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About morganREI

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  1. Apparently a pretty sh*tty one! my county has 0, and counted less than ten in 4 surrounding counties. my county has a population of 20,000. morgan
  2. When investors tell a potential t/b to "find a house that they like", what exactly are they asking? for them to find a house for sale by owner? for them to find a house for sale by Realtor? for them to find any house that may not be for sale at all? If it is a house for sale by owner, don't you think that this may be a back wards way of doing things being that it sure is harder to find a seller wiling to do LO than it is a t/b. If it is a house for sale by Realtor, what kind of deal would work in this scenario? morgan
  3. What is the best way to get "motivated sellers" in a market with zero FSBO? morgan
  4. Jonathan, $500 to get started, $27.98/mon plus 3.9/per minute. What do they charge per number for the marketing list? And can you use your own data base of telephone numbers? Can you use one account for two telephone numbers (2 businesses?) morgan
  5. MC, I do understand and that makes perfect sense but ........ If we as LO investors don't thoroughly check out each deal then we leave the t/b vulnerable. If we just take the money and go because "it's no longer our problem" then the t/b's may fall victim to what the attorney general will be calling "lease scams". I'm not saying we have to leap tall buildings and fight crime but don't you think that we should at least try to protect the LO business for the sake of its' future other wise we could end up like Texas. Shouldn't we, legitimate LO investors, be setting the standards and distinguishing ourselves from the crooks. morgan
  6. well one thing would be to see if there were any liens on the property such as IRS, foreclosure, bankruptcy, or mechanic liens, etc..... morgan
  7. A friend of mine was looking to lease a house about a month ago. (This person doesn't know that I do this type of work.) They were telling me how they were bargaining with their lease prices. I have never heard of this nor would I ever do it myself. Bargain on selling price -yes, lease price-no. Does this happen on regular basis with you guys? morgan
  8. MC, did you look up these properties at the court house? or does your area have property info available on line? morganREI
  9. I see you enter into a Lease w/PO with seller. I thought from a previous post that defines a cooperative assignment as the investor facilitates an agreement between the seller/land lord and t/b to mean that this step of the investor actually leasing the property was some how alleviated from the process of a CA. so you ALWAYS lease the property no matter if it's an assignment or a CA. leasing the property 1) gives you control and 2) gives you financial interest which is different than an agent. morgan
  10. I've been reading about L/O's and SLO's for a little over a year now. Stopped to go to Florida and invest in properties at the tax deed auctions. Got very educated about the process but didn't have deep enough pockets. With a new 3 day work week this year, I thought it was time to get moving on a project. So I started thinking about those L/O's and SLO's that I read about a while back and then I came across this web site. CA's seemed to float my boat. I liked that this was short and simple. So, I'm ironing out all the details of a business plan for CA's. I'm thinking . .. I'll form a company that provides a service (finding t/b for home owners) and I'll charge a fee my service (option money from t/:rolleyes:. Thought this sounded like a good idea until I stumbled over the term "Leasing Agent". By definition a Leasing agent finds tenants for apartments, condos and homes. O.K. this sounds a lot like what I'm doing. However in my state you have to be licensed to be a leasing agent. The rule is: you are exempt from licensing if you are an employee of a company that pays hourly/salary. But if you get paid a fee or commission or bonus-then you need to be licensed and work under a broker. When investors were being accused of working without a RE licensed, I just thought they meant selling w/out a lic. I didn't think that they meant Leasing w/out a lic. What is the difference in a CA and what a leasing agent does? How can you do CA's without breaking RE regulations? Can this scenario be done as I have described above? Or can it be tweaked or should the whole concept be scrapped? Are the these answers in the naked investment book?
  11. A week ago I went to one of those Realtor web sites with a BB forum like this but for Realtors. I thought I could get a Realtor's perspective on working with someone on lease options. Thought maybe I could figure out how to work with Realtors where they would feel comfortable. Well, this was a death sentence. I tried to approach in a non threatening manner. I didn't claim to be an investor and I even said a few positive things about Realtors. Talk about some real Jack ***s! There were over 125 views, but no one answered any of my questions. I got slammed and ridiculed. I got to thinking about that guy from this site that is a Realtor but gets no respect from his co-agents or broker. (until now bc he went to a new agency)
  12. what steps can be taken to keep someone from perceiving your CA contracts as "practicing law w/out a license". Example you provide the documents for the T/b to sign, then Down the road t/b and owner end up in court with a document you put together. morgan
  13. Thank you for answering my questions. Michael C, Bad choice of words, I'll try not to use the word "return" when it comes to option money. Dont give up on me yet. I might just turn out to be a better student than Christine. Hee, hee, hee. morgan
  14. what your interpretation? ( I understand that you are not giving legal advice) I just to get another opion that I'm reading this right. Improper conduct RELATES TO: KRS 324.010(3), 324.160(4), (f), (l), (m), (o), (w), (v), (5), (7) Section 1. The following shall be improper for any licensed agent: (1) To accept or agree to accept, without written disclosure to the seller and buyer or lessor or lessee on the purchase or lease contract, a referral fee from any person in return for directing a client or customer to that person, or another, who provides or agrees to provide any goods, service, insurance or financing related to a transaction involving real estate. This provision shall not affect paying or receiving referral fees between licensed agents for brokerage services. So an agent CAN accept a referral fee just as long as there is written disclossure. This underlined section has been deemed unconstitutional (8) A broker licensed in Kentucky to aid, abet, or otherwise assist any individual who is not actively licensed in Kentucky in the practice of brokering real estate in this state. This prohibition shall include a Kentucky broker assisting any unlicensed individual with the listing, selling, leasing or managing of any Kentucky property or assisting an unlicensed individual in representing any buyer or lessee seeking property in Kentucky. An unlicensed individual shall include an individual who may be affiliated with a national franchise and may have a license in another state but who does not have an active Kentucky license So a broker CAN assist in the leasing or selling of property. What about an agent? 371.010 Statute of frauds; Contracts to be written -- No action shall be brought to charge any person:…. (6) Upon any contract for the sale of real estate, or any lease thereof for longer than one (1) year; (8) Upon any promise, agreement, or contract for any commission or compensation for the sale or lease of any real estate or for assisting another in the sale or lease of any real estate. This one, I'm just not sure about. what do you think. can most of the stuff we talk about here with agents be done in my state?? thx morgan
  15. 1. How can you team up with an agent and would they have to be a broker for it to work? 2. How would the agent get paid, many talk about " xyz fees" but can they accept fees as an agent without violating RE guidelines? 3. What could they legally charge and what would the charge be for? 4. And if they were just an agent, how do their brokers get paid? 5. What are the pitfalls of this type of relationship? thx morgan
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