All Forum Posts by: Account Closed

I have been investing for over 50 years and teaching others, ethics are important, if you are going to invest and are doing assignments for a big profit, I teach our folks to always make full disclosures,  my skinning contract states "that this is a non-adversary contract of sale with benefits to Buyer and Seller to accomplish their financial goals." and that the offer is subject to and contingent upon third party assignment,........ 

There are times when I will do a Hybrid agreement with the seller sand share profits.

There are so many unethical rats out there who will do anything, say anything to make a buck! Most took a course from someone who will also say any thing to get a tuition.

Those rats hurt many people who want to sell. they should be stopped.

I developed a circumvention program designed to inform sellers about this fraud that is being committed on them, I call it the Hijack program.  

Your very best education will be from other successful investors, (mentors) I have found that agents are the hardest people to train in the ways of investing, they (and I am a broker) have been on the other side of real estate too long, it is difficult to switch them from the mind set of representing others to representing themselves.

They believe in their 30 some page contract of sale, they are content with small commissions, they don't believe the creative formulas that investors apply to deals really work - just too conventional and under the brain washing  of the established archaic systems of of doing business.

Study investor contracts and the clauses found therein - us a "skinny Contract = one page

Learn to represent yourself with an objective of assignments for profits larger than commissions.

Consider learning some creative financing methods:, delayed settlement, front porch clauses, vertical break up, seller financing with split notes,tax deferred exchanges, rolling options, principal mortgages, and power prospecting for wholesale transactions, tax sales and probate lead methods. 

Charlie ---- good luck

I own 80 properties in Baltimore, we manage our own, we had bad tenants before, but never one that we were stuck with for a year.

You need to get rid of your property manager, (we  call it tenant management).

I am always a available if you want to chat. 

Wishing you good luck - glad to give you an idea of comps in the are where your building is located.

You should check to make sure the electric is not in your name -

Wishing you good luck. 

Your cash will soon disappear! you need to learn how to make offers without using your personal money. Having cash and equity will not solve your problem of making money in this business!

forget listed buildings, deal with owners directly, look st 50 buildings before making even one offer. learn alternative creative financing, delayed settlement techniques, check funds, skinny contracts and hybrid offers.

good luck - don't forget that it's no magic to make cash disappear. 

Monte, thanks for the note - I own many commercial buildings, glad to help you, call me anytime for help. I advertise on the radio to find some really great leads, glad to do a co-op with you.

Charlie 

you are welcome - 

Why would you need a partner? I use the Control and Roll system, this is the use of a skinny contract, advertising and assignment using the auction method of marketing. no real money needed other than for advertising. Glad to partner or give you some ideas.

Charles

You don't need to give 50% of your profits (or knowledge) away to a partner, plus the negatives that comes with a new friend that you owe money!

There are some interest responses to your questions, I personally think from another point of view. 

We all have been where you are .... not a great feeling when everywhere you go - you  can't recognize a deal, do a deal or make an offer!  It could be fear of success or failure.

Why?

don't know the market - in the wrong market,  looking at or dealing with too many agents, looking at listed properties. (retail)

don't understand or apply alternative financing, maybe you need skills in negotiating - maybe more practice, not making enough offers

you may not have used the right contract and contract clauses

maybe you've listen to too many real estate gurus give misleading advise, or spent money on useless seminars and other junk.

Making money in real estate is a challenge for beginners, even now at 77 years old I am very careful and understand even with experience, a buying mistake can be made,  a mistake that could be costly, timely and loss of face and sleep. Nothing goes as fast as it should and all deals take longer than expected to close (and collect fees)

I believe that because of my fear of mistakes, I always want to CONTROL properties before I formerly commit and  during a certain period time (3-4 weeks), assign my interest for a fee and sometimes a buyers premium commission.

IMPORTANT: Always make full disclosures about your time frame, your intentions, show you are creditable, build rapport,  dress professionally discuss sellers needs, listen closely (find their reason for selling (solve that problem), discuss a Hybrid offer, a sellers annuity and the yearly return in cash, discuss the benefits of doing business with you. Learn to explain a seller held mortgage, be prepared to write an offer. Trust in your research and yourself.

Go where the deals are - foreclosures auction, all real estate auctions, tax sales and district  court, subscribe to certain publications in your community, be prepared do your comps, try to guess the hammer price at auction, see how close you get. This is a great way to learn the market. Set your goal - things to do - do the the thing you fear, understand how to eliminate PHONE FEAR 

Meet others people at public auction - attend certain real estate meetings, discern between real knowledge and fluff - don't buy any  courses, make friends with a person with a substantial portfolio of properties, keep your BS meter toned!

Charles

there could be other cash flow uses for that.

seller financing is always great, I guess it will be a first mortgage. you may want to put in a first right of refusal in the event she sells the note, also a subordination clause, this could allow you to refinance and put her mortgage in second place, also a substitution of collateral, in the event you sell the property you will be able to substitute the collateral  for equal or greater equity - this allows you to keep all the proceeds, you'll still owe her, only with other collateral being secured.

a stutter clause will allow you to miss one payment a year.

build in an early discount (5% or more) in the event you sell or refinance.

you should provide her with all of your credit credentials.

Good luck. -- Charles