verbatim

Exactly what i am trying too figure out. Non- listed properties should not even make him think about asking for a piece of the deal. I will speak with him and get it figured out and give a update Verb

not a listed home, i wouldnt try to exclude commission on a mls home - im speaking of a FSBO hypothetically speaking, but there is no real home in mind right now.

i asked the broker i work for if i would have to pay him a commission on a property i buy for myself as an investment and he said 'yes, you can forfit your commision but 1-1.5% would still have to go to the company to pay the bills. it is a sale after all.' i wanted to say 'well what if i do it in my LLC?' but felt he would think i am just looking for a way to short him out of money. So it will be in the llc or my wifes name, but to be honest i dont plan on actually buying, but assigning anyway. And with L/O's im not buying i'm renting right? Verb

that sucks that you cant represent yourself in small claims due to the fact that you did in the name of your business entity. red tape, red tape, red tape.... Verb

Good idea your attorney came up with. Precautionary measures, i like that. glad to hear that you didn't get eaten alive by the realtors, 1 deal already - MAN!!! Talk about fast, Verb

hopefully the wife isn't the one who tries to stick it to me! I'm not trying to sleep with her ex... Being that they hate each other, and both own the home, will leasing from them be setting my self up for failure in any way? Verbatim

Mike, I believe i may be asking the question incorrectly. What i mean to say is: you talk to a seller with no equity. they say 'no, it does not have to be an all cash offer sir, i am open to suggestions. what did you have in mind?' Do you then go into the many benefits of the l/o program, or do you just say 'ok i am looking to lease a home for 2 years at $xxx per month.' then you find a t/b, get the downpayment, and assign your interest to them? Just curious to know how in depth you get with the original seller when your intention is to assign your interest to the t/b? Any assistance you can offer would be greatly appreciated, Verbatim

spoke to a couple that is getting a divorce. i offered to make the payments and rent it out. Now i need to know from you all if it would be a wise/unwise decision to do a deal with divorcing couple. how can i do the deal and cover my butt? Verbatim

I should have probably said " if the seller agrees to sell it to you on terms." Meaning that they do not have to be cashed out now & can hold out for the balance later. The 'terms' in this scenario would be the monthly payments mirroring or a little above their mortgage payments, with a purchase price below FMV [could be FMV if we are going to assign the l/o.] sorry for the confusion

hey MikeC [and all others] I ask this because i have read some of your posts & you say that you will sometimes get control of a property and assign your interest to the new T/B. When you know that will be your strategy, [and the seller has already agreed to sell it to you on terms as oppossed to all cash] do you go through all the advantages of a lease purchase program? or do you just say 'ok, you'll sell on terms - i can offer you $90k at $xxx per month for 24 months' .... without saying much more? Just curious? P.S. - i know it would be to ones advantage to explain in detail if assigning back to the seller, because they need to know exactly whats happening.

Seller called, husband moving in one month out of state, wife would like to leave when he does. Have a home for sale worth 150k, they owe 70k. She offered it to her son for 120k but his wife wants to build a home. They are open to financing, but would prefer cash now. how should i negotiate it & what should i do? Any help given would be appreciated, verbatim

I know there are different ways to approach people working in different aspects of real estate. EX: You probably would not approach a mortgage broker the same way you would a attorney when trying to build a relationship that allows them to bring you leads on deals. Being that that is the case, how does one approach the following types of individuals for leads: Accountants Appraisers Attorneys Title company employees Banks Insurance agents Mortgage Brokers & Loan Officers Other Investors Real Estate Agents I believe replies to this post will greatly help future site visitors who are not master negotiators, and we would be greatful for any assistance you all are able to give regarding networking with those in any of the above categories. Verb

I've seen a course by Bronchick, "Alternative Real Estate Financing" & a "no money down subject to " book by Charlie France on ebay, For investing which one is better?

Whats the response you get from mailing to these folks. Any deals from it yet? just curious Verb

10k is great. ... did the home need any repairs? what are the details? Verb

Thanks MikeC But if the property value goes down what do you do? And if the person you put in the home stops making payments what do you do? Do you make the payments & take the loss or what? These are questions i cant answer? Verb

Seller says she HAS to sell home before the divorce is finalized. I've read of others taking the homes of divorcees sub to so I know they do not HAVE to sell it but I dont know how to possibly change her way of thinking. It's in her name only but he's the 1 living in it now. She listed for 335k 5 months ago & just dropped it to 310 recently. I said "if i can close in 10 days all cash, what would be the lowest offer you would take?" 'I just want to net 100k she says' loan bal is 129k [bought for 140k 6 years ago] & she says home 'needs 15k to make immaculate.' 310-129-100-15=66K equity if it would sell for that. She's offering to sell at 79% of present listing price. How would you alter/structure the deal & negotiate with the seller to make it attractive for you? And how do i get around this HAVE to sell line?

When offering to buy someones home using subject to, L/O, land trust, land contract, or any other method thats not all cash ...do you think it makes a difference whether you make that offer over the phone or in person? Some "Guru's" say you will only find success with these methods when you are face to face with the seller. Since I know this is where to come for no fluff answers I would like to know what you all think. Can you get the deal over the phone? Any input given from past experiences would be greatly appreciated

I need advice from those more seasoned. this may be my 1st deal. The Details: - Owner has been trying to sell home for 120k with realtor unsuccessfully for a month. - Tax appraisal says 110 and they are usually a little off give or take. - I see owner borrowed 90k in January 1994 with monthly payments of 765 - I believe it can rent for $1100. How should I approach this? Any assistance given would be greatly appreciated... I emailed her some questions and the answers are below: how long has the home been listed with an agent? That house has been listed for at least a month. My ex listed it with an agent why are you selling? We are selling because we divorced several years ago and he has lived there since I moved out but he has now moved and we need to sell the house. what will you do if the home doesn't sell? I do not want to rent the house out because I need the money from the sale of it in order to purchase a home for my son and I. I don't trust renters anyway. what is the lowest price you will accept? Asking price is $120,000, at least $10,000 lower then new construction in that area. how much is left on the loan? I'll have to find out about the balance, my ex has all of that information. what's the total montly payment? The monthly note was around $765.00. Are you in a position where we could make payments to cover your mortgage for a while and pay off any loans you have later? The house needs to sell for us to have the cash out of it to be used for our next homes. What is your preferred close date? We need to get rid of this house asap. If you can help, I would greatly appreciate it and I'll get the loan balance from my ex and let you know.