All Forum Posts by: Jim Sharp

I'm trying to recall a law term... in relation to the following situation.

You buy a house sub2, you disclose to a lender you are the new owner. Then a year down the road they decide to invoke the due on sale clause.

The law pertains to not being able to have knowledge of something, then wait until it is in your benefit to invoke the knowledge.

It's not all that important... just driving me crazy that I can't remember it.

To find the right realtor.... offer to pay for the redx (which was created for realtors) and then you can both use the list to market too.

Worked for me.

The idea is that if one LLC is sued, they can't take from another one. That way if you had $1,000,000 in equity in just one entity and it was sued... well that could become a problem.

You can get very creative with diffusing liability.

I record a deed of trust (like a mortgage) to show the world I have an option on the house.

A memorandum will cloud title as well.

The option is also powerful in that you can just make it a condition of the wholesale that the seller sells to the end buyer and you get paid on the HUD as a satisfaction of your lien instrument. The stops lenders and your worries about double closings.

A lot of people don't like options and will tell you all the reasons they are worrisome and you shouldn't use them... but for those that understand them, they lower risk and increase the number of deals they do.

I was told by a coach years ago all the bad things that can go wrong with options and was told not to use them. I watched 10's of thousands of dollars worth of opportunities go by by, because of the words of that coach. Be careful who you listen to... the right person might have ways to lower risk and increase profits.

Absolutely!

There was a Danish study years ago that showed lower rates of cancer in people living in high concentrations of radon.

There isn't enough research on radon. My home went from 10 to right around 1 after the mitigation system.

It is a good (scary) negotiating tool for realtors and investors.

You can have each property in a land trust and make the beneficiary of that trust an LLC.

Some people like to have no more than $200k equity in each LLC. You can make new LLC's under the umbrella (original) LLC. The funds can flow through the same bank account.

People throw away money on so many "doodads" each and every day. That includes myself. My philosophy is that if someone spends money on an educational program... money well spent. I've been taken in by deep influence techniques and have the "feeling" of being taken by the guru. However, I've spent tens of thousands of dollars on my education and have made the money back and some. All of my education will also push me to better deals and more and more success in the future.

What people find bad about the "guru" process of finding and prospecting leads, is that they use people's weaknesses to be influenced against them. See Cialdini's "influence, science and practice. Information marketers are in a huge battle to get your business.

Research! There are some unbelievable teachers and guru's out there. I continue to go to their seminars.

Spending money on your education is NEVER a waste unless you choose not to use it.

BTW - I know nothing about NR.

Take a trip to Colorado Springs, it's beautiful. We'll talk!

I figured out how to add Biggerpockets forum to my My Yahoo page and igoogle. Now I can get a snap shot of what's happening in here.

http://youtube.com/watch?v=NAaBlKB4m8E&fmt=18

One other cool thing... I learned to add &fmt=18 to the end of any youtube video and it will help the quality. Try erasing it from the end to see the difference.

Hope you like it...

Jim