Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jason O.

Jason O. has started 31 posts and replied 101 times.

Post: contracts from internet

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2

Good point. Thank you.

Now, what if I'm doing the transaction another state. I would use contracts and forms in the state where the property is, correct?

Post: contracts from internet

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2

Does anyone have experience with US Legal forms.com? I'm looking into this.

Post: are you assigning the p&s or the option?

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2

When assigning, are you assigning the P&S contract or the option contract?

Post: partnering up

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2

This is an excerpt from my last email to her:

If I decide to do this:
I find a distressed owner who can short sale,
I talk to him/her saying I can help out,
then I introduce the owner to you.
How would the introduction be like? Do I introduce you as a law firm to help out? Please advise.

Now, with regards to learning, you say I just find an owner and keep him happy and informed throughout the process. How involved will a new investor be with regards to be aware of what's going on step by step so the new investor can learn the process?

She never wrote back.

Post: partnering up

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2

I can use this as a learning experience. I feel that they don't want competition either. They're feeding off the ignorance of new investors.

Post: partnering up

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2

She also explained why would I want to assign if assignments don't pay much.

I'm a little reluctant b/c 33% is too little. But, I'm going to learn.

I feel like I'm being threatened by how she's making it sound like they're the only organization that can pull this off. And, she discouraging me to do other deals.

I do think it would be a great learning experience. I'm just wondering if they're going to show me how much has been made so I know I'm not getting ripped on 33%.

Post: partnering up

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2
Originally posted by Bill Patterson:
Jason,
There are all sorts of contracts, disclosures, etc. out there. After you get some experience and strike out on your own, you may want to change from the documents that you had been using. Who ever negotiates for you, will probably want input as well as some lender specific forms. If the attorney is not willing to let you use his documents, at least you will know what to look for in other documents. Good questions! A bigger question to consider would be “Who owns the contacts that you make while bird dogging for the attorney?†Quality service and outcomes lead to more business and referrals.
Bill



They'll be handling all the other forms.

I don't even think I will be connected to the contacts. I just find the seller and he'll find the buyer. He'll negotiate everything. This sounds more like property locating aka bird dogging.

I asked her about doing short sale deals outside of the partnership;
she said that no other organization has the backing of the state's board of realtors and their processes and for me to use another's contracts is just me playing with fire.

What do you think?

Post: partnering up

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2
Originally posted by smitnlit:
but make sure you're not signing any type of non-compete so that when you fee ready you could break off.


check this out, there would be no clause BUT
it's inappropriate for me to do other short sales using their short sale forms and contracts. This is understandable, yet there's no non compete clause.

Is this normal?

Post: partnering up

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2

They've done alot!!! Weird thing is...I never intended on doing short sales.

Post: partnering up

Jason O.Posted
  • Los Angeles, CA
  • Posts 112
  • Votes 2

All I have to do is find the distressed owner. They do negotiations, finding a buyer, closing it, listing, etc.

After finding the owner, I just have to keep him/her informed and happy.