Posted by smile on June 28, 2001 at 16:18:03:
Yes that is the disappointing thing about LeGrand. You’d think after spending $1000 you’d know how to do the deals he is talking about. And exactly which forms to use. And record. And no it’s not crossing out names and inserting new ones.
to seller,“Can I have the deed”? - Posted by Redd(CT)
Posted by Redd(CT) on June 27, 2001 at 16:52:43:
If a deal makes sense for a “subject to” deal how do you get the to a seller’s property…
what do you have to sign to make it official? Should I offer a little something for a seller’s deed?
The LINGO of real estate. - Posted by Alex Gurevich, TX
Posted by Alex Gurevich, TX on June 29, 2001 at 15:29:43:
Redd,
Joe is right in his definition of what the deed is, what function it serves, and who signs it. He is also right you’ll need an attorney to at least modify the contracts you got out of those courses to compy with the state law you operate under.
Monique is right that Ron’s materials are teaching you the fundamental concepts of investment techniques on how to create money with houses and paperwork.
However, what seems to be missing is the understanding of basic lingo that should probably come even before the money making strategies. Deeds, mortgages, security instruments/collaterral, mortgagee, mortgagor, trustee, trustor, grantee, grantor, recording of documents (what needs to be recorded and what doesn’t), etc.
Unfortunately, most of the courses out there don’t make a good job of covering a basic lingo of real estate.
When I got started in 1991 I bought a great audio course by Carrey and Klein which covered all those basic concepts for beginners. They didn’t talk about how to make money with real estate, rather just focus on all the fundamentals: contract law, estates, life estates, leases, options, mortgages, wrap-arounds, unilateral/bilateral contracts, title system/recording, owner financing, due on sale, conventional financing, points, notes, money supply regulated by FED and much much more. It was done in a conversational, easy to listen to and understand manner.
Having zero background in real estate forced me to listen to that course again and again and, boy, did it help me tremendously. I was pretty quickly able to do research at the courthouse, read real estate legal docs, understand misc. clauses in the contracts, and could understand pretty much any professional real estate and mortgage talk. I’ll check and see if I can find a way to get hold of it.
Yes, an attorney can help you to put together a transaction, but at some point you want to pick up all that real estate terminology and make it a part of your vocabulary.
I want the seller’s deed - Posted by Bud Branstetter
Posted by Bud Branstetter on June 29, 2001 at 24:49:56:
The only reason on a subject to deal I want a copy of the recorded deed is to make sure of the names and legal description. This makes it easier than going down to the court house and looking it up. I am not beyond getting them to sign a new deed(to trustee) before I do a title check or have to convey any money.
There is no deed . . . - Posted by JoeKaiser
Posted by JoeKaiser on June 28, 2001 at 11:04:57:
You don’t want the seller’s old deed. That’s just a piece of paper that was created to transfer ownership to the current seller. You can tear that thing up and throw it away.
What you want is the house, as in “get the house.”
In order to do that, your attorney drafts a new deed that transfers ownership from the seller to you. And since the seller is deeding the property . . . the seller does the signing, not you.
You don’t need a course, you need 30 minutes with a real estate attorney to set you straight. Tell him/her exactly what you’re trying to do and have him/her lay out the mechanics for you. You should leave with a clear understanding of precisely what is involved.
It makes no sense to be out trying to “acquire deeds” when you don’t know the first thing about how it’s done or how it can come back to haunt you. Far better to do it right the first time around.
You get a deed . . . you got the house.
Joe
Re: to seller,“Can I have the deed”? - Posted by MoniqueUSA
Posted by MoniqueUSA on June 27, 2001 at 19:27:36:
Redd,
You’re asking for a course, if not a seminar.
Do a search in the Archives on “Subject To”. There have been several posts in the last 30 days that describe a Subject To deal in great detail, along with a pretty complete list of documents needed to close a SubjTo deal.
MoniqueUSA
Re: to seller,“Can I have the deed”? - Posted by Redd(CT)
Posted by Redd(CT) on June 28, 2001 at 08:38:16:
Actually,
MoniqueUSA, I am asking for a course b/c I have PLENTY of expensive courses that talk about “subject to” transactions.
Probably stating my question different might clarify what I am “really” trying to ask:
When I make a “subject to offer” & the seller gives me her deed (actual deed) and I sign it…
I apologize for the confusion…
Re: to seller,“Can I have the deed”? - Posted by MoniqueUSA
Posted by MoniqueUSA on June 28, 2001 at 11:49:53:
Redd,
I understand your question now. Joe’s response above is right on target.
The new deed that your seller signs does need to be notarized and recorded. Also, you don’t want the deed in your name. You want it to be in the name of a Land Trust that you create. This is real important for privacy purposes and for dealing with the Seller’s bank.
It looks like you’ve got Ron LeGrand’s materials. His courses are great for the concepts – how to approach the business, how to identify a motivated seller, how to structure a deal, how to determine your exit strategies, etc. However, Ron’s courses are lacking when it comes to the paperwork and what exactly needs to be filled out where.
You definitely want to find a good real estate attorney, preferably one that has closed Subject To deals before, to walk you through what is needed in your state. The best way to find a good one is to ask around your local Real Estate Investors Association club and find out who the other active investors are using.
Hope this helps!
MoniqueUSA
kind of a snotty reply there Redd - Posted by My 2 cents
Posted by My 2 cents on June 28, 2001 at 09:18:30:
You HAVE asked a question that needs about a 30 page answer and if you don’t understand that, then, you haven’t READ any of own your expensive courses on subject-to. Go to www.getthedeed.com, get their course, insert tape #1 and start. This isn’t a transaction where you cross out the sellers name on the deed, insert your own, as if you were buying a used Honda. That won’t fly.
You can make tons of $$$$ in subject-to’s but you might want to learn the correct way before venturing into it.
Re: Snotty? I think NOT! - Posted by Redd(CT)
Posted by Redd(CT) on June 28, 2001 at 10:16:13:
Well,
FYI, I have read my expensive materials that did infact cost lots of dinero…1K (for one in particular)
SOOOOO, after READING & LISTENING 4 times, yessssss four times this is what I got:
Get the deed from the seller & write your name on the deed and boom you own the house…but don’t record it b/c that might ignite the DOS clause.
The questions I was asking were things I was wondering about…b/c Legrand’s course sounded too simple & incomplete when he describes Sub2 deals.
So obviously, LeGrands course is not exactly concise…and www.getthedeed.com would be better.
I was just asking some questions? Is there any crime w/ that!
Re: Snotty? I think NOT! - Posted by Terry (Houston)
Posted by Terry (Houston) on June 28, 2001 at 20:39:36:
“Get the deed from the seller & write your name on the deed and boom you own the house…but don’t record it b/c that might ignite the DOS clause.”
Please listen to Joe on this and his post above.
You do want to record the deed but you want to place it into a trust first.
Anyone can place their house into a trust for estate planning. You just need to get the Assignment of Beneficial interest. That is not recorded.
Not to add to the list of courses for you to choose from but Bronchick CLEARLY spells this out step by step and gives the forms. To Joe’s post, this is not for the newbie or faint hearted. A good lawyer can save you bundles…
Good Luck
Terry
Re: Snotty? I think NOT! - Posted by Howard
Posted by Howard on June 28, 2001 at 19:05:52:
I have the LeGrand course you are talking about and no that is not the way. The seller signs a sales agreement from him to you. He also signs a trust agreement assigning his beneficial interest in the property to a trust. Your entity is the benificary of that trust. But knowing which forms to use is only the beginning. If I am not mistaken the getthedeed people have it in very plain format that anyone can follow. Heck they even supply the software to fill in the blanks on all those forms and have a checklist for exactly which forms you notarize, and which ones you record. Which is why Legrand is going to start teaching the subject-to in a separate course, he can see that the original pretty houses course was thin in that area of information. Or maybe he is just impressed with the getthedeed peoples information.
I think if multiple people are recommending it there must be a reason.
Its better to ask, Redd… - Posted by Douglas
Posted by Douglas on June 28, 2001 at 13:21:17:
We run the risk of ’ flak ’ from some who know more and don’t express them themselves humbly but its usually better to ask. Someone will have something suitable. Read over Joe’s post again. I thought that was especially helpful. Nowadays, it seems every time someone has a question someone else points us to another course. One course per question, almost. LOL Lately some tell us we can’t rightly do subject to without spending $700 on the course now being advertised. Thankfully, most of the newer courses are less than half of that.