bbrunelleb

Hi All, I ran across a site that lets you advertise for free if your using seller financing. Take a look at it and let me know what you think. www.ownerwillcarry.com Bill

Hi All, Have a seller that will do a CA on a 359k FMV house. The house is brand new, never lived in. He says he will finance 20% with seller finance. When I have a T/B I will be asking 377,800k. That breaks.down like this: FMV $359k to seller +10,800 rent credits @ 900 per mo.x 12 + $8,000 Option Money Total $377,800 = purchase price to T/B I have never had a seller finance before and I'm really confused as to how I would put this to the buyer. I seems like it should be easy to explain but I must be having a senior moment and need some help.. I know to tell the buyer that his rent credit and option money will be credited towards tthe purchase price but the 20% seller finance has got me stumped. I realize that I am out of the loop once I assign to the buyer but I am sure they will ask me how the 20% seller financing will work. Bill

Thanks for that info Jonathan, Im headed there today and talk with the managemant company thats there now. Bill

Thanks for the quick answer Mike. Im getting a lot of calls and now I know what to answer By the way...I liked the guy with the snow blower. Thought I recognized the guy for a minute. Thanks Again Bill

Has this happened to anyone/ I have a buyer interested in a condo that has no HOA established yet. They just converted from apartments to condos. They are asking me what the HOA fees are and I dont know how to explain it to them. Will they form a HOA when all the units are sold? Bill

Thanks, MC & Steve, Its the first time that has happened to me so I thought I'd better ask. I'm goin to see this guy today and show him the place. I'm doing this long distance and so far its going pretty good. The seller is in Miami . Thank goodness for the guy who came up with a FAX machine. I'll keep you posted on it. Meanwhile Happy Mothers Day to all you MOM's out there! Bill

Hi All, Picked up a contract on a 2/2 condo and put it on Craigslist. A half hour later I got a response. He wants to know if he could buy direct. First of all, here are my numbers: Purchase Price to T/B 262,200 Rent Credits 600 per monthx12 = 7,200(50% rent credit) Option Consideration...5,000 Seller will get 250K My question is, if I assign the paperwork over to the T/B and he wants to buy in the next month do I still give him the rent credits for all 12 months plus the option consideration? It would seem to me that the seller is still getting his 250k when he excersises the option. Bill

Jason, thats one of the best stories I heard in years. I never laughed so hard.

Hi MC. I can relate to that. Some years back I was in the fence business in New Jersey. I was living in Toms River at the time and all the New Yorkers were headed up my may to buy houses. At that time they were selling for peanuts. I had a house with 4 bed and 2 baths and a huge back yard (which I had to cut the grass). I had just paid a whopping 13,500 for it. Anyway, getting back to the subject...I was digging holes with my partner and was down about a foot when...shazammm I hit a live power line. I was whacked back about ten feet and landed on my ass. When I hit the cable there was a big flash and I thought I saw the light at the end of the tunnel. I had no idea how much power I knocked out. Anyway, what saved me was that I had wooden handles on my post hole digger and that kept me from getting lit up. Needless to say, I headed down the road and had quite a few Rolling Rocks. I've been drinking then for a lot of years but now I'm on Heinken. God Bless the man who invented canned beer!

Sorry Gordon...It's www.papersourceonline.com

Take a look at www.papersource.com

Craig, You seem to be doin great with your pure options. I have a few 800k to 1.2 mil houses I'm going to try and get a pure option on. I haven't done it before but what the hell, if you dont ask, you dont get. I have this contract made up and would like your opinion on it. OPTION TO PURCHASE AGREEMENT This Option Agreement is made between: ___________________________________________________ Herein after referred to as the Optioner and ___________________________________________________and/or Assignee. herin after referred to as Optionee The Optioner agrees to grant an option to purchase to the Optionee, the land and improvements commonly known as: ________________________________________________________________ Optional legal description: ________________________________________________________________ Upon agreement the option would begin____________________2006 and end on_____________________2006 The purchase price would be ($) __________________________ payable by certified funds as settlement. Optionee to have access to all, but not limited to, contractors, appraisers, inspectors, prospective buyers, and possible assignees. All requests for access must be responded to within one business day. Optioner must maintain proper insurance on the before-mentioned property. Optioner grants this option for the consideration of ($10.00) and other valuable consideration. The Optioner retains the right to sell the aforementioned property to another buyer during the time of the Option to Purchase Agreement, and is not obligated to deal exclusively with the Optionee. If, however, the Optionee, indicates he/she will excersise their option, according to the terms of the agreement, the Optioner is obligated to sell the property to the Optionee for the terms indicated in this agreement, without any hindrance or encumbrance. The Optionee may assign this agreement, and upon any assignment such assignee shall have all of the rights, remedies, and obligations as if it were the original Optionee hereunder. From and after any such assignment, the term "Optionee" shall refer to such assignee. Optioner_________________________________________Date_______________ Optionee_________________________________________Date_______________ Faxsimile (Fax) signatures constitute a valid signing of this agreement. Before you mentioned about letting the seller try to sell at the same time as you, I had saw it somewhere but cant remember where. Oh well, let me know what you think of the form i'm going to use. Bill

Hey, thats great Steve. Like Dino used to say...Keep those cards and letters coming! Bill

I'm telling them 8% of the asking price and never have any problems. Bill Bill, you are referring to closing costs and Realtors commission, correct? That's pretty much what I figure, too. (6%/2%) Yes, thats right. Mike, Just thought I'd mention this. The other day I was doing a Ca and the homeowner wanted to know why he couldn't have part of the option consideration. He was a pain in the ass to begin with because he just couln"t comprehend anything I was saying to him. Anyway, I told him what Bev tells them...Sure, I'll give you 50% of the option consideration and then when your house gets sold you will give me 50% of your profits, right? Well, you know what the end result was. Your right about getting very aggresive now in marketing. A lot of these people are still on cloud nine and dont realize whats going on with house prices. I'm starting to market in the Tampa area. My excuse is that I like to go to the race track and will have an excuse to go there more often. Just thought I'd sound off a little. Thanks for listening. Bill

I'm telling them 8% of the asking price and never have any problems. Bill Bill, you are referring to closing costs and Realtors commission, correct? That's pretty much what I figure, too. (6%/2%) Yes, thats right.

Hi Richard, I totally appreciate your detailed information. If some things develop for me I will be back in touch with you. Thanks, Bill

I'm telling them 8% of the asking price and never have any problems. Bill

Nucking Futs? Thats a classic! Bill

NO, this is a new one, a town house. The best part is that I could understand there conversation. I was getting tons of people that had there own version of the english language.No offense intended to non-english speaking people. Bill

I have plenty to spare if you need it, Bill. I just picked up a CA. Got the contracts signed. Now I need a T/B. House is appraised at 300k T/B purchase price 319K Option money 6k Rent 2100 with 50%credit Hey, things are pickin up.. got 3 more to see this week Bill

Thanks Craig and MC, Your advice is great as usual. I plan on meeting with the seller and use some of my boyish charm talking with him. I will definitely do it all as far as checking everything out including him. If he gets to realize that whatever deal I give him is "better than canned beer" then I got it made. Ill let you guys know if I get anywhere on this one. Bill

Hi All, I recieved this email and would like some opinions as to which way to go with this. Sounds like a savvy guy looking for a piece of the action, which is good........ Hi Bill, I was looking on the internet for investor areas to ask questions, so I don't know if I have the right area and you are the person to ask. If not, you may know where to direct me. I appreciate your time. Here goes- I know of a house that has been sitting vacant for 8 mos. in Central Florida (the R.E. boom of buyers everywhere is now over here). It is a nice home, in a middle class neighborhood with good schools. About 2200 sq. feet living space 4 bedroom with an addition added upstairs, pool and double garage. It has been rehabbed inside, except the guy who bought it put in carpet pieces instead of just buying carpet? hmmm.?? Though it has been rehabbed, it needs some TLC, recaulk in the baths and scrubbed better, and the pool is green- (bad green) from sitting so long. The grass and lawn is brown and weedy, looks like he has given up! Here is the thing- he wants to get rid of it- it is appraised around 325,000,-330,000 possibly a little more. He is asking 350,000- I think to cover his cost- he bought it from an investor. But he is getting very antsy- he said he is willing to rent, rent with option, co-owner, sell at a discount, whatever, he just wants to rid himself of it- There is an opportunity here, I know it- what are some of the options? how would a no money down strategy work here if I found a buyer for him, or would I just be paid a bird dog fee? I am not an investor, just have been looking at this house and seeing an opportunity for awhile. I appreciate your response, again if you are not the person to ask, I apologize in advance, but if so, or you know who could help, it would be appreciated. Thank you, Leah Miller Thanks, Bill

Thats the problem with attorneys they "thunk " to much. Speaking of attorneys, did anyone see the article where they got together and now their suing Craigslist for being "biased"? They claim also that they are taking to much away from the newspaper classified ads. Bill

Man! I've been watching that VCR blinking since the day it was invented....now you tell me how to stop it! Bill

Ditto on what MPINE says. I've been on this planet for almost 70 years and Mike's manual is by far the best investment I ever made. Bill