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Shar NJ

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Everything posted by Shar NJ

  1. Thanks for all the great info everyone! I actually got three calls on the house today and all three are interested. I told them to drive by it and call me if they wanted a showing. As for the labels I found a printer that will print directly on the postcards and I am awaiting a price estimate so all is good in my world tonight Thanks for the FHA info MC! At least my ad-lib with the seller made sense.
  2. Hello All, I signed up my first seller today for a C/A. Yipppeeee! While I was talking with him I mentioned something in regards today about FHA and he said "FHA may not even be around this time next year". I said "Well, we'll see what happens" and continued on to another topic. Does anyone have any info in what he was referring to? Additionally, I am about to do a mailout to expired listings. I have all the address in the MLS but our MLS database in this area does not have an option to print address lablels. What is the best system for me to utilize for periodic mailouts? Lastly, does anyone know of a database to find renters so I can mail them a flyer highlighting my properties and Rent To Buy? Thanks! Sharyn
  3. Great guys, thanks for the info! I am hustling and I have a seller I am signing tonight! Should I leave a copy of the docs with him? He is a rehabber and says he has more houses coming up. I don't want him to copy the docs and L/O the other ones himself. Thanks!
  4. Next to Craigslist, what is the best site to use for contacting sellers? I went to a few of the FSBO sites and it seems I have to fill out a form to contact them thus taking up a lot more time. I sent out 95 emails yesterday on Craigslist so they banned me for 24 hours. However I did have a good response and sent out four Seller Price Sheets today Thanks, S
  5. I had a meeting today with the Vice President of a mortgage company. He said option money and rent credits CAN be applied towards down payment if the deal is structured right i.e. a seperate escrow account would have to be set up with the option money and credits deposited monthly into the account. I have his contact info if anyone wants it, he does business New Jersey, Pennsylvania, Delaware, Connecticut, Maryland, North Carolina, Michigan and soon – South Carolina, Virginia, Florida. However I can't see how it behooves us as investors to set it up this way. It seems to me it is simpler and more profitable to apply it towards the purchase price. Thoughts?
  6. Oh, and Michael if my offer to share the docs is not proper protocol here just let me know and I will alter my post!
  7. To clarify what the manual says the docs I need for a CA are: 1. Residential Lease With Option To Purchase Agreement 2. Option To Purchase Agreement 3. Assignment of Agreement Correct? I just read the section on CA's in the manual but I just wanted to clarify before I get the paperwork signed. THANK YOU! I so appreciate this forum and everything I have learned here. I typed up some Word docs that I use for SLO's if anyone wants them let me know and I will forward them. It is a disclosure renovations will be approved by the seller, a doc acknowledging that they received a copy of Lead Paint Pamphlet, an additional doc that they sign that they understand the deposit in non-refundable. I also have a seller and buyer call sheet that has guidelines for script and collect info if anyone can use them for calls. S
  8. Thank you Michael for your quick reply, I appreciate your help!
  9. Hello All, I know I saw a thread about this but I can't seem to find it. Is the option money on a SLO applied to the down payment or purchase price? Does it show as earnest money on the HUD-1? How about rent credits? I believe they are a seller concession towards closing costs? Is the how it shows on the HUD? On a CA, the option money goes towards the purchase price only am I correct? EXAMPLE-- I go under contract with the seller at $200,000 and sell to the buyer at $206,000 to cover option money and rent credits. What I don't understand is how the option money is attributed towards the down payment or purchase price at settlement. Thank you, S
  10. I am just going to keep thinking positively, push away my fear, and do it! Prevent as many problems as possible and handle anything unforeseen as it comes up. Thanks everyone
  11. While we are on the topic of sports I just have to say...as a Philly/NJ Girl, that the EAGLES KICKED BUTT LAST NIGHT!!!!
  12. Funnnnny! Thanks guys, I appreciate your help...and humor! I will let everyone now how things go. Shar
  13. I have a couple CA prospects and hope to have a house under contract by this weekend. Once the contract is assigned I am totally out of the transaction? What if there is a problem with title, home inspection, or appraisal when it comes time for them to exercise the option? Has anyone had buyers or sellers come back to them in the event of a problem? Super excited about getting some houses under contract as I have some buyers already as well! Thanks!
  14. Yes, I do have some experience in property management. After considering the factors, I am thinking of doing some CA's to get started and help me get over my FEAR! My property management experience comes from renting out properties I was trying to sell, properties we had rehabbed and then the market crashed. Due to that and also a personal tragedy I ended up losing everything! I am starting all over again and I have been studying this site and books for about 6 months now. Today is the day I am going to begin marketing. The antidote for fear is action. Thanks for everyones help and advice, have a great weekend!
  15. Thank you everyone for your help. I plan on doing SLO's and sometimes CA's, I like being in on the deal and enjoy property management. I am well versed on many aspects of real estate and I know my market well. I went over all these questions with the attorney as well and he did point out, which is important to consider, that regarding insurance it is important to know if the mortgage requires the property to be owner occupied. He said as long as I do my due diligence and make sure that they didn't gain a certain interest rate that specifically states that the property remain owner occupied I should be fine with insurance and the due on sale clause. Thank you for the suggestion, I value your advice and appreciate your feedback. I will let everyone knows how it goes!
  16. I have been perusing this site for several months and also read the manual twice. I have my attorney tweaking the contracts to mesh with NJ laws and I am ready to get started! As soon as I can get over this fear I am good to go Questions: 1) I am planning to send out direct mail to expireds, contact newpaper and craigslist FSBO and FRBO, and put up bandit "We Buy Houses, We Take Over Payments" signs so I soon expect to by working with a multitude of buyers and sellers. Can anyone recommend a database for keeping track of my contacts? I can use gmail but I am wondering if there is anything more sophisticated; on the other hand maybe simpler is better. 2) My background is in mortgages so I am planning on giving my T/B credit counseling and I fully intend to have them exercise the option within 12-18 months, 24 at the longest. How does it work with the title company when going to settlement on a L/O? Regarding crediting the option money and rent credits? How does it show up on the HUD-1? Is it actually a double closing? 3) Do you do a title search and home inspection when buying with a sandwich lease option as your exit strategy? 4) I am ultimately interested in rehabbing and selling outright too but I need to build my cash reserves. I am thinking about buying in a sandwich L/O, doing a "light rehab" which will be mainly painting, possibly carpeting, and staging to improve the house (weeks timeframe tops) before showing to tenant buyers; thus being able then to sell/rent the house at a higher price. Any thoughts on this? I do have experience in rehabbing/staging as well. 5) Lastly, should I require that the seller change their insurance policy to a non-owner occupied policy and then require my T/B to obtain renters insurance? Any other insurance considerations? Thank you! I apppreciate your help in advance. I have found this forum and Michael's manual to be so helpful and I have learned so much to get this business started. Shar
  17. Lynn, do you have a link to an online resource that you would recommend?
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