if assignment of contract is not allowed.

Example:

50K all-in

offer accepted@10k

duplex need 40K of rehab. (20K) each side.

Per unit rent is 600 ($1200)

[[50K so payment about $500 monthly mortgage payment.]]

So have $700 cash flow.

An investor willing to pay $1500 for finder’s fee.

Purchase agreement setup btwn us and the bank.

Then another agreement with the investor.

Ex. 10K offer for the property accepted.

Closing date 40 days from today (to give time to do the double close)

*build buyer‘s list. To find endbuyer

[1](join investor’s club CREonline.com [california RE club])

-craiglist (put an ad for cash flow property)(advertise property available)

-Ebay bid.(staring@15K $500 increment)

-find and call we buy houses ad in the newspaper.

-call for rent (do you network, or know anyone who is interested)

Have a purchase agreement btwn me and the end buyer.

Ex. 10K purchase. The investor wants to buy 25K

same closing date for both contract

*make sure the end buyer is buying with cash buyer or hard-money wire.  Do not wait until they qualified with a bank.

b/c seasoning issue.

//conventional lender would like to see the owner to own that house for a minimum 6months to a yr.//

BUT we own the property for 1-2 hours, conventional lender don’t allow that, so with cash buyer or hard money buyer… it is ok.

What to get from the investor we sold to:

*proof of fund letter. or a pre-approval letter.  (pre-approved with hard money lender.)

*Non-refundable earnest money deposit.

Minimally covers home inspection fee + earnest money deposit.

$1300 or $1400.   for Home inspection $300, and $1000 for earnest money deposit.

-It’s a way to have money ahead of time.

Buy 10K  sell for 25K   so profit about 15K

$300 home inspection, $1000 for earnest money deposit. plus half of the profit. Which is $7500

So all add-up is $8800 non-refundable earnest deposit.

But $7500 goes toward the purchase price of $25K

• put money in the escrow the day before closing.

With escrow you are more protect.

use Bank’s Title company for double-close.

*call title company or closing attorney and ask if they do double close or simultaneous close.

if NO   find and use own title company to do the transaction for title work.

That title company will work with the bank.

My title company will work for my title on the property.

my title company will do both contracts. First to me, then giving the title to the buying investor.

Show up @ closing with the money. Ex. $10K

Then sell the property to the buying investor.

Double close (instead of assignment of contract) actually own the property for a few hours.

2 Purchase Agreements

-Homeower(Seller-favored contract) + You (B)

Cash Buy/Hard Money

-Necessary to Complete Transaction Legally

Proof of Funds/Pre-Approval

Money in Escrow Account

Close in Escrow

Walter Cronkite was remembered

Steven Job is really skinny after 5 mo. of liver transplant.

[ thinking:... I do need supports on the R.E. learning and taking actions.]

wondering how to review the contract detail material online.
(even if they do not post it online)
[this particular call was not recorded until 7:03PM >.<]

We considered:
(1)the rehab cost will be too much. (example: sewage or electrical or water fix-up cost will be to much.)
Joe says that is something you can renegociate with the bank to lower the price or use that request the letter to terminate the purchase.
have house inspector first
let 3 contractors bid first to determine.
(2) Hard to rent out. contact management company.
[instead of posting the yellow signs on the pole.]
if buying appliance… rent out to the renter for $10 up to 24 to 30 months.

M

post note: talked to H briefly on the conference call.
I heard the entire conference even though I do not understand some of the question in the beginning.

M to AA HM JR RK

EMAILING FOR THE GREATER GOOD Join me