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herbdalyjr

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Posts posted by herbdalyjr

  2. Posted · Report reply

    I think Michael is rummaging through the brothels of Reno...

     

    But here's what I do...I just leave those blank until I find a T/B.

    Just explain to the owner that even though you don't know the exact, final

    figures and they may change, their net selling price will remain the same.

     

    Just make sure the monthly rent is filled in, the lease term, and

    their net selling price is met. Use figures on what you're planning to get from

    the OC and rent credits and adjust them as needed.

    If a T/B is putting down less than expected, then the seller will net more

    when the sale takes place. I'm sure they won't mind this.

     

     

    hey jason,

    I was wondering if you could use a "letter of intent" with the seller with the PRICE,TERM,RENT

    and when you find the end buyer write up a lease with option agreement between end buyer

    and the seller and just assign your letter of intent for your % of the non refundable option deposit. of

    course it would still be credited if option was exercised?

  3. Posted · Report reply

    Michael,

    I wanted to ask you with your co-op-assignments when doing the lease agreement with the seller

    there are things you won't know until you find an end buyer. Example occupants, vehicles, etc.

    do those blanks have to be filled in or can they be left open?

     

    And on the option agreement the non refundable option deposit, rent credits, total purchase price

    unless they are fixed up front, there again there is no way of knowing what the end buyer is willing

    to put down how much he expects as a credit, and what to build into the purchase price so the seller

    can absorb it.? How is that handled?

     

    Unless the paperwork between you and the seller is drawn up after all the parameters with the end buyer

    have been negotiated. I was a little unclear on the process on the paperwork.

  4. Posted · Report reply

    Hi, Herb, and welcome to The Naked Investor. Good to hear from you again. Hope all is well up by you.

    If you are assigning a Pure Option, you collect your assignment fee and are done with the deal. You have no further involvement and have nothing to concern yourself with in regards to Purchase and Sale agreements.

    Michael,

     

    So am I to assume once I have assigned the option to my flip buyer,via an assignment contract for a fee, he will then

    go to the seller and do a purchase and sale agreement, for the agreed upon price?

     

    I originally thought if I found a buyer I would exercise my option, then go to the seller write up a purchase and sale

    agreement and then assign that to the flip buyer?

  5. Posted · Report reply

    I wanted to know if you have a straight option to buy on a property and want to flip it to another

    buyer for a fee, how is the purchase and sale between what parties handled? Do I just assign it

    for a fee and let the end buyer close with seller, or do I sign a p&s with the seller or end buyer?

    Who signs the P&S agreement between seller, me, and end buyer?

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