Jonathan RexfordFL 8 Report post Posted October 18, 2006 Jason, A performance mortgage would work. Here is a problem with it and its happen to me on several occasions. Trying to explain it to the seller. MORTGAGE. It sets the seller with all kinds of objections. Plus the expense of recording the mortgage Filing fees and such and then there is the release if your option does not go through. I like the release. There is nothing to sell, close, record or transfer and I still get the same money. As Far as John Alexander's system, I am part of it. I first got his material back in 1998 when we use Notes for flipping property. The way I do it is alot different than he teaches. He uses a series of contracts with his system and several of his students have been very successful. I cannot comment anymore than that due to an agreement we had signed. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 18, 2006 A performance mortgage would work. Here is a problem with it and its happen to me on several occasions. Trying to explain it to the seller. MORTGAGE. It sets the seller with all kinds of objections.I have to second this. I have run into all sorts of objections with sellers when that document is pushed in front of them. They see the word mortgage and all sorts of alarms go off, followed by those dreaded words, "I want to run this by my attorney first." The deal dies right there. But if you can get it signed it is a very effective way to protect your position in the deal. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted October 20, 2006 Thought I'd bud in here for a second. As Jonathan says, you don't use the words "flipping" not because it's bad, but because it's confusing and there's too much going down with illegal flipping. We're fickle beings and it's best to not confuse people by talking too much! We have talked about options many times and also on the audio. Here's how I explain it: Assuming I am taking an option for a period of time to mask my liaiblity. I am looking for a buyer so I can "exercise" my option to purchase. That way the word "exercise" can mean just about anything. K.I.S.S.!!!!Hope that helps,Adam PS One more comment about "John Alexander's" system. Don't make a big deal out of simplicity. There's no magic secrets in this business! Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted October 21, 2006 Adam,You are wrong about there is no magic secrets in this business. Its called Work....... Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted October 21, 2006 Adam,You are wrong about there is no magic secrets in this business. Its called Work....... Man, I've been doing this for so long I forgot the definition! True...true.... Share this post Link to post Share on other sites
