MichaelC 160 Report post Posted September 10, 2008 All three were from emails I sent out to homeowners advertising on Craig's List. And as I mentioned earlier, all three were out of state homeowners with vacant properties, which always increases motivation and anxiety. I just hit 'em up at the right time, I suppose. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted September 10, 2008 Thanks. Share this post Link to post Share on other sites
dionwisn 0 Report post Posted September 11, 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?Randian, expect to get burned by a few people doing these types of deals, its part of the game. You need to take control of your business transactions. Any sign of weakness and these people will sense it and run off with your contracts. Beware! Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted September 11, 2008 Any sign of weakness and these people will sense it and run off with your contracts. Beware!That's exactly why I used the consultation agreement, that won't do them any good if they want to do the deal themselves, and I won't give them the L/O contract until AFTER I've been paid. Share this post Link to post Share on other sites
dionwisn 0 Report post Posted September 11, 2008 Any sign of weakness and these people will sense it and run off with your contracts. Beware!That's exactly why I used the consultation agreement, that won't do them any good if they want to do the deal themselves, and I won't give them the L/O contract until AFTER I've been paid. Good move doug, especially on other investors and contractors who like a snake in the grass will come up and strike you. Share this post Link to post Share on other sites
morganREI 0 Report post Posted September 11, 2008 MC, did you look up these properties at the court house? or does your area have property info available on line? morganREI Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 11, 2008 MC, did you look up these properties at the court house? or does your area have property info available on line? morganREICourt house? No. What would I be looking for? Share this post Link to post Share on other sites
morganREI 0 Report post Posted September 11, 2008 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 Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 11, 2008 If I'm into the deal long term, then checking and verifying the title as you describe is a necessity. But if I'm working a CA or any kind of assignment for that matter, that responsibility rests with the end user. Share this post Link to post Share on other sites
morganREI 0 Report post Posted September 15, 2008 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 Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 15, 2008 Morgan, what you say makes perfect sense, and I agree. I guess what I'm saying is I treat adults like adults and expect most folks to be able to fend for themselves. Mind you, I am not advocating being sneaky or deceptive if a question comes up regarding the title. My approach is one of full disclosure, and what I don't know I suggest to the prospective t/b that they do their due diligence. I'm not hiding anything, but I don't go over the top and do the work I think any t/b should be doing for themselves.I think we agree, but for the degree of protection we want to provide the t/b. Share this post Link to post Share on other sites
GetSmart 0 Report post Posted September 15, 2008 the last two post make a lot of sense, so i think i may have come up with a simple solution. i am as well concerned for the tb although you can get a gut feeling about how a seller may treat the agreement at a particular time. the best thing probably would be to develop some sort of check list for the tb in a ca situation. example:check title (list some of the cheaper sources they can try if it is necessary)let them know about the time line of exercising their optiona to do list to clean up their credit during the term of the leasea list of mortgage brokers that might be able to assist them in closing out the transactiona list of inspectors, home warranty co., a list of closing attorneysmake sure the option has been notarized by both parties if you add those items to a check list for a tb then they should be ok or more prepared to defend themselves. if there is more add, please do because i am working on coming up with a smooth flowing check list for all l/o tbs. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 15, 2008 I'd add to your list that the Option should be recorded with the county. Share this post Link to post Share on other sites
GetSmart 0 Report post Posted September 15, 2008 I'd add to your list that the Option should be recorded with the county.i was wondering about that and maybe have the seller received a pre-cancelled release in case cover the terms in case the tenant defaults on the agreement. Share this post Link to post Share on other sites