All Forum Posts by: Melodee Lucido

@Marc Winter  excellent post! I have done several as you explained. @Zachary Hadjah It would do you well to take some time to study in depth the lease/option, rent to own niche. The questions you ask will be easily explained in the BP podcasts and YT videos. L/O is a great strategy but you need to learn how to do it and do your due diligence.

I am just buying 2 more properties using this method. These will be converted to seller fi deals when I finalize the purchases. I've liked this method for making win-win scenarios for all involved.

Happy studying ;-)

Quote from @Jeff Allen:

Quote from @Jay Hinrichs:

Quote from @Steve K.:

Quote from @Jay Hinrichs:

Quote from @Jonathan Greene:

Quote from @Jay Hinrichs:

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Quote from @Robert Ellis:

Quote from @Kevin Sobilo:

Quote from @Robert Ellis:

Quote from @Kevin Sobilo:

This is the pertinent section of a NAR Exclusive Buyer Agency Agreement from PA. I suspect contracts in most states are similar. (Click on the image snippet above to enlarge it and see it more clearly)

 I doubt they signed an exclusive it's procuring cause 

@Robert Ellis, since the NAR settlement went into effect its required to sign a buyer agency agreement prior to showing a property now.

If it wasn't an exclusive buyer agency agreement there would be no contract to cancel because it would be by definition NON-exclusive.

In addition since the NAR settlement they have removed the NON-exclusive buyer agency agreement for buyers.

So, unless this was an OLD contract from prior to the NAR settlement it is very likely an exclusive buyer agency agreement.

 do you live in a special universe where realtors do what they say? you ever worked with an Indian buyer and asked them to sign something? you giving way to much benefit of the doubt to the realtor. especially new builds and salaried employees it's a whole other animal. thanks for the law brush up

Your comments keep getting worse and worse here. Literally, everything you are saying is false, wildly offensive, or just ignorant. We don't know the specifics between the client and the realtor, but you seem to be one that jumps on the all realtors suck bandwagon, in addition to the outwardly prejudice one.

If you read the original post again, there is nothing in there in any way to say that the realtor did not do their job.

You should be banned from the site for your prejudice as well.

 I think everyone is missing the point.. as a small time builder myself and very familiar with how most builders work especially the larger ones.. When the broker registered her clients ( these folks) its done the builder will honor this and pay the agent regardless if their floor rep takes over or not.. thats what registering the client means.. Many builders do this as they really dont want to work with agent who may not understand new construction.. I know we deal with this on all our sales.. Agents that simply dont understand new construction. The bigger builders just want them registered so the buyer does not circumvent the agent like this nice buyer is trying to do :)  its done they are registered and the builder will pay that agent regardless

That's a great point. Often, the on-site agent will assist a buyer's agent who doesn't know much to get through the transaction because the agents on-site who work for the builder are on salary.

 PS some buyers think if they come direct to us the builder owner we will discount the price by the amount that we have to pay another agent.  that is a big NO we simply wont do that try as they might though.. :)  if the market was horrid or if a total buyers market that could change but for the last 12 years I have been doing this its a resounding NO we dont discount because your using an agent.. My wife has to now work with them through the whole process and its a ton of work she deserves those fee's. 

We also have our Courtney Clause .. which states we can terminate the contract give them their deposit back and 500.00 at our sole discretion if we feel we are not getting along and the buyer is just too difficult to work with .. we have had to bring that to the attention of some buyers and their agents to bring them back in line..  And I have fired probably 5 buyers before we got started.. Just new they were going to be nightmares..  Some buyers are just not worth working with when we have other buyers that will be much easier to work with. 

I’d love to hear the story of how the Courtney Clause got its name. 

 Courtney was a super picky buyer that was brutal to work with and we decided we needed a way to terminate clients that were just too much work..So all buyers sign this clause and when they start being over the top picky we then gently mention the Courtney clause and we are happy to give them their deposit back and terminate. this calms them down at least until we can close the deal up by then they are happy to move into their new home

Sounds similar to my PITA fee.

 rotflmao!! PITA is one of my fav descriptors. thanks for the giggle

Hey @Cody Drumheller, welcome! 

Dig deep here and ask lots of questions. The podcasts are great!

Looking forward to your success!

 I was in the Memphis market for years. I lived in SoCal. I had followed Cris Chico's success with virtual. I knew I wanted to give it a try. When setting up my team there I was fortunate to quickly form business friendships with local wholesalers and flippers. They were my boots on the ground during renovations. It is absolutely necessary in Memphis!! I had heard about it but when I actually saw some of my friends properties it was unbelievable.

Working virtually is a wild ride. I was so fortunate. I made a ton of money there. BUT it was because my team had my back. God bless them wherever they are now.

I couldn't believe that post either! I read it 3 times to make sure I hadn't missed something,

Integrity is not in this person. So sad

Brilliant answer Bob!

This answer should have at least 100 likes!!! Well done

Here is a fun lil horror story to illustrate the need to line up your ducks FIRST!! It will contribute to the importance of insurance (and contracts).
I leased a Panama City, Florida, bay front fixer from a man that lived/worked out of the country. He loved my proposal to l/o the house, rehab it splitting costs 50/50 while I lived there rent free during the rehab. We had our contract---basic lease and option contracts. I was going to run an STR in the home and he would enjoy a higher rent than from a regular LTR rental AND he would have the property managed too.

All was going beautifully. The house, turned duplex, was gorgeous. Insurance was on the list. But I decided to test the Air BNB venture. It was overwhelming in it's success. I made $9K in 5 weeks and was booked for 2 months ahead. Lovely. I contacted the insurance professional to find out how to protect myself in case of something happening. I know, I know, the *** b4 the cart (insert eye rolling emoji here).

The next day we heard that tropical storm Michael (2018) was getting more serious but was still just a cat 3 and heading toward the Florida Panhandle. No one was very concerned. That night I got up to see what the storm was doing. Warnings were out to evacuate immediately---possibly a cat 4-5 was anticipated. Cue the dramatic music and a small single woman racing through the night with her dogs and cats, in pouring rain and unbelievable wind. According to the Tyndal AFB across the road from my place said they registered the hurricane as a 5/6 cat hurricane/tornado combo. Very rare.

Long story short, I lost everything. Nothing to help me recoup. It was a nightmare, truly.
So, that was a great lesson to me. Now I always have every detail in place before I move forward with my properties. Some lessons (on NOT being stupid) are tough to take. Get the insurance!

Such great advise @Scott E!

Here is a fun lil horror story to illustrate the need to line up your ducks FIRST!! It will contribute to the importance of insurance (and contracts).
I leased a Panama City, Florida, bay front fixer from a man that lived/worked out of the country. He loved my proposal to l/o the house, rehab it splitting costs 50/50 while I lived there rent free during the rehab. We had our contract---basic lease and option contracts. I was going to run an STR in the home and he would enjoy a higher rent than from a regular LTR rental AND he would have the property managed too.

All was going beautifully. The house, turned duplex, was gorgeous. Insurance was on the list. But I decided to test the Air BNB venture. It was overwhelming in it's success. I made $9K in 5 weeks and was booked for 2 months ahead. Lovely. I contacted the insurance professional to find out how to protect myself in case of something happening. I know, I know, the *** b4 the cart (insert eye rolling emoji here).

The next day we heard that tropical storm Michael (2018) was getting more serious but was still just a cat 3 and heading toward the Florida Panhandle. No one was very concerned. That night I got up to see what the storm was doing. Warnings were out to evacuate immediately---possibly a cat 4-5 was anticipated. Cue the dramatic music and a small single woman racing through the night with her dogs and cats, in pouring rain and unbelievable wind. According to the Tyndal AFB across the road from my place said they registered the hurricane as a 5/6 cat hurricane/tornado combo. Very rare.

Long story short, I lost everything. Nothing to help me recoup. It was a nightmare, truly.
So, that was a great lesson to me. Now I always have every detail in place before I move forward with my properties. Some lessons (on NOT being stupid) are tough to take. Get the insurance!

 Erin, you are correct! Here is a link for Mashvisor. https://www.mashvisor.com/?source=aw&sv1=affiliate&s.

I just watched a video featuring the CEO of Furnished Finder. He discusses Mashvisor. Here is the link. It is a GREAT video on MTR with Jesse Vasquez (he has an episode here on BP) one of the leading MTR authorities. Happy MTRing!!!