there's other investors out there advertising for L/O's then the market must be ripe for picking So don't get discouraged about seeing the other ads, it just means there's money to be made! You seem to be doing exactly what you should be as far as getting out and talking to people, making calls, etc. So keep that up. I would just focus more on finding the properties and getting them under contract and then work on getting a TB.

Agreed cept he is already "up" on LO's. I just thought I'd send him something and see if he replies. As we both agree he's not motivated, or doesn't seem to be, enough to really deal with, so I just thought I'd make him aware of some possibilities he "could" do and leave it at that. If he doesn't like either, then he won't call, if he does, he will lol. If he'd had no clue about LO's sure I would have sent him the "benefits", but remember this dude is already thinking about appreciation and how much he can make on the back end, etc. So I really don't see a deal here other than a possible PO which if he agrees is cool, if not then it's just as cool I'm not going to be a motivated buyer.

Hey Michael, I've been thinking. I had some ideas today to atleast offer this guy and see what happens, but first I wanna run them by you, (and anyone else who cann advise). I was thinking of sending him this email: What do you think? Thanks

Can you please post a pic of one? lol I really wanna see just how "home made" they are. I just can't believe it works lol, just seems to be against the normal thinking if you know what I mean. And I'm gonna be needin some signs so I like the idea doing it yourself on the cheap.

WOW! What a thread lol. I thought I'd already read it, but don't think I did now. But I just finished it and found it terribly informative. I do have a question though. I'm in NC, I've been to RE school...but elected at the time not to get a license, and now it's too late, (had decided at the time RE was not for me). But I do understand that in most of our deals, including PO's we are principals in the deals. But can this be construed to be "acting as an agent/broker" if we're getting paid off the HUD? When I was working with the company I began with, I can see now that he was doing the "release from contract for a fee" deal. He had decided later that he/we had better get a RE License to do so or else be looked at as "posing as an agent". He was always "hearing" things like this lol. Now I do know our contracts sucked...or atleast those on the web I've presented our contracts to have said they sucked lol. We didn't have a cancelation clause that is like MC's. Ours had these as our exits: For this one, we never paid the home owner anything unless we got a qualified applicant to deposit usually a $500 check. If we didn't get a "sub-buyer" (as you'll see in the other piece of the contract), then we didn't pay any earnest money and therefore if it was to be within 30 days, then all we had was 30 days to market the home, and after that the contracts null and void. People I posted this to on CRE didn't like the whole "sub-buyer" part and said it showed I was acting as an agent. So I'm looking to do the PO's as legit as possible to keep all parties safe and legal.

Quick update. Spoke to homeowner yesterday from Craigslist, not motivated for L/O deal. MAybe a possibility for PO? He's asking $149k but said he would take $132k. Home has tenant already so maybe it'd make a "buy and hold" investor a deal? Using the email marketing thread, I sent the email out to 4 people last night...yes only 4, but I got replies from 3 of the 4 lol. One investor, one real FSBO, and one "call me". Will put out more today from the "FSBO" sites. Edit 11:43 AM lol well make that a perfect 5 for 5 on replies. Though only one of them included the info asked for 2 said call'm for details). Going to go through the Owners.com and other sites and fill out the lil "Contact Buyer" thingies with the same email script today sometime.

What area of NC Steve? I'm north of Charlotte...KAnnapolis, myself, so it's really good to hear someone being successful near me I'm just getting back into it right now.

Fully agreed sir. Thanks again Working on more emails and stuff tonight and tomorrow. Did a search for Craiglist in your forums and have come up with the "email letter" which will be very very handy imo. And now just looking for some good Craigslist ads that won't likely get deleted lol.

O.k. lol wow. First off it took me more than 5 minutes to settle my nerves and just do it. Clipped my nails, used bathroom, got drink, read the intro files lol. Anywho, he knows what a L/O is, and he's one of those expecting 1. money up front, and 2. money on the back end based on appreciation. He's gonna call me back after talking to his wife about how much he needs lol. I did push for a 3 year term before talking about a "down payment" He's currently getting $1450 from the current lease. That includes a $200/mo extra for a nonrefundable dp they couldn't come up with. The current people have 480 scores he says. Man he honestly did 98% of the talking which was great His payment is $912/mo including piti, and he'd be willing to take that. But he's wanting a dp and a backend payment. Bad part is he's gonna call me back in a day or 2, and since I don't think there's a deal there I could careless...(or am I wrong? lol) Thanks so much for the quick reply MC, I don't know if it was by chance or if you watch for us when we need help lol, but I really appreciate it. It made me 1. accountable and 2. motivated. It was definitely good to get on the phone with a homeowner and get over the jitters. After the first few words he spoke I was comfortable, so that just proves to everyone..get on the phone and just do it Thanks again MC!!! Oh yeah I think we were on the phone for like 20 minutes or so.

O.k. gonna call in about 5 minutes

This may be premature but I'm gonna need an answer before I talk to the man of the house lol. I emailed from Craigslist about a house that is currently leased but the owners are wanting to sell. They say it cashflows, so that's good, I just don't know by how much. With a leasee already what are my options? Try to do a CA in the hopes of finding an investor? Do an SLO and just enjoy the cashflow...but save it lol in case something happens? The lady told me I'd need to call her husband lastnight, and I didn't...yet. Well I just got on and see he's emailed me telling me to call him and we'll discuss terms. How should I approach this? How might my conversation ought to be?