California Rick

You mean "car dealer?" Tongue in cheek? An 820 score is absolutely golden. Top-flight.

Hey everybody...good to be back Howdy, Cat... Only a couple things I'd like to weigh in about... This is an EXCELLENT idea. The age-old "I-would-if-I-could-but-I-can't-and-it's-not-up-to-me" trick is hard to argue with, maybe even citing examples of the sort that Michael did. But with that, offer an alternative: This is where thoroughly familiarizing yourself with your docs comes into play. Have you ever bought or refinanced a property, Cat? You'll notice that you have a ton of papers to sign, and if you have a question about anything that you're being asked to sign, the professional you're dealing with simply explains the document, then you sign it. None of this "let-me-take-it-home-and-look-it-over" jazz. You either sign, or there's no deal. Who knows who they're going to have look at it (and possibly talk them out of it because they're not familiar with what you're trying to do for the homeowner), anyway? For all you know, they'll not only have their lawyer look at it (unless it was an excuse), Aunt Mildred will want a peek, their pet groomer, and heaven knows who else. How do you know they won't lose the contract forms? I think you get my point. If they want their attorney to look it over after you've gone over it with them, I'd simply say, "Sure. What's his/her name and number?" One more thing, Cat: meow

That's a good idea, Craig. Pithy and direct, it gets the point across beautifully.

Echoing Michael's thanks, Brian. There's a lot of helpful info in that link.

Hey, Bevster... Michael and others have brought up some excellent points, but since you and I are in the same state, Bevy, I thought I'd throw in my $.02 as I'm in the process right now of doing research for my own entity formation. When you go to form an entity (such as a corporation, limited partnership, or, in this case, a Limited Liability Company), you will asked which entity you want to form (of the 3 above), then you'll be asked to submit 3 choices for a Doing Business As (DBA) by the Secretary of State's Name Availability Unit in Sacramento. Don't do business as yourself and tempt fate any longer than you humanly have to, Bev. Pardon the expression, but you're taking a big risk in doing so as you can get sued down to your underwear. On the heels of Michael's statement, you want to be as poor and penniless as possible on paper to avoid being targeted by lawyers and predators should something go sideways on you. I have it on excellent authority that sole proprietorships, general partnerships and joint ventures are BAD entities in terms of asset/personal liability protection should you get sued...stay away from them as they offer none. Exactly. You got it, Toyota. None that I know of. Not yet, anyway. Except: And we have way more than our fair share of those here in the Golden State! Hope this helps ya, Bevster!

Bevster!! YOU?!!? Hubba Hubba!! Hey, Joisey Goil, like your style!

If you say so, Michael, but I don't see anything wrong with the manual as it is. In fact, I thought about it, and came to my own conclusion that you were perfectly correct NOT to have "CA" at the top. I wouldn't put that there, either. Besides, as you said, the distinction is made in the downloads you send us. And, as I said, that's where it counts! I wouldn't change that at all, Michael. You were right all along. In fact, I think I can speak for everyone who reads this that you changed for the better the way we think about this aspect of REI. Thanks for the manual, this board, and FOR BEING THERE FOR ALL OF US!! You're, by far and away, the most accessible teacher there is. I've studied Sheets, Kessler, and a few others, and I've NEVER had any personal contact with any of them. They've got their phone bank lackeys to talk to anyone who calls, and we've got YOU!! The rest of those "gurus'" students don't have what we have. You rock, Michael! Didn't mean to hijack your thread, Craig, but I had to get that out.

Thanks, Michael! So, it wasn't an oversight. It's correct where it counts.

The first Assignment of Agreement form (in my manual, anyway) is page 95. The second (and the one I'm thinking Kim is referring to) is page 106. They both say ASSIGNMENT OF AGREEMENT at the top with no distinction. However, the second sentence of the 2nd one (page 106) says: "Any assignment fee paid shall be considered option consideration and will be credited in full towards the purchase price of the subject property as specified in the attached Option to Purchase Agreement." The 1st on page 95 doesn't have this sentence. Instead, it goes straight to the property address. Again, the two documents have the exact same 3 words at the top: "ASSIGNMENT OF AGREEMENT." No "CA" at the top of the form on page 106. I'm thinking that this is the one that should have the "CA" at the top. If so, I'll make the notation. I don't know if this was an oversight or not, but that's what mine say. MichaelC?

Good for you, JC!! You go, John Boy!!

Hey, John A seller carry back is when the seller acts as the bank, taking payments for the property as the bank/mortgage company otherwise would. Also referred to as "taking back a mortgage," "carrying paper," "seller financing," etc. As for whether you want anything to do with it or not, that would depend on the situation, and what you want to do. Do you want to buy the property (i.e. owning it outright) as opposed to controlling it, with Lease Purchase? Both have their advantages. If you want to buy a property for yourself with the purpose of holding onto it for whatever reason and reaping the benefits of ownership (such as equity and tax benefits) and the seller is willing to be the bank, and you either can't qualify for a mortgage or just don't want to acquire new financing and the seller's mortgage isn't assumable, you might be able to negotiate a lower interest rate (or none!) than a bank/mortgage company would charge you. Sellers can usually be a lot easier to work with than banks (not as rigid on terms and without all the bureaucracy), so if you can find that MOTIVATED seller, seller financing can be the way to go if you want to buy a property. On the other hand, with all those benefits of ownership come responsiblilities, too, such as property taxes, maintenance and all the expenses that come with it, etc. But there is a way to make money on properties without all said responsibilities, and to that end, there's an awful lot to be said for simply controlling the property while still making money from it. This is done with the Lease Purchase. I don't have to go into the benefits of doing this as there are over 50 pages of threads to read already posted here by people who do it every day and who are the best at it anywhere. I'll let them speak for themselves and what they do. I've learned a ton from them, as I know you have. Hope this helps, John.

Where else would you speak, Kimmers?

"...in pubic places about our sex lives?" Where's Sigmund when we need him? Kim, oh, Kimmmmmmmmmmmmmm, sweetie......

Seriously, Bevster, you ARE attractive! I'm not a great judge of age, but you look around 30 to me.

So, the name of that thing was (sing with me now) "How Much Is That Doggy Style In The Window," right? Just makin' sure. Ahhh, Patti Page would be proud.