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Frank Linen


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Frank Linen

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Deal of the Month Video Series, First Installment Online dgadmin127 years 36 weeks ago

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On 15:59pm, June 9th, 2008 sully said:

nice work, frank.....

sully's picture

it seems in this situation, you should have already "LOCKED UP", this deal. It is much safer for you to RE-ASSIGN the property, than to try and collect a "finders fee", all you need to do is negotiate a price on the home with the homeowner, and have you & him(homeowner) sign a purchase agreement, or agreement to purchase contract, WITH AND ASSIGNMENT CLAUSE, so you can then ASSIGN the contract over to the other investor.

Now, depending on how much equity or how much BELOW MARKET value you buy the property, depends on how much of a ASSIGNMENT FEE you can charge, however a good rule of thumb is, somewhere between 2%-2.5%, YOUR HERO, SULLY.

On 15:30pm, June 10th, 2008 Frank Linen said:

THANKS SULLY for the advice on reassigning the deal

Thanks Sully,

It appears that the lady (seller) is looking into getting a lawyer since the property was I guess left to her and a few siblings before her mom passed. I havent asked but I think the property is split up by at least 4 different people. Is this something I should get into or do you think I should just leave it alone? I was thinking the lawyer would advise her otherwise and she may not want to go through with it.

In all actuallity I have yet to speak to the lady, this deal was passed on by word of mouth. I tried to contact the lady last night but she hadn't gotten home yet. That's when my friend said he spoke to her and she said she needs to seek legal advice,find out how much the others in her group feel the house should be sold for. He also said she is going to the house today to mow the lawn and try to spruce up the place.
I continue to look for other homeowners in her similar situation, however, I am not sure how this deal is going to pan out.
Either way the deal goes, it has really given me the courage to step out there and get a feel for how the process works. Not hard at all! Yet I am still very anxious to close my first deal.
It's at the point now where the contracts seem like the hardest part of it all, you know who signs where, who's the signor and who is the signee / who's the contractor and who is the contractee(if you know what I mean).

What do you think I should do?