All Forum Posts by: Jeff Fairchild

Speaking of which....I have two investors who are trying to get me into Nouveau Riche right now. I linked them the discussions here on the forums, and they are saying that the people on here don't know what they are talking about. I'm really not sure who is right.

Yes...................it is..........nice..........I guess we can try for 5 pages...........!

If you get an option on a property for just 30 days, what do you have to have done by the 30th day? Just decided to purchase and filled out and signed a contract? I'm assuming that it doesn't mean you have to close escrow by the 30th day.

It seems a little odd to me that the wholesaler would get a purchase agreement and then I would purchase it from him w/ a purchase agreement too even though he doesn't own the property yet. So the title company just figures it out I guess?

Ok, I've heard of people doing this before, but I'd like to know the steps I need to take. I have a wholesaler w/ a property under contract for $95k. He is asking $110k for it. From my analysis I can sell it to an investor for $120k or so.

My question is, what are the detailed steps that I will need to take and what forms will I need to fill out to make this happen?

Can I lease option a home from a seller if their house is listed without paying a commission to the agent?

Let's say I were to find a deal where I would be taking over the seller's payments and that all of the expected costs to get the deal together and lease optioned out to a tenant buyer came to $10,000. I don't have this $10,000 so I'd like to have a partner put up this money while I do the work involved. What is the best way to form the partnership and what do I tell potential money partners so they feel like their money would be secure?

So I've heard recently that sandwich lease options aren't really a good idea for legal reasons. So first question, if one of the main reasons that they aren't good is due to the initial seller not wanting to sell to you when you want to buy and you having to sue, what if you put a clause in there stating that in the event that you have to sue to to non-performance, seller will agree to pay 100% of his attorney fees, 100% of your attorney fees, and an additional $10,000 in damages. Wouldn't that protect you if that happened? Plus, if you pointed out that clause to the seller up front, they would be much less likely to not sell when you want to buy.

Second question, so if you're negotiating with a seller and ask them if they would allow you to take over their payments and they say no, what do you do? Recently I would simply offer to buy on a lease option, but I guess a lot of you aren't doing that. You just walk away from those deals?

What kind of deal would I need to get on a condo for it to be worth getting a contract on to wholesale it?

I've never heard of that. How do you get the sellers to agree to let you send the mortgage payment to the bank instead of sending them their lease option payment like they would expect? How do you get statements sent to you if you aren't on the mortgage?