All Forum Posts by: Jeff Fairchild

Ok, so you've just gotten the seller to accept your price and terms. What do you do next? Do you immediately step outside the house and call a traveling notary to have them drive over to the house while you're filling out the contract w/ the seller?

What kinds of questions do the sellers ask when filling out the contract?

What sorts of answers to objections do you have when filling out the contract?

Can you list step by step your process what you do from the time they say yes until you walk out the door?

Any tips or processes that you guys have when meeting with the seller's at the home? Any good methods of getting them to come way down in price?

Start with
"Flipping Properties: Generate Instant Cash Profits in Real Estate by William Bronchick"
to learn about short term flipping, which is how you'll make your initial money.

"Buying Real Estate Without Cash or Credit by Peter Conti and David Finkel" is like a bible to me. Pretty much the best introduction you're gonna get and includes scripts.

If you need something to get you really excited, read " How to Be a Quick Turn Real Estate Millionaire: Make

Fast Cash with No Money, Credit, or Previous Experience by Ron LeGrand and Mark Victor Hansen"

For short sales:
Short-Sale Pre-Foreclosure Investing: How to Buy "No-Equity" Properties Directly from the Bank -- at Huge Discounts (Paperback)
by Dwan Bent-Twyford (Author), Sharon Restrepo (Author)

Buy at least one of the Weekend Millionaire's Secrets books

Sully,

Yes, the flex phrase is just marketing hype, it is the same thing.


Nick,
I'm not sure how you are getting away with keeping the option consideration (down payment money) and including it in your profit. How are you convincing the person you're assigning to to allow you to hold on to that 7k for the next 6 months to 2.5 years depending on how long the contract is until you find out whether you'll have to hand it back over to the buyer of the property as his down payment?

Unless I'm wrong, it is not asking if they have knowledge of the lbp, it is asking them to sign that they definitely know that there is no lbp, which would be a lie if they are telling me that they know about it.

Can you list a property on the mls if you have lease optioned it?

If you find a buyer by some other means who wants to buy it at retail would you do a double closing?

My addendum here says "Seller warrants that they have no knowledge of any lead based paint hazards on the property"

This is a required disclosure and it requires you to warrant that you don't know of any lead based paint on the property. What if the sellers know full well that there is lead based paint on the house? How are they supposed to sign that required form?

I read an article online and one paragraph said:

"So here is how it breaks down: You will sign all of the paperwork with the homeowner at their house (this includes the contract and any addendums that don't need to be notarized. Anything needing to be notarized will be taken care of at closing). Once you have all of the paperwork signed, you will fax it to your closing attorney, just like you do with every other closing. Your attorney will do a title search and prepare everything for closing. On closing day, you will meet the seller's at the closing office, sign all of the paperwork and you will then own the house. It's that easy and simple."

I'm not sure I understand how you have a property under contract if you aren't signing anything in front of the notary until the day of escrow. Are you faxing over signed documents to your title officer? Aren't those invalid if there was no travelling notary at the house when you signed?

How is closing a lease option deal different than closing a subject to deal?

How do you wholesale a property that you've lease optioned from someone?

Is there a way to not pay a lease option seller any money other than a $10 option fee to lease option the home while you find a tenant buyer really quickly? How would you do this and how would you convince the seller to do it?

Let's say that a sandwich lease option is breaking even each month as far as rent out and rent in, yet the price difference between your buy price and sell price is $30,000. How much would an investor pay in a wholesale fee for this. How do you figure out wholesale fees w/ lease options?

Here is a buy subject to and retail on the mls & paying a flat fee of $200-$300 listing fee strategy that I'm thinking of doing.

This would be for houses w/ out needing repairs. If any repairs needed then I would buy at a lower price.

Do you think that 10% off of ARV as well as the house being staged is enough to get the house sold in 3 months or less? Do you think these numbers would be accuarate? What other suggestions do you have?

ARV $245,000
List at 90% of ARV - $220,500.00
Sell at 87% ARV $213,150.00
Buy at 70% ARV $171,500.00 (no repairs needed)

Gross profit
$41,650.00

Money to seller -$1,150
Closing costs -$1,000
Holding costs -$3,600
Marketing -$750
Staging -$1,250
Total -$7,750

Buyer 3% commiss. -$5,900

Profit $28,000