Contracts and Offers

Hey DG family,

I'm getting a little confused making offers usings the 25/1 strategy and I would like to get you guys opinions on it. Ok, I have an agent already and we are in the process on making offers. Question?, Should I use one agent and make all 25 offers with them or use more than one agent in diffrent areas and sumbmitt 25 offers out in tottal using 2 agents? Or should I use one agent to submitt all 25? But how should I put out my offers using that one agent, 5-7 a week until I reach 25 offers?

I understand some use a LLC to wholesale REO properties.

However im curious do anyone use a Land Trust to do such a transaction?

I understand people use a LLC to wholesale Bank Reo's.

However, does anyone ever use a Land Trust to wholesale Reo's?

I am brand new. I just read one of deans books and am trying to figure out how to start. I don't know I I should start to trying to find buyers or go directly to putting in offers. And when I do make offers, I'm not sure exactly how much I should say in the initial offer? Any help?

PLEASE HELP! I know what the 25:1 is and how to do it somewhat but from what I have read and what I have watched I am still deeply confused on how it works. I will place question marks where I am semi-confused. Here is what I have (please correct me or further explain my mistakes or how to make it better):

1. With last 90 days cash buyer list you will easily determine the zip code you should be focusing on for this 25:1 strategy and the types of homes that are selling (residential 3bed/2bath).

2. Ask your Realtor to place 25 offers in zip code (12345) at 30% or 40% or 50% off based on the comps of the area.

3. The one deal you get accepted is owned by a private owner who is desperate to sell. Now go see the house before signing? (Also, should they know I am assigning?)

I haven't figured out the proper way to submit offers to get something under contract. I wanted to know if I'm using a RE agent and find properties to make offers on do I submit a contract to the agent, or simply tell them this is my offer for this property?

A question to you coaches and veteran investors... At the end of a sandwich lease-option when your tenant-buyer steps up to purchase, is the double-close required or can you actually do a new purchase contract with owner and simply assign to tenant-buyer? Reason for the question is two-fold: 1. Losing money in closing costs and 2. Avoiding possible title seasoning requirements by your tenant-buyers mortgage lender.

I would never recommend negotiation a shortsale yourself because it is a huge pain in the butt, but if you decide you want to try you will need a letter of authorization signed by the owner before they will talk to you. (see attached)

LETTER OF AUTHORIZATION
Date:
Property and Mortgage / Lien Holder Information

To: 1st Mortgage / Lien Holder: _______________________________
Re: 1st Mortgage or Loan / Account Number: ____________________

To: 2nd Mortgage / Lien Holder: _______________________________
Re: 2nd Mortgage or Loan / Account Number: ____________________

To: Other Mortgage / Lien Holder: _______________________________
Re: Other Mortgage or Loan / Account Number: ____________________

1. Find a deal that matches what your buyer is looking for at enough of a discount where the investor would be willing to pay $3-10K more than you got it under contract for.

2. Market it to your buyer at the price you got it for plus your assignment fee, but just let him know what he can get it for and don't bring up the assignment.

3. Once your buyer agrees to pay the amount you specified and is ready to replace your earnest money "non-refundable", then and only then do you assign the contract to him.

4. Make sure the title company closing the deal gets your assignment of contract so they know to pay you and give them your wire instructions unless you want to pick up the check at title after closing.

i need to study contracts,lease options...does anyone know of a site that i can go to to learn about these contracts...all advice welcome...