sarge006

Thanks Mike--we'll see what happens!

Balance of mortgage is around 77K plus what they owe in arrears--which is about 13K.

Well--Bandit signs do work!! Received another call--here is the scenerio-- 4/2 with full finished basement/ 1.25 acre wooded lot/ 20 yrs old/ large detached garage--appraised 2 months ago at 169,700. They are in foreclosure and at this point--they are about 90K in arrears which includes property taxes. It is presently still listed with a Realtor for 30 more days (so far they can't move it at 155K). I told them they were running out of time and if it doesn't sell thru the Realtor--then I would try and at least save their credit and get them something to walk away with. This is what I am thinking---Wholesale it out for 110K and give them 5K-6K to get into another Lease Option--that would leave about 14K profit. I would try and not go lower than 105K as a wholesale price. Am I in the Ball park here?? ( I understand that I have to check for other Liens though--even though they said there isn't any). I need some input from all you seasoned professionals on this Forum. What are the steps you would recommend. THANKS--SARGE

Thanks Mike--I will definitely keep swinging!!!!

Well, struck out on my first 2 deals--but I'm learning!! Which forms do I need for a Wholesale Deal?? I know I need the Assignment contract (Not the CA).----but which other contract??

I meant to say is the buyer going to feel more comfortable giving me a cashiers check "on the street" or at a Title Co.?

My assignment fee on this Pure Option is 12K and I have an option to buy for 8K making a total of 20K. Because the assignment fee is 12K--is the owner going to be more comfortable giving me a cashiers check "on the street" or at a title Co.??

Some other questions---- Should consulting fee be a cashiers check or just a regular check? Do I leave Documents w/him to take to his Lawyer? Is his payment to me prior to our initial meeting?

Thanks Mike--This is new territory for me again----nervous but excited !!!!

One months lease pymt

While my first Pure Option on a fire-damaged duplex is still in the works---I have another opportunity to do a CONSULT on a lease purchase. My question is what 2 forms do I use. I know about the " Consulting agreement"--but which Option To Purchase Agreement do I use and what Residential Lease Agreement do I use?? Any other pointers would be very helpful. Thanks Guys!!

Thanks Mike. I will let you know what happens!!

Finally, No taxes owed and no liens. Because this was just a pure option (not exclusive)--do I need to protect my position with a Memorandum of Option filing or just trust that my end buyer isn't going to go around me and go right to the owner or wait till my option expires?? Mike--you've been so helpful with my first deal--I'm nearing the end of this one (hopefully my first successful deal).

Hopefully--last question, Just found out my Seller still owes about 7500. in taxes to township. He apparently thought the bank was paying this. I told him this would have to be paid before we can proceed and provide proof it was paid. What process do I follow here? My buyer is ready to roll with this.

Mike, One more question on this deal. Because there is no mortgage--would my buyer (after paying me my assignment fee) just give the seller what is owed him (8K) cashier check and in return receive the title to house? I ask this because my end buyer asked me. SARGE

Thanks Mike. I will keep you informed if this goes through!!

Mike--you said that the buyer and myself are the only 2 partys that sign the ASSIGNMENT AGREEMENT? But, at the bottom-the seller is also to sign? Does he see what I am making on the deal??

I am very close to my very first deal going thru--but I need a little help walking thru the last steps. This property was a fire damaged duplex with an ARV of 200,000. It has no mortgage or liens and owner (who was already payed by insurance Co.) wants 8,000. to walk away. I need a definite walk thru with final steps. I got a PURE OPTION signed by owner seller for 8,000. I am assigning it to my buyer for 12,000.. If there is no mtg--am I assuming there is no formal closing? Does the buyer bring 2 checks--one to my company and one to seller? Where does this take place? If someone could give me their experienc here I would greatly apprciate it. THANKYOU

Mike, Thankyou so much for your patience!!

Then I can use a separate assignment agreement to assign the pure option? Thanks for your help Mike. I will let you know when I get my first deal!!

Thanks Mike. One other question--how would the final transfer of funds go at the end?

Hey guys, Still attempting to do my first deal. A homeowner saw one of my signs and called me. He has a Duplex that has fire damage. He already got paid from insurance company and only wants about 10K. I have a Realtor who is going to run Comps for me. Looking online its APR is roughly going to be about 195K--but I still have to wait for Realtor to get back to me. I am meeting him Monday morning to look inside. I might have a Contractor interested in buying for himself---my question is this---should I get a Pure Option on this before the Contractor takes a look? SARGE

Here goes----- Got an OPTION on an estate sale. Comps out at around 95K. Owner said all he wants out of it is 60K. He gave me a 90 option to do my thing. As of today--I am now marketing it. My question is this, If I am selling it for 69K-- when and how do I get paid?? Do I mention to the buyer he has to buy my position first, than go to closing with the buyer, or do we do all this at closing. What prevents the buyer from waiting till my option period is done--than dealing with the owner??

OK--Thanks Mike!!

Thanks Mike--Looking at this property today and called the one invester I know who is only interested in buying and holding. Even if I only get 5k out of it--it will be a huge boost to my confidence level.