OfflineOk, what Im trying to do is find property for investors, and then ask for a finders fee. I need money to invest in my own property, so i decided to step outside my comfort zone, thanks to dean, and take a chance. I am working with an investor through an intermediary. His client is intersted in ($20MM and up for bulk REO tape. Specifically, the following:1B values 32 +3 max (nationwide, $50MM commercial/residential REO portfolio,CA sfr, NY sfr reo tapes. After researching, I now no what this is. I don't know what the "32 + 3" thingie is all about. What is this DG FAMILY? The LOI (letter of intent) is a nonbinding agreement that basically gives the seller and idea or a reassurance of what the buyer wants. It lets the seller know that the buyer is serious, and it cuts out possible confusion later. The rep for the seller is asking me for a LOI as the wholesaler. Am I suppose to sign this out or my client/inntermediary who is the buyer? Then, there's an intermediary between the seller, who is a realtor, and myself. The buyer's rep is the one who contacted me, so this is whom I ask for my finders fee, correct? Next, when do I give the promissory note to sign? At closing? This is my first deal, and I'm just making sure I cross all my t's and dot all my i's. Thank you for your help!
This is My First Deal, Somebody HELP!
Posted on: Fri, 07/18/2008 - 03:46
Do you know what this means?
afrikanvisions2, I sure hope there is someone here that can help you with this. The only reason I'm posting is so you don't think you're being ignored. I saw that you posted this somewhere else too. I wish I could help.
Best wishes,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Hey, it's greek to me and I'm greek!! Seriously, I have NEVER heard any of those terms in reference to real estate and I've studied every aspect of it for the past four years! Now I DO know what the DG family is. It's the Dean Graziosi family, mainly US! We're the little family (growing rapidly) of investors supporting, motivating, uplifting and helping each other in our journey of achieving our REI dreams.... LOL! ;D
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I have a couple ideas of what it is but it would be a guess. Just ask the intermediary. It won't be a stupid question at all.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Hi...let me see if I can help on part of it.
The LOI is signed by the person that YOU resp resent. It shows their intent to act in good faith toward any purchases they make or consider.
Yes, you discuss your finders fee with the rep that contacted you if they are acting as intermediary. You also negotiate your promissory note with them. Ultimately the represent they buyer so the buyer will actually have to sign it, but the rep can discuss negotiations with you.
Also the promissory note is signed prior to providing them ANY info on the property. If you are using a flat fee or a percentage as the basis of your fee, spll it out in the promissory note a and also do not forget to have them sign a confidentiality agreement and a non disclosure, so they cannot try to circumvent you and take the deals behind your back or discuss the deals with someone else and they walk in and take them away from you.
ok, that my 2 cents. As for the 32+3 I am drawing a blank there. So ask the intermediary exactly what that is.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I think that's great you want to shoot for the stars and jump rignt in making some real estate deals, but as a novice investor with no experience whatsoever, and given that this will be your first real estate deal, i think you should start learning the basic strageties about real estate investing and learn how to walk first before you could run. I don't want to discourage you from pursuiting your dreams and going after this deal, but when a lot of us here are not sure what to say, then maybe it's way over our heads. We could assume and and speculate what it means, but then again, the last thing we want to do is providing you with the wrong information. We would not want to do that. It's my honest opinion and my two cents in. I hope you don't take offense to it. I wish you nothing but the best. Good luck!
Lloyd
Is this the Rina who was on the DG Teleseminar tonight? Thank you for the encouragement and sharing your story, if this is she. Also, thank you for your honesty.
You've helped me a great deal already Elena. I appreciate your honesty.
Thank you for your honesty cbrpower!
Glad to help you anyway I can. Best of luck with your rei journey.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Thank you for posting your question (and your kind words). It is great to be able to learn together. Please let us know when you find out more on your investment opportunity. I wish you all the best on the outcome!
And congratulations on diving in to the world of REI! I am certain it will change your life.
Sincerely,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249