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JvM

Need help with the docs for assigning back to seller...

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Hi Michael (& everyone),

 

I've been doing lease option assignments for a while & have been assigning to the buyer.

 

I have Adam King's course & have studied Michael's & really want to switch to assigning

back to the seller instead. It just seems cleaner & easier to me.

 

My issue is, I have the assignment docs that assign to the buyer, but I can't figure out

how to change the language to assign to the seller. I'm doing deals in SoCal, NM & some

other cities.

 

I've been signing up sellers with a simple 1 page lease option memo that is super easy

for sellers to sign (Joe Crump method). I then fill out the option & lease with the seller

& me, then assign to the buyer.

 

I want to keep the 1 page memo signup with the sellers. Then create an option & lease

between me (as the owner or landlord) & the end tenant buyer as the tenant /buyer, then

assign that back to the seller.

 

I'm not sure if the assignent docs needs to refererence the original 1 page memo I had with

the seller (that gave me the principal interest), or just the option & lease I have with the buyer.

Plus what the names of the parties are (optionor, buyer, seller/optionee? etc.)

 

Any help is greatly appreciated!

 

Thanks,

 

Jay von Mohr

657-777-3540

www.isound.com/jvm

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Hey JvM! In my opinion, for what it's worth I ALWAYS suggest keeping things simple, and the most simple way is to sign the lease and option with the seller, with your company as the Optionee, then assign your rights to the end T/B. To be honest, I can't imagine trying to explain to a seller how I'm going to assign the docs BACK to them. Take your situation you face right now. You've done CAs for a while, so you already understand it, but when trying to assign back to the seller, it's causing some confusion to YOU..the person that has to explain it to the seller. See what I'm saying? But, since you've done CAs for a while, I am curious what you may see as some of the advantages of assigning back to the seller?

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Far be it from me to agree with a tequila soaked redneck from Texayass, but in this instance I must. If simplicity is what you're after, then assigning a deal back to the seller is not the way to go.

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Thanks for your responses.

 

I think it's "cleaner/easier" assigning to the seller because I create the option & the lease

between me & the tenant buyer with me as the seller/landlord, then I can assign them to

the owner & give them blanks. It just seems like a more simple work flow to me. Plus I like

the idea of having the option to assign to the seller for some deals & to the buyer on others.

 

When you assign to the seller, the buyer doesn't see what you are making, which on some

deals the buyer gets "weird" about (even though they see it applies to the purchase price).

 

As far as having difficulty explaining it to the owner, I don't see any problem there.

 

My issue is I'm trying to figure out what to call the parties in the actual assignment docs.

 

I'm guessing I'm still the Optionor, the buyer is just "Buyer" & the owner becomes the

Seller/Assignee (since I'm assigning to them instead of to the buyer).

 

I just don't know if that is correct for the paperwork, that's all.

 

Anyone know, or have a sample of an assignment doc for assigning to the seller???

 

Thanks,

 

JvM

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This is one of the many things I like about our business. There is a variety of ways to reach the desired outcome. I prefer my way, you prefer yours. As your fellow Los Angelean, Rodney King, once said, "Can't we all just get along?"

I know you already read through the pinned topic at the top of this forum: http://www.naked-inv...?showtopic=4569. There may be some info in there that could help you. You could also trying contacting Jonathan Rexford. He's knowledgeable and always willing to help.

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Cool, will do. Thanks Michael.

 

JvM

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Hello JVM

I am reviewing and learning again both Michael's manual and (Joe crump method) Since you are using Joe crump's method,what software do you use to blast out the emails.That would really help me please.Because i noticed his software doesn't really send out all the emails.Any help would be gladly appreciated. If anyone else is using a software for sending out emails in bulk please let me know what you ar using.Thank you guys

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Cool, thanks.

 

Yeah, I use Joe Crump's software (one of my partners is a Crump student). The software scrapes

craigslist for all the fsbo & frbo contact info (emails & ph #s) & saves to an excel file.

 

You can specify the number of bedrooms, baths, etc. It has a place for backpage, but I never use it

(not sure if it even works that well).

 

Anyway, I set up 5 gmail accounts for sending to the fsbo's & 5 for the frbo's. I load the excel file with

around 85 emails to send at one time. It auto-rotates between the 5 gmail addys so craigslist won't

"see" it as being spammed. It also pauses between each email sent.

 

I do that for the frbo & the fsbos. Depending on the city/area you usually get at least a couple days

of 85 email batches to send each.

 

It also can strip out blacklist emails from people who say "quit emailing me".

 

It's pretty cool. It's definitely more of a manual process, but it works. He is coming out with a newer,

better version soon (he's beta testing now).

 

Another software I know some people are using is totally automated. You set up a bunch of gmail

addys (for the same no spamming reason). This one is called CL Auto Replier. There's a video

overview here

 

It's fairly pricey. It's around 250 upfront & 60 bucks a month. You sign into a site to use it (it's not

software you run from your computer like Joe's).

 

A lot of people have opted to hire a V.A. to email or call the fsbo & frbo's instead of shelling out

that 60 per month.

 

Joe McCall (who also teaches lease option assignments) now has his V.A.'s just call the CL frbo

& fsbo ads directly & ask if they are open to a "rent-to-own" situation. McCall used to use email

blasting software, text blasting & voice blasts.

 

I think having a V.A. call & use Adam King's 5 questions will be a good setup. I have Adam's

course & it's very good.

 

Well, there you have it. That should be enough to get you started on the software thing.

 

BTW, where are you located & doing deals?

 

Thanks,

 

JvM

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Thanks JVM, I am pushing for deals in New Hampshire and South Florida.I will definitely use your ideas on the gmail accounts and 85 at a time.Thank you very much.This forum has the best group,you guys are great.

 

Cool, glad I can help you. We do deals in N. FL,, I know S. FL has some really nice properties.

 

Hit me up if I can help in the future.

 

JvM

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I've been signing up sellers with a simple 1 page lease option memo that is super easy

for sellers to sign (Joe Crump method).

 

What exactly is the purpose of this? Do you have an example text?

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What exactly is the purpose of this? Do you have an example text?

 

??? Not sure what you mean (the purpose)?

 

The purpose of the memo is to have the owner fill in his terms

(sale price, monthly payment & length of term). But most

importantly, to give us a principal interest in the transaction

so we can legally find a tenant buyer to take over our principal

position.

 

I want to have the same thing with the verbiage so I can assign

it back to the seller.

 

JvM

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@ ErikOk

 

Send me a direct email & I'll send you a link to an embed page of the memo.

 

JvM

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What exactly is the purpose of this? Do you have an example text?

 

??? Not sure what you mean (the purpose)?

 

The purpose of the memo is to have the owner fill in his terms

(sale price, monthly payment & length of term). But most

importantly, to give us a principal interest in the transaction

so we can legally find a tenant buyer to take over our principal

position.

 

I want to have the same thing with the verbiage so I can assign

it back to the seller.

 

JvM

What I meant is, What is the purpose of "simple 1 page lease option memo" when the lease and option already has that information in them.

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Ah, I see what you're saying.

 

To me, it's like with most sales. It's way easier to get your foot in the door with a small,

"no-brainer" sale & then get the rest of what you need than going in with a 10 page

option & lease (the whole enchilada).

 

I know some say that you weed out the sellers who aren't as serious with the big package

up front, but I believe that people are inherently lazy (even motivated sellers). So I prefer to

use the simple 1 page, no-brainer to get what I need to market the property up front. Then

I can always get more.

 

JvM

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