Posted by James on December 13, 2007 at 09:35:40:
Non exclusive means anyone can purchase (I’m betting w/ a 48 hr notice provision, maybe not).
This mean that if you put an option on said property, another buyer/investor/whomever can come along
and buy the property as well - the seller would contact
you however the non-exclusive option says to (or not)
and they would notify you that the property has an
additional offer on it. Generally this means you can
purchase the property for the same price (and a little more).
It gives the seller more flexibility and doesn’t lock them into selling to just one person/entity.
Basically, it’s the oposite of a realtor. once you list
a property w/ them, they are getting the commission and
it MUST be closed through them. Here, anyone can buy it so long as they notify you (or not depending on contract terms).
PS - Sorry, I didn’t read the posts before so I hope this covers whatever situation you’re in.
Aspiring Investor looking for ADVICE - Thanks - Posted by Tyler
Posted by Tyler on December 12, 2007 at 12:45:20:
I’m 19, attending college right now, living well below my means to save money & working to build capital toward the downpayment on my 1st property/emergency repair reserves. I’ve been running my own landscaping biz part time for the past 4 years to build some spare income. I’m starting to build a pos. credit history. I’ve been networking with local investors, contractors & business leaders in my area to obtain summer internships to learn trade skills for landlording. I’m looking to obtain a mentor in the Central Pennsylvania Area, if you happen to know of anyone who may be interested, please contact me through my email.
I’m putting together a business plan, but am unsure where to start as an investor. I’m considering starting out wholesaling properties to build cash flow, then doing buy & hold on residential assests; living in them to get owner-occupied financing. I would then liquidate them to get into commercial apt buildings.
I want to invest part-time while going to school, going full-time asap after getting a decent job . I have not done a deal yet but am looking to start soon. What advice would you give to an investor who is looking to pay off his student loans & eventually live off cash flow from his holdings? Any advice is appreciated. Thank you for your time. - Tyler
Re: Aspiring Investor looking for ADVICE - Thanks - Posted by Judah hardmoney Hoover
Posted by Judah hardmoney Hoover on December 12, 2007 at 16:23:39:
the first thing you need to do is get a good mortgage broker. Al offers good advice. like him i am in my late 20s. and i started when i was about 23. sub too and wraps are a great way to get started, they also alow you to focus on nicer properties in less need of repair. what ever your skills are before you started investing can be the skills you bring to this field. i have alot of sales experince so that is what i focus on. Engineers bring a whole different skill set to the table. write the rules to our favor
Judah Hardmoney Hoover
Re: Aspiring Investor looking for ADVICE - Thanks - Posted by Al
Posted by Al on December 12, 2007 at 13:10:06:
im 27 now and started learning about CREI at 23. im in the IT field full time and i do my RE investing afterwards part time. i did a lot of reading to gain the knowledge and built my confidence afterwards by making mistakes and learning something from it. it took me a long time to get over analysis paralysis but that’s just me. also being in the IT industry i wasnt a salesperson so i had to overcome my fears of everything(public speaking, talking on the phone with sellers, networking at clubs, fear of success and failure, etc).
now i have about 8 options under contract with sellers via subject 2 and using various seller financing as my exit. also its less risky for me because my options are non exclusive and it only cost me a $1 rather than paying $5k-10k for an exclusive option. my options are also contingent upon finding a tenant/buyer to take over payments much like a sandwich lease or double wrap. i create my profits on top of the full asking price im giving to the seller and depending on the seller i do an equity share of my profit centers.
talking RE investing is a second language to me now. so keep it up.
you can be a bird dog or a wholesaler which requires you to low ball of course
im doing the opposite and giving full asking offers to get away from my competition.
send me an email if you’d like to chat offline
one advice is to fail forwards towards success
Re: Aspiring Investor looking for ADVICE - Thanks - Posted by DM
Posted by DM on December 12, 2007 at 17:34:11:
Hi Al - could you pls expand a little on what you mean by a non-exclusive option? Thanks