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MikeT/NC last won the day on January 10 2013

MikeT/NC had the most liked content!

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About MikeT/NC

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    Calling AND Marketing
  1. I wanted to ask Steve since he's here in NC. Michael please chime in as well. I've got a lady ready to move forward and I was talking with my attorney today about the best way to handle the lease assignment. I know I assign my option but do you assign the lease as well leaving your name on the lease, or do you get the tenant buyer to sign a new lease with the owner and then you just cancel your lease with the owner. The attorney said he would give it some thought as to the best way to approach it where I wouldn't be acting as a broker in finding a lessee for a homeowner. Just wondering how you handled that here in NC where L/Os are so highly regulated.
  2. Thanks Michael, After doing a little more due diligence I think the home owner is a little overly optimistic as to what the house is really worth. Also the monthly payments are way higher than is to be expected. I think they must be on a 15 yr. term. Just the fact that it's been listed with a realtor in the past and hasn't sold tells me the market is speaking and it ain't good for them.
  3. Steve, There's a clause in the tenant/landlord statutes that states as follows: "Notwithstanding the provisions of this subsection, the landlord and tenant are not prohibited from making a subsequent written contract wherein the tenant agrees to perform specified work on the premises, provided that said contract is supported by adequate consideration other than the letting of the premises and is not made with the purpose or effect of evading the landlord's obligations under this Article."
  4. Thanks Michael, That's what I was really asking, how to show the amounts. So in the example above if you have an agreement signed with the seller for $263,500 and you're figuring that your fee is going to be $7,500 what happens if you find a buyer willing to put down $10,000. Do you just go back and sign another agreement with the seller to reflect the larger option fee before assigning it to the t/b?
  5. Michael, I've been busy with my rental business and have been out of the loop for awhile on working these Coop. Assign.s.I started doing marketing last week and have got a couple that are ready to move forward. Hopefully it'll be a nice payday cause the house is valued around $250K. So here's a couple of questions. 1..Do you verify that they are current on their mortgage payments? 2.. Let's say the sellers want to net 250K, and you want to assign it for $7500. You would market the house to the buyers for $257,500. Right? Then on the CA Assignment you would just put the $7500 as the assignment fee. The $257,500 is really never put down on paper anywhere. Right? You just basically tell the T/bs that the price is 257500 and they need to bring the 7500 to the table (along with some closing cost) and thats it? Hopefully this thing will come to fruition. I've had several in the past to fall through at the 11th hour and actually had two fall through as I was on my way to their house to get the papers signed.
  6. Steve, I'll find that clause and post it later. But basically it says that you can require the tenant to be responsible for some of the repairs or maintenance but not in exchange for the right to rent the house. They have to be getting something other than just the right to lease. (like maybe an option?) I'm not sure about that. I asked an attorney and he was a little vague on it also.
  7. Steve, are you offering any rent credits now? Are you requiring the tenant buyer to handle any of the repairs? There's a small clause in the tenant/landlord statutes that seems to crack the door open for this a little.
  8. Steve, I was recently talking with an attorney in the Raleigh area that told me this. He went before the RE commission with a client, something about the $10 not being enough option money. He said the commission told him that they would not put it in writing but would be fine with $100 option money.
  9. Hi Don, What do you say in your first contact to a craig's list ad. Do you jump right in and ask are they up to a lease option. I tried the cubix solutions for a while. I never could get it completely figured out to where it would rotate my different email addresses correctly and Clist eventually Ghosted me.Got a lot of nasty emails back from sellers complaining about being contacted for some "scam" as they called it.
  10. I live in Wilson. About an hour east of Raleigh. The reason I was asking about the deed of trust is because I was talking with an attorney yesterday, trying to get some documents in place and I showed him this deed of trust doc that another investor gave me. It's basically just a regular deed of trust that you would see with most mortgages. The only difference is that it's got one paragraph at the beginning that references the option. The wording states to the effect that where ever you see the word "note" replace it with the word "option" and where you see the word "loan" replace it with the word "option fee" The attorney had never seen that wording in a deed of trust doc and said he thought you would have a hard time getting a judge to let you foreclose on someone using that DOT document.
  11. Steve, when sign a sandwich L/O with the seller do you record a "Deed of trust to secure performance of Option" document as well as a memorandum of option.
  12. Steve, Just wondering what kind of terms you try to get when doing a Sand/LO. How many years and such. How much maintenance expense are you willing to take care of in a three or five year term. Also, do you have a clause in your contracts stating that if something big comes up, such as a septic system failing and the owner simply doesn't have the funds to spring for this, that you will pay for it and then be reimbursed from the sale proceeds on the back end when the deal closes.
  13. Thanks Steve, Did you ever get your real estate license? And do you still enter into a L/O with the seller and assign this to the buyer or are you doing it a little differently. I know some are never entering into a lease/option agreement with the buyer, instead they are just having the attorney created a lease option agreement between the seller and buyer and then have you just "release your option" for a fee.
  14. Steve, I know since you're from NC you've had dealings with the L/O law of this state. I'd like to ask you how you handle a couple of things. Have you ever had a CA go sideways after you stepped out of the deal. How much do you school the sellers about their obligations per the State statures. I'm sure most first time land lords don't have a clue really what they're getting in to. Also there's one clause in the statutes concerning the option money. In 47G-2 subsection ( item 5 minimum contents of an option contract it states that the option money and any other fees must be in the option contract. Well the option money you pay to the seller, ten $s or so, will be in the contract but the buyers option/assignment fee will not show up in the option contract. How do you handle this. Thanks, Mike
  15. I was looking over the wording of a major guru's paper work and there's a clause in the option basically saying the parties will settle any dispute by arbitration. Using the rules of the American Arbitration Association. Is this something you would leave in a CA option agreement? Or does the "Remedies upon Default" section of the naked docs suffice? I was told by an attorney to leave it out. But on the other hand the guru in question has done 3000+ deals so it seems he would know a little something to.
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