lanceh

Thats easy MC! My neighbors 8 bedroom 5 bathroom mansion sold 2 years ago, my 1 bedroom 1 bath shack must be worth at least as much as there house sold for, how could it not, the market is great and there comparable houses right? What a joke!!!

So I just talked with an out of town owner. He has a property that he doesn't want to have to worry about anymore. He already has a rent to own buyer living there who is going to pay 260k. The owner is willing to take what he owes (230k) for someone else to manage it for him. Seems like an easy 30k for someone. I don't want to do sandwhich leases, and I'm trying to figure out a good way to work this. The only thing I could think of was a pure option that I could flip to another invester, so that is what I offered him. I'm just trying to find out if there is a better way to do this. I don't think the owner cares if the property is actually sold right now, he just doesn't want to have responsibility for it anymore. Thanks for your help, Lance

Hi everyone. So I tried unsuccesfully to sign homeowner's up on ca's a few months ago. I took a break for awhile because I was unsuccesfull. 2 weeks ago I decided to give it a shot again. I already have 2 homeowners signed up on pure options and a couple ca's in the works. Anyways, I think I have a great opportunity that my experience is going to blow for me. Here is the email series: Me: Hi, My name is Lance. I am a real estate consultant and I always have buyers looking to get into nice homes. I was wondering if you would be willing to sell your house on a rent to own basis. Thanks, Lance Her: Absolutely! Most of them I can do that way as well, except for the duplexes! Me: Great! What I do is work with you to find a solution that benefits you. I work to find a tenant/buyer subject to your approval who agrees to pay you an above market price, and who will be responsible for all maintenance and repairs during the agreement. You can sell your property without paying Realtor fees or closing costs. I usually can place someone in a matter of weeks, and there is no cost to you if your property doesn’t sell. Does that seem like something that we can work on together? Thanks, Lance Her: Yes, do you have a website so I can check out your company. Do you have any references? Thank you Joyce M So my dillema is that I am very new so I don't have a website or references? Is there a good way to tell her this that she might be comfortable with. Even better yet, is there anyone in MN who would like to work with me on it? Obviously splitting profits. Please let me know so I can get back to her. Thanks

Hey everyone, Just wondering if anyone is from MN. I'm trying to find out if there is anything state specific that I should know about MC's contracts or anything else that could affect me while doing lease options. I looked up the landlord tenant laws and learned a lot, I just want to make sure I'm not missing anything I should know before I start calling homeowners. Thanks, Lance

Thanks MC, that makes a lot of sense.

Hi everyone, I just received MC’s manual last night and I love it. I read it cover to cover as soon as I opened it! I can’t wait to get started and plan to initially do CA’s as a way to build up a little reserve money before venturing into other strategies. Anyways, I have a few questions concerning the contracts. I know for a CA I will use the CA residential lease agreement and the Option to Purchase agreement with the homeowner, then I use the CA Assignment Agreement. 1. On the agreements when it askes for the dwelling located at:, do I have to use the legal address on the deed, or is the mailing address good enough? 2. Who initial the bottom of each page? 3. Lease agreement #10: do I just leave it blank until I find my T/B? Where I get lost is on the Option agreement. For my understanding I'll set up a pretend scenario: Seller wants to net 100k I find a t/b who will pay 108k with 2000 option consid and 500 per month (6000) rent credit 1. Is the purchase price the 100k I agree to give the seller or is it the 108k I plan to ask from T/B. 2. For the rent credit, is it the 500/month we plan to give our t/b’s or do we just put $0 since our seller isn't giving us a rent credit off of his 100k? 3. For option consideration, do we put what we give the seller, say $10 or some other minimal amount, or is it the $2000 we will be getting from our t/b? I believe we use the expected t/b price and expected t/b rent credit and then $0 or $10 for the option consid since that is listed on the CA assignment, but please correct me if I'm wrong. I understand the CA assignment agreement. Thanks all for your help. Lance

First, it may be time to set the little woman straight. . .or turn in your Man Card. Then again, on second thought, rather than reading about you being beaten into submission by your wife, why don't I just send you a free copy of my manual? Seems like an easy way to defuse this troubling domestic issue. Seriously, I appreciate your posting all that valuable info. PM me your name, mailing address, and email address and I'll see to it that it's sent on its way. Wow! thank you so much MC, this place is even better than I thought! I will be sure to keep you up to date on how things go for me. I have no doubt in my mind that I will be successful at this, I have actually contacted fsbo in the past just to get over that initial fear, my only problem then was that I had no way of actually making anything out of the calls since I didn't have the know how or the contracts. I am determined to make this work. So many people are unhappy with there lives in the corporate world, and now there are trying to get out and do things on there own. I made it my goal to never go down that rout to begin with. I have one semester left in college and my goal is that by the time I'm done with school, I will be investing full time and be able to sustain myself and family. Anyways, I don't mean to ramble, just thought I would put it out there as a way to hold myself accountable. Thanks again MC.

Hey everyone, So I have been trying to figure out which books and cd's to sell to try to come up with the $97 for the manual when I saw this. I posted a bunch of internet resources in the lease section, at the time I wasn't trying for the free manual since I didn't know about it. I doubt that by itself is enough to earn me one and since I don't want to sell my rich dad poor dad books, and I don't think I can get 100 bucks for cd's like chumbawamba and sugar ray, I thought I would take my shot at side splitting funny. So here it is: So I'm on my way to school this morning (I go to the u of MN) I'm about ten miles away from home when I realize I had forgot my phone and my wallet which I need to pay for parking. So I turn around and go home to get, only 20 mins of extra drive time. So now I’m back on the road driving down the freeway and about half way to school this morning (its about a 45 min drive), everything is going great, theres no traffic, I’m not running late ( even with my 20 min detour), just enjoying the drive and listening to music. Then I decide to get a drink… I brought a new water with so I opened it and took a little drink, when I went to put the cap back on, it slipped. I dumped three quarters of the bottle right on the crotch of my pants, not down my shirt, not by the waste of my pants or on my legs, not one drop landed there, the entire thing went on the inside half of both my legs and then down between my legs and onto my butt. I couldn’t have looked worse even if I had actually peed my pants! So then I’m trying to figure out what to do. I’m trying to think if there is anywhere that there would be a blow dryer like at a gas station or something. I couldn’t think of anything so I turned the heat on as high as it would go and all on the one that blows on your face, closed the passenger side vents, pointed my vents at my crotch! So now I'm driving 70 down a 6 lane freeway swirving all over the place and sweating from the heat and trying to stand up in my car while driving so the heat blows on my crotch to dry my pants off (and I'm a pretty big buy, 6' 260 lbs) Just picture that for a second. Everyone thought I was crazy, including the cop whose lights then flashed in my mirror! So the cop comes up to the door and askes where I'm going and if it is my car or my dads (I have military purple heart plates so they never believe that its mine since I'm 22). I told him it was mine and I was on my way to school. I wasn't sure if he noticed my pants or not so when he asked why I was swirving all over I just pointed down! The officer started laughing like I've never seen anyone laugh before. He had tears running down his face and while laughing just said stop at the gas station next time, now go to school! Hows that for a way to start your day! Oh and by the way, the heat blowing thing worked and my pants were basically dry by the time I got to school! Hope that makes someones day seem better! Lance

Hello, Just wanted to say hi and thank everyone for all of the information. It’s unbelievable how generous everybody here is with what they give. I have been learning about real estate for quite a while and I have never found a resource as valuable as this forum. MC, I don’t know how you did it but you are amazing for organizing a place where there are no sales pitches and information is plentiful. I feel like I’m finally ready to stop researching and start doing. I can’t wait to get your manual so that I will be totally ready to go with my investing, contracts and all. I just need to sell my other books first to come up with the hundred bucks, otherwise my wife will have a fit! (she never liked me spending the $25 for the other books I’ve bought!) Anyways as the title says I want to do my part in helping people with there investments, so I thought I would post a list of all of the internet resources I have come across in the past, many of which are free. Also many of these have been posted here in the past, but thought people might like having everything in one post. I haven’t really used most of these, especially the pay ones, so don’t take this as a recommendation, just a starting point. So here it is (not very well organized sorry, I tried). Anyone who has used any of them please let us know how they have worked for you. Hopefully this makes life easier for someone. MC, I’m not affiliated with any of this but please remove this post if it is violating any rules or anything, I promise my feelings won’t be hurt! (Well maybe a little but I'll get over it ) Home value estimators: Domania.com http://www.cyberhomes.com/default.aspx?bhcp=1 http://realestate.yahoo.com/Homevalues realtytrac.com eppraisal.com http://www.realestate.com/homepricecheck/ landcor.com http://www.homesmartreports.com propertyshark.com realestateabc.com realquest.com dataquick.com reply!.com Rent estimators: Rentometer.com (Check this out, it’s pretty cool and quite accurate in my area) Rentslicer.com fsbo websites: www.virtualfsbo.com www.homeportfoliojunction.com www.onlinerealtysales.com www.2buyhomes.net www.forsalebyowner.com www.byowner.com www.owners.com www.allthelistings.com www.forsalebyowner.com www.US4salebyowner.com www.fsbo.com www.fsbon.com www.UShousefinders.com www.freelistings.com www.helpusell.com www.fsboonline.com www.nofeelistings.com www.privatesalerealty.com www.privateforsale.com www.directbyowner.com www.rehablist.com www.buyincomeproperty.com FRBO websites: Rentals.com Rentalhouses.com Tenant lead services: leasepurchaseleads.com Lead birddog generator: Teamworkleadsystem.com (I’ve been told this works great for keeping track of leads as well) Tenant screening: Aaacredit.net Tenantverification.com Citicredit.net https://www.e-renter.com/ evictionrecords.com mrlandlord.com http://on-site.com/ rentalresearch.com tenantalert.com tsci.com Law help: Prepaidlegal.com Martindale.com Direct deposit: Clearnow.com Vancoservices.com Title Search: Titlesearch.com Ways to sell: http://homeauctioneer.us http://www.iggyshouse.com (claim to list on MLS for no commission) Free Classifieds: Postlets.com (posts to all of the following in one!) Craigslist.com Backpage.com http://base.google.com/ http://hotpads.com/main.htm kijiji.com livedeal.com oodle.com trulia.com vast.com zillow.com Telephone and fax services: Patlive.com Weanswer.com Coatelecenter.com Grandcentral.com Efax.com Kall8.com Skype.com Onebox.com Printing Services: Vistaprint.com Overnightprints.com Bandit sign placement: Thesignbandits.com (this is nice if you don’t like putting out your signs) Your handwriting for computer font: Fontifier.com Hard Money: Rehabhardmoney.com Prosper.com (This could be used for more than just real estate) County records: http://www.biggerpockets.com/county-assessor.html Mass emailing and voice broadcasting: Icontact.com Voiceshot.com Direct Mail: Quantumdigital.com List services: Melissadata.com Landvoice.com Listsource.com Infousa.com Usadata.com Website building: Blogger.com https://www.google.com/accounts/ServiceLogi...tmpl=yessignups bravenet.com instantinvestorsites.com urlzoo.com