All Forum Posts by: Morry Eghbal

@Kirk R. Dear friend "OMC" (owner may carry) does not mean the realtor lists a property for sale and  the seller to carry all the equity as a deed of trust for the new buyers. Because in that case who is going to pay the commission and closing costs? 

It means the owner becomes the back, will offer with 10-20-30% down to carry the balance, this is very common on land deals. 

I guess the question was, can a Realtor help me to find OMC properties?

In the MLS there is a field that a realtor can look for OMC "owner may carry" and they can look at possible deals for you.

@Christine L. Cautious is advised, you are dealing with a seller who is under stress. 

In California, we would use a 3 day right of refusal agreement, which means I would not give the individual any money upon agreement or signing of the contract for 3 business day. The individual has the right to cancel without any obligations during that time.  THIS IS A VERY SERIOUS BUSINESS. The law is for that person who is under stress. 

You need an attorney to draw up your agreement. Do you use escrow? Make sure they are out of the house before you pay one penny. There is too much to say, and I am not one for writing long emails. I am sure others will have plenty to say. 

Welcome to the site

@Ryan Agustin Welcome to LA friend.

@Michael Wolffs when you are dealing 4 units and down, majority of people hold it in their own name. The are not the most sophisticated Real Estate Investor who deals with 32 or 50 or 100 units. In any respect, send the letter to the owner of the record, you can rest assure someone will get your mail. 

@Jeff Wallenius I am going to give you the most complicated and sophisticated letter is the history of real estate. 

This is a sample letter if you are a Realtor.

Dear Jeff Wallenius,

Would you consider selling your units located at:

(property address)

to a possible client of mine?

Sincerely;

Morry Eghbal

If you are an investor write this letter

Dear Jeff Wallenius,

Would you consider selling your units located at:

(property address)

to a me? You may reach me at (999) 999-9999. 

Sincerely;

Morry Eghbal

To this day in 25 years I have sent over 2,000,000 letters and postcards. This is the basic structure of my letters. I learned it from Roger Butcher a real estate trainer from Sacramento Ca. in 1990. 

It is by far the most powerful letter for absentee owners.

What always has worked for us, we get a list of properties owners in specific cities and than send a letter to those owners to see if they want to sell. I am sure you can find such a list where you are.

Go to a Trustee sale with a flyer on a deal you want to flip and all those people have thousands of dollars of cashiers checks in their pocket.

@Troy Young That is what happens when you do a fine good job for others. Never the less looking at all the posts, you know you need to have a license. 

I Like @Bill Gulley answer on the part of liability insurance.