Cloud Title "Who Notorizes?"
Quote: Ray_higdon 10/28/05
You can cloud the title by recording a notorized copy of the contract with the clerk of courts, or, the investor that did cut your throat would certainly have a hard time working with any other investors in town once you spread the word of his ethical nature."
Do you and the seller notorize the contract? Then file with COC?
By the way, what unethical investors should we watch out for I Chicago?
Quote:On 2005-11-21 23:55, JFSolutions wrote:
Do you and the seller notorize the contract? Then file with COC?A public notary is needed to notarize the contract. The notary would witness the buyer and seller signarures, then affix the notary seal.
Start up Steps
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Pick one form of investing and stick with it.
Learn as much as you can about your market area
Write up a business plan based on your situation
Accumulate your assets and figure how much can you spend on monthly basis
Submit your plan to people you know have lots of money someone should bite
Start making contacts with other investors ask them who they use for money, contractors, realtors etc. Ask multiple investors what their preferred method of investing is. Some methods work better in other areas.
Start your company (I think it was about 200-250 for mine but I bought an already
Existing “shelf entity” company)
Submit your plan to a local banks after you have all your corporate stuff straight to see if you can get a business credit line.
Read the online stuff but don’t believe the hype. Only take advice from people who have accomplished (or are in process) what you want to accomplish.
Learn about other forms of investing and try to meet investors who invest in those ways so that whenever you get a seller either you can buy or match them up with another buyer who will pay you for being the middle man.
RANT
You will hear often in books and online that if “If you have a good enough deal the money will find you”. Some of us like to line our ducks up in a row before we shoot. Just like an investor told me on another site “IT’S NOT ROCKET SCIENCE! Lenders and Hard Money Lenders will only lend based off percentages SO YOU SHOULD TRY TO BUY UNDER THOSE PERCENTAGES!
There are lots of checks and balances in this business. My biggest handicap is I’m not astute at gauging repair cost so in the meantime I don’t mind paying 250-300 for a professional inspection. I’m reading one of Donald Trumps books and even he paid for inspections.
Another tidbit you may already know is that a lot of these guys use Home Equity Line of Credits. It’s a great resource if you have the discipline to use it for only investment purposes.
One more thing multiple inquiries on your credit report for the same purpose count as one within I think a 30 day to 45 day period. So don’t get hung up on HMLS who check credit LOL.
So far taking my own advice has yielded me access to $100,000 through a joint venture with a guy I met just off my initial excitement. I’m waiting on my bank to appraise my house so they can give me my Heloc and I’m in the process of turning in my business plan for business line of credit.
I also accumulated a list a of HML I’m going through the list to see who lends in my state not so much for my benefit but for the benefit of investors with ambition but no money (A few Steve Cook move 
Are these the necessary steps to starting? No but they are working extremely well for me.
All this coming from a guy who was labeled financially illiterate in the business forum on this website…
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It looks like you’re on your way good luck out there and don’t let the nay sayers get you down....