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About Hart

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  1. Hart

    Local REIA club

    That's the answer I wanted to hear. Or at least, "To each his own." You have some people who swear by it, saying they get a lot of referrals and/or find mentors there. To me, it's hard to justify the time and money at this stage of my game.
  2. Working toward my first deal. Should I try to partner with someone who can find a tenant/buyer and/or show the home? Should I work with a realtor or mortgage broker who is experienced in qualifying people based on credit, criminal background, etc. Or should I do this all myself?
  3. This quote has power for me coming from Seth Godin because, apart from being a thought leader in his field, he comes across as a really mild mannered guy, someone I could emulate. Another thing I heard him say is to do things you fear doing. This is one of his top 3 (or so) principles as far as what he makes a priority.
  4. Hart

    Local REIA club

    How important is it to attend my local REIA?
  5. Someone suggested going to a printer and asking if you can stop by every week or two and recycle their corrugated plastic signs for free. That's from Lindsey Kinnsch in San Diego. She has more free signs than she can use.
  6. I'm wanting to take action on the path to my first lease purchase deal (by 3-31-13). I know I need to generate leads. I have a full time job and a marketing budget of about $100-200 per month. I don't want to be paralyzed by analysis. That's why I'm writing this post to get some input. Please look at the following list of possibilities and give input as to what might be the best use of my time and/or money. 1. I could hand write my own yellow letters to listed homes in my area and in my price range. 2. I could send post cards to listed homes in my area. 3. I could go to list source and get a list that is specific to absentee owners, narrowing it down further to target owners who likely have little equity. I could mail post cards to that list. Any thoughts on what to do or what to avoid? Thanks. Hart
  7. In all fairness I have not yet received the naked investor manual yet because it's still in the mail. But I have read the naked investor contracts. Can I get a little guidance as to what those contracts are obligating me, the sellers, and the buyers to do? If I don't understand the fundamentals of the transaction then I don't know what I'm asking the seller to do or why they should want to do it.
  8. Never mind. My question is answered.
  9. How can I follow specific topics? How can I click on a link that will conveniently show me the topics I've posted or replied to?
  10. I am working on getting my first deal (my goal is to do so by 3-31-13). Let me see if I can give an overview of how these deals work, then you correct me where I'm wrong, or point out how deals vary, depending on the investor, the circumstances, etc. 1. I find a seller who wants to rent-to-sell her home. 2. The seller signs a contract that gives me the right to market the home to a tenant-buyer. a. Does this contract state that I will “lease” the property? b. If I later assign to the tenant-buyer my right to lease-purchase the property, I cannot assign the buyer something I do not have. If I have the right to lease-purchase the property, then I can assign that to the buyer. If I do not have the right to lease-purchase the property, then I cannot assign that to the buyer. c. Do you understand my confusion here?3. I find the tenant buyer who is interested in the property and able to pay my consulting fee, which is also his down payment. 4. At some point, the tenant-buyer and the seller agree to specific terms of sale, like a. Does the sale include the washer-dryer, the refrigerator, the flamingos and the plastic deer? b. Does the seller negotiate with the tenant-buyer on all the specifics? c. If the seller and the tenant-buyer do not agree, then I have to find another tenant-buyer, right? d. If I draft the lease agreement and the sale agreement and the option contract, am I practicing law? e. How do I avoid getting bogged down in the details? Do I just draft a seller-friendly agreement and tell the tenant-buyer, “Take it or leave it?” And if they leave it, hopefully, I have multiple tenant-buyers lined up to take their place.5. I don’t recall seeing in MC’s contracts any contingency provisions where I get to bail if I can’t find a tenant-buyer within the option period.
  11. What do I need to know about FHA guidelines as they apply to lease option agreements? OK, so I get a seller under contract, then I find a tenant buyer who pays me the option fee, which is also my consulting fee. I keep the fee. In exchange for the fee, I assign to the buyer my interest and rights in the agreement I signed with the seller. Before the end of the option period, the buyer exercises his right to buy the property. The buyer has to get financing to buy the property. In order to get a bank loan, the buyer has to come up with a down payment. There is a whole set of do's and don'ts that apply here. And the exact rules vary according to which government guarantor we're dealing with. Problem: The buyer wants my consulting fee to count as part or all of the down payment, but the "down payment" was never paid to the seller. Question: As the investor who wants to not be sued and wants everyone to be happy, so that I'll get referrals down the road: What do I need to know? What do I need to do? What do I need to not do?
  12. Hart

    New member

    JJ, you are a nut!!
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