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Thanks! This is great and I needed the laugh! (and the ideas on how to word my ads) option8

send me the details of the deals. option8 inhighgear@ameritech.net

Actually, I have since found several local companies that are getting my business. (I haven't pull that down yet....I want to replace it with a standard loan application.) Why? They have buyers for houses---both funded and those who can't qualify today---and help me get my deals done with their mortgage expertise! One specifically deals in FHA funding for those with little to no credit. It took time to begin putting this are of my investment team together, but now it's cranking and I'll have to change that to a standard loan app. Another thing on my to do list. option8

It depends upon what they want for the furnishings. What are they asking for them? Are they nice or garbage? option8

I think the name of this document starts with "Sample Leas..." I can't check because I edited it and renamed it yesterday. option8

We have found another thing to be true: Sellers will balk when you ask 20 questions about their property---verbally they will play their cards close to their chest. However, when we send them to our website to fill in the property profile "so their property gets officially into our system" they tell us everything about their property...balance on mtgs, monthly payment, value and how valued, why they are selling, what they will do if the don't sell, listing status and expiration date, why they feel it hasn't sold, needed repairs, etc.... This process alone keeps the confrontation level way down and the negotiations productive! Also, if they are motivated enough to put all the info we request, they really are motivated! option8

Hard to say. We don't do too much paid marketing yet, but I wouldn't discount any angle of getting the word out. I have been submitting my site to local link spots and I don't spend any time checking where the links originate. Right now, the site, gives us immediate credibility, I use it on all the property spec sheets we send out to our email notification lists, I sign every email with and advertisment for the domain. I guess as a good marketer, I should be tracking the source of each of these, but I'm kind of working off the "if it ain't broke, don't fix it" MO and this has been a gold mine for us (whereever they are coming from) Sorry I can't provide a better answer to you. option8

Thanks Dave, In my book, it's better to be safe than sorry, so I'd like to address both issues....IRS and liability. If 2 entities does this, then great. I'd rather get this in place sooner than later. option8

Dave, Just for clarification... Are you saying 2 different entities for the best protection or one entity with 2 (or more subaccounts) is sufficient. Thanks option8

Congratulations! Wishing you a long, happy and prosperous new life -- Two are better than one! option8

Way to go, Tonya and Gerald. BTW, I had a conversation with an awesome Mortgage Broker yesterday. While I was asking for any leads that might have to wait to qualify (I was also asking about those pre-foreclosure refi's too!) we might have turned up a fit. They just may have a TB for one of those new construction deals. Am I correct the property is in West Chester? PM me with a good time to call with you. option8

Also, here's another idea: If they can scrape together an amount equal to the 1st and last months rent, you can finance the balance over 6-12 months---all you need is a promissory note. I am willing to take this payment on the alternate pay day to make it easier on the buyer. I accept this form of payment before the rent credits kick in! option8

Gary, Nothing is as hard as finding the first one. Michael is right...the flood gates usually open after that. I heard one investor say that he called over 600 FSBO before the first deal and the next 4 or 5 came in the next 25 dials. (Truth be told, after talking to so many unmotivated sellers, you are truly comfortable with your pitch by the time you find the first one, then you go get comfortable with the paperwork process and the rest of this business.) You are all to be congratulated on your persistence! option8

I'd advise you to find one today. You may not find them right off the bat, but they will surface. Ask other investors...this is where my best relationships have originated. Look for that hungry aggressive soul who really knows the ins and outs of the mortgage business. Do they know hard money lenders? Do they understand the local grants and programs for the first-time homebuyer? Do they know the benefit of an interest-only loan to your sellers? (or do you have to explain that this doesn't only work for jumbo loans) Do they have a knack for getting someone 100% funded? What about all kinds of other funding for investors? What is their circle of influence in the community at large? in the REI investment community? You want them for many reasons: your own needs, for your TBs funding needs, for the mutually beneficial referral relationships at can result and you can have more than one. option8

Pete, Good thinking about getting the sellers to call you. Here's a slight refinement that may work better for you. May I suggest you don't charge to the Sunday paper to call the FSBO and FRBO. I charge into it to mark the ads I intend to call in a few weeks---or longer. By the time the ad has laid around on your coffee table a bit, after the bloom of seeing their ad in the paper has worn off, after the phone has stopped ringing (and I guarrantee it will stop after the first week and a half---it will slow to a trickle after Thursday) the sellers have either moved their home or they are feeling quite a bit less certain of the probability of success with their FS/RBO strategy. At that time, your phone call may feel like a life line to these sellers. I think you may be onto something with your LO Advantage Mailing, however, I'd dial early on with *69, get the address, send that mail in week 3 or 4, then follow up with a real qualifying phone call. (many of the ads in my paper have the address...It's just a couple of mouse clicks to the county site to mail to the owner by name. Your chance of success increases in direct proportion to the sellers motivation/desperation. Let 'em stew abit. Anyone else want to share their strategies for approaching the cold calls? option8

Great job!!! Pete. Good thing for us that resturants don't charge by the signature!! option8

You are welcome! I'm sitting here smiling because "seasoned" in my world still means 1 year in this business. It can be so for you too! Keep digging for that first deal, but while you are doing so, remember that you don't have to go on an archeology expedition. Dig in your back yard, lift up the rocks in your neighborhood, look for your deal right in front of your face... Your neighbor, your co-worker, the next street over. It's there for you to find! option8

Just came back from tying up this deal. The sellers packed up the house last night, the cleaning crew arrived this morning, I showed up at 2:30 to walk thru with the sellers and again the buyers showed up at 3:00 to sign the walk thru, LBP disclosure and get their keys. I LOVE MY BUSINESS!!! AND while I was busy with this, my partner was conducting a walk thru and picking up the keys on a 2 year old 1785 SF, 3/2.5 in her home town worth $138,000 --- a seller LO that was returned to sellers after only one year and no exercise. Only problem is the sellers now live across country!) Price: $134,500 Term: 3 years Up Front : $1.00 Monthly rent: 1025.00 (exactly PITI) ...she also left me an email that a 14 month old 3/2.5 worth $214,000 will be in the bag this evening. (relocating seller with a home in a subdivision where new homes are still being built---great location for leads) Price: $205,000 Term: 3 years Up Front : $1.00 Monthly rent: 1400.00 (exactly PITI) AND there is another new construction deal in the works. Be encouraged!!! option8

Use Michael's! His deal isn't to be beat and he includes the CA angle. I didn't know about the Naked Investor when we started out. option8

Folks Sorry I posted this in the wrong place! Thanks for everyone working so hard on this. So, in my examples the following would be true. Flips would cause transactions to become "dealer" transactions. Assignments, which are never held at all (never go on title) still are not long term hold properties, so would still be regular income and would benefit from none of the investor loopholes. Fundamentally, as you say, this is an issue of which business entity to use for which type of transaction. The bottom line as I see it: -One entity to hold (to start with---more maybe necessary later for asset protection) -One entity for assignments or flips By segregating like this, you get the corporate tax benefits for all your transactions and the two entities never "pollute" one another I've heard folks say this, but didn't really understand why. Now I get it and will structure my entities to address this. DaveT, Michael, pinkerton, you're the best! That's why I love this board! Thanks option8

Mr. Saint: You asked: A mentorship program. This brought our knowledge up to speed very, very fast! GaryGA We are located in Central and SW Ohio. We carved out 17 counties around Dayton and Columbus. Population? I don't know. I only know the populations includes motivated sellers... hope this helps option8

I love our Soldin9days.com site. We've had it for a year now. The first lead came in less than 24 hours after the site went live! Right now it is really popping the leads to us. Highly motivated individuals putting every bit of information on their property and their financial situation (less threatening than playing 20 questions on the phone) Check it out...this link for the Investor Pro websites will give you a discount off the setup fee. The contact name is Lynn Hahn and they really know their stuff. phone 479-986-9158 or 800-365-9023 email: Lynn@InvestorPro.com Hope this helps option8 BTW, we count this as one of our 2 smartest business decisions.

Ross, My most recent 2 deals will have them to protect the buyers and sellers in a 50 and 85 year old home. They aren't complicated to get and anyone can pay for it. You can get the seller or buyer to pay or get them to share the cost! Whatever works in the particular situation AND whoever is feeling the most uncomfortable with the possible repair bills. option8

Michael, Hope you feel better soon! option8

Mark, Haines is my next big purchase! I think the product is great. The pricing you quote seems a bit high. Around here the retail price is $1200/year for 6 counties. I think it is $600/year for 6 counties if purchased thru our local or state REIA. (If your REIA isn't offering you perks like this, why not suggest it to them.) I'm dying to get my hands on this product....no more struggling to comp, generates mailings, contains tax information and mortgage info AND tracks the 'Do not call" flag. I saw a demonstration at my state convention and I've yet to see anything as comprehensive. option 8