Contracts and Offers

DG FAM,

I HAD A CALL COME IN FROM MY BANDIT SIGN FROM A SELLER, WHO SO HAPPENS TO ALSO BE A INVESTOR ON A HOME HE PURCHASED ON THE COURTHOUSE STEPS. IT IS ORIGINALLY A 3 BEDROOM 2 BATH HOME BUT IN THE BASEMENT 2 EXTRA BEDROOMS AND ONE EXTRA BATHROOM WAS INSTALLED. WHEN I TRIED TO RUN COMPS IT'S STILL LISTED AS 3 BEDROOM 2 BATHS. HOW DO I RUN THE COMPS ON THAT? IT IS STILL RECOGNIZED AS 3 BEDROOM 2 BATH?

HELP!!!! I MEET WITH HIM TOMORROW!

BERNARD

DG Fam,

My question is how do you determine the ARV on a potential deal without using a RE agent? I ask this because I don't want the agent involved on a deal not on the MLS, i.e. FSBO's but I want to know the ARV on the home before I make an offer and know if it's worth it for the potential cash buyer. I mean, I know how to do the sales comparables in the area but isn't that a little different than the ARV? Basically FMV vs. ARV...

Bernard

Okay so I read and reread Wendy Patton's book on Lease Options and subject to's, but the information in there does not jive with what Greg Murphy talks about in the videos on Lease options and locking up properties using a lease option with an assignment contract built in.

Wendy states that distressed buyers (bad debt) are subject to deals, while tired landlords, or others that just want or need out of a home but have (good debt) due to maybe job transfer, or inherited a home, etc are the lease option deals.

DG Fam,

Do these funding websites, i.e. bestransactionalfunding and reifunding.com give you a POF letter without having your LLC yet? I am still waiting for my LLC to come through but they ask for company name. Besttransactionalfunding.com even states it won't give to individuals, only companies. If there is a way around that, please let me know.

Help!
Bernard

DG Fam,

I have an issue here. I found an attorney I thought could draft a contract for me but he responded and stated he doesn't draft up generic contracts with fill in the blanks, just case by case basis. Now if I'm going to be wholesaling and wanted to have an official purchase agreement meeting state regulations with my specifications, i.e. and/or assignee and contingencies, do I need to make one up myself now?? What is the best suggestions for having a purchase agreement with my terms? This really caught me off guard.

Bernard

in the Memphis area. Anyone know of one they would recommend?

DG Fam,

Correct me if I'm wrong, but I thought I didn't have to provide a proof of funds letter until I get an offer accepted. Or is it when I put the offer in? I'm asking because I think I need to move on to another agent since just filtering my criteria for 25:1 seems to be a task for her. This possible new agent asked to have a proof of funds letter before I even put in an offer to anything. Please clarify...

Bernard

http://besttransactionfunding.com/index.php?option=com_easyblog&view=ent...

Bear with the audio as it has great content!

Stay informed with Attorney Maurice A. Thompson, the Executive Director of 1851 Center for Constitutional Law, and Vena Jones-Cox, aka the Real Estate Goddess. Maurice's website is ohioconstitution.org and Vena's website is regoddess.com.

Just finished 30 Days to Real Estate Cash book. I'm all pumped up.

Ordered my business cards, ordered my bandit signs, created a google voice phone number, getting ready to complete other homework assignments but have butterflies in my stomach and have lost a little sleep over taking the plunge.

I don't feel confident enough yet regarding creating contracts and making offers. I just need someone who works in California to take me under their wing just a little.

I know California works quite a bit differently than other states, as we don't have it so easy. I know this from attempting to be a Real Estate Agent along time ago.

I have a FSBO motivated seller who wants to get rid of her property. However it's in Lithonia, GA DG family please give me some insight on this.

1) Do I get a realtor in that town?
2) Do I find a title company there?

Just starting so I have a lot of questions? If you invest outside your back yard please share how you do it with me.

Thank you DG FAMILY or PM me