Doug Pretorius (ON) 9 Report post Posted September 8, 2008 Those deals with the realtors didn't work out (big surprise there), but I did just sign up my second hybrid CA with a FSBO. Hopefully this one goes a little better than the last one when for the first time ever I couldn't find any interested T/Bs Share this post Link to post Share on other sites
randian 0 Report post Posted September 8, 2008 Those deals with the realtors didn't work out (big surprise there), but I did just sign up my second hybrid CA with a FSBO. Hopefully this one goes a little better than the last one when for the first time ever I couldn't find any interested T/Bs What does "hybrid" mean in this context? Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 8, 2008 Like the hybrid's MC has talked about, I'll be getting only half of the option money, but I won't have to show the house myself either. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 8, 2008 randian, I use the term hybrid to describe a variation of the standard Cooperative Assignment deal. I get the homeowner more involved by having them or someone they designate, (friend, relative, neighbor, etc), to do the actual showings. I market the property, take the calls and emails, etc. But I don't trek back and forth showing the house. The disadvantage is that I split the option money with this setup. The advantage is a great savings of time and you can do multiple properties simultaneously. So if a property isn't geographically desirable, this is a way to do a deal that you otherwise wouldn't have done. Share this post Link to post Share on other sites
jesmar424 0 Report post Posted September 9, 2008 michael - how do you handle the paperwork? What is the process? Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 9, 2008 jesmar, you didn't ask me, but I'll tell you what I did. I used MC's consultation agreement and "signed" it by email. I learned not too long ago that emails are in fact recognized as legally binding contracts in writing if handled properly. Pretty handy for times like these. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 9, 2008 michael - how do you handle the paperwork? What is the process?Doug mentioned one way to handle the paperwork. You can also use the standard CA paperwork format. The key is to be in control of the deal. . .and the money. You need to be paid for your smarts and effort. Share this post Link to post Share on other sites
Guest Diver Report post Posted September 10, 2008 Could we do an Addendum to the Assignment instead? Diver Share this post Link to post Share on other sites
randian 0 Report post Posted September 10, 2008 Doug mentioned one way to handle the paperwork. You can also use the standard CA paperwork format. The key is to be in control of the deal. . .and the money. You need to be paid for your smarts and effort.When does the T/B sign the paperwork and hand you a check? After they've already made an appointment with the owner and seen the house? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 10, 2008 Could we do an Addendum to the Assignment instead? DiverWhy would you use an Addendum? What would it say? Doug mentioned one way to handle the paperwork. You can also use the standard CA paperwork format. The key is to be in control of the deal. . .and the money. You need to be paid for your smarts and effort.When does the T/B sign the paperwork and hand you a check? After they've already made an appointment with the owner and seen the house?The tenant or the tenant/buyer would have to see the property first, obviously. Once they have and they decide they want the place they have been instructed to call me for a Lease Application. At this time I will collect the money. Keep in mind every deal is different and so it may not go down exactly as described above.For example, I've been working on three deals simultaneously. As luck would have it, all three closed in the past week. All three have owners who are out of state. I haven't shown any of these properties, and haven't seen them other than some photos. In one deal, I met with the tenants at a mutually convenient location after they saw the house. I gave them the Lease Application and they gave me a check for their deposit, which also equalled my share of the deal. They faxed the App to the homeowner and they wrapped things up from there.In another deal, the owner is in one state, the prospect in a second state, and I'm here in FL about an hour from the property. The neighbor had been showing the property for us. So the tenant has his wife look at the place and give the OK. I then emailed him the Lease App which he filled in and faxed to the owner. Upon approval, the owner had his attorney friend draw up a lease agreement. The agreement was mailed to the new tenant, who FedEx'd it back to the owner, along with the required funds. From there, the owner made a direct deposit into my account and the deal was done.So, as I said, each deal is different and can be completed in any number of ways. I think the key is to stay in control to the best of your abilities, and work with people you believe you can trust. Along the way there will be the dirtbag who sticks it to you. It's happened two or three times over the years. But for the most part, most folks are honest and happy to have our help. Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 10, 2008 Thanks for sharing a few different ways to get it done, MC. My intention was to do it the first way, send the T/B an app and have them send me my share. Then they sign the L/O with the owner so they can complete the deal amongst themselves. Share this post Link to post Share on other sites
GetSmart 0 Report post Posted September 10, 2008 well Mike that is fantastic, but I have one question. how are you marketing these properties if you aren't even going to look at the property? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 10, 2008 well Mike that is fantastic, but I have one question. how are you marketing these properties if you aren't even going to look at the property?Strictly using the various free, online sites we have talked about: Craig's List, Backpage, and Kijiji. What do I need to see? I have the photos, the owner has given me the property specifics. I just need to get the word out. If a prospect has questions about the house or the condo association or the neighborhood that I don't know, I contact the owner, get the needed info, and follow up with the prospect. Share this post Link to post Share on other sites
GetSmart 0 Report post Posted September 10, 2008 i am glad to see those freebie classifieds are working for you. As for me they will only work if i post properties every 3 hours from morning to around 5 pm. they are free, but with all the time it takes to get the response is kind of costly for me. are your results close? i think i might have to get a poster in india to post for me a few times a day. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted September 10, 2008 MC, The 3 properties that you got. Did you get them on CL also or did you find them in the paper? Share this post Link to post Share on other sites
