need advice on how to close each deal. - Posted by LEE THOMAS

Real Estate Investing Real Estate Financing
1

Posted by Angel Gutierrez on June 27, 2001 at 24:18:16:

Lee,
Looks like you’re on the ball, snooping around for deals, only…you don’t mention what it is you plan on doing with these houses/properties once you’ve got 'em?
When I first started playing this game, I was so wrapped up in acquiring, that I didn’t really think about what I was going to do with them once I got 'em tied up. At one point, I had 11 houses under my belt…ALL VACANT! Not FUN! The real trick in this business is to line up your buyer(s) before you acquire. This way , no money comes out of your pocket and no vacancies! Only do a deal that you can’t get hurt in…i.e- lots of equity = quick flip to a rehabber or a no equity deed over and take a down payment and owner finance your tenant buyer for 24-36 months and take the spread and markup and the end. So before you buy…make sure you can SELL. As far as what sort of agreements/documents to use? Use the Land Trust. Not familiar with it yet? Time to go to school!
Personally, I don’t bother with a property unless I get a deed.
I know this is probably not exactly the info you were looking for, but I trust you have some thinking to do on the game plan. Also, from what you wrote, it looks like you already have a pretty good handle on things and are afraid of making mistakes…well guess what? You will ALWAYS make mistakes! There’s no way around it. The beauty of mistakes is that they lead us to much bigger and better things and they keep you on your toes. As long as you think things through and don’t make the same mistakes twice, you should come out alright. Read EVERYTHING you can get your hands on about this game and you’ll be prepared for everything.
Now go get’em! Let me know what happens!

Angel
Dallas, Tx

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need advice on how to close each deal. - Posted by LEE THOMAS

Posted by LEE THOMAS on June 26, 2001 at 23:52:06:

1st-flexible seller, property owned free and clear, worth $435,000. Should we do a lease option or seller financing and for how long? If we do seller financing what paperwork is needed? Seller is asking $435,000. Should we offer full asking price and how much of a monthly payment?

2nd-flexible seller, property has a 1st of $285,000 and a 2nd of $22,000. The property is worth $320,000. The seller is asking for $10,000 and out. She is willing to do a lease purchase or deed. If we do a lease purchase, for how long? If she deeds the property to us is a quit claim deed, contract of sell or warranty deed?

3rd-flexible seller, property worth $133,000. Seller owes $72,500, asking $127,000. Seller would like equity up front and we can have the house. Can we do a land contract, refinance and pay the seller his equity and then would the property be ours? Or wraparound mortgage to cash the seller out? What steps to take and what forms to use.

4th-flexible seller, property worth $152,000. Seller owes $142,500, asking for $5,000 and will deed the property. Will it be a quit claim deed or contract of sell or warranty deed?

5th-seller wants to sell, not lease option. Property owned free and clear. Worth $112,000, asking $93,500. I would like to purchase it myself by putting a new mortgage on it and cashing the seller out. I current have a home waiting to close escrow so I don’t think that I can apply for a new loan until after close. My home closes in sept. The seller wants to sell by Nov. Can we purchase on a land contract, refinance and pay the seller? Or do we have to wait until our other home closes? And if so what how do I tie up the property until then? What forms do I provide to the seller?

6th-flexible seller, property worth $130,000. Seller asking $125,000 and the home needs some minor work, approx $2500. Willing to do a lease option but for only six months. Seller owes $60,000. Is there an quick and easy way to cash the seller out and take title to the property? And should she do the repair or should we?

7th-I have a property that is mine that I am willing to deed to a buyer after they have paid $6,000. The house has a 1st of $128,000 and a 2nd of $13,000. The property is worth $148,000. Is there a way to deed the property to them with just the first and transfer the second to one of our other properties? We will continue to take care of the second until paid. And will it be a quit claim deed, warranty deed, contract of sell or trust deed?

These are all ACTUAL properties that I am currently working with. PLEASE GIVE ME AN ANSWER on all of them. I need to know the best, easiest and fastest way to close the deal on all of them. I will negotiate a consultation fee with anyone who can help us. I am in Las Vegas and my home office number is (702) 647-6738 or my cell is (702) 610-7960, if you have to much info to e-mail, I would love to talk to you. If someone can respond tomorrow morning 6-27-01, it woulf be greatly appreciated. Thank you in advance. Lee Thomas/Real World Nvesting