This Simple, Or More To It?
Hello again! You all have been such a help to me already and I am reading like crazy and have another question, now.
I went to the seminar with the two little midget men, you know the ones on TV?
The guy there said that basically you could do this by:
1/driving around and finding ugly houses
2/finding the owner and getting a low cash selling price.
3/ writing up a contract that basically says "If I don't sell in 60 days, you can have it back"
4/ Placing a handy mans special/cash only ad.
5/waiting for calls, and writing down needs until you find an interested investor.
6/ have them go look and make an acceptable cash offer.
7/ write a contract with them.
8/ take both contracts to a title company, and ask them to do a simultanious closing. and everyone gets their checks.
True? NO? More involved? Also, If it is true, Where could you get these contracts from (besides their $1500 package I mean)?
Thanks for any help!
Nik
Most attornys could write such a contract it is not a difficult thing. It is merely a matter of establishing a conduit agency.
Enjoy, Lucius
Beware of all millionaire identical twin migits that have their own Infomercial. [ Edited by dgtop on Date 11/11/2003 ]
While that is a basic outline of a quick flip wholesale deal, it is quite a bit more involved than that.
The "if I don't sell it 60 days, you can have it back" contract has more problems than a someone trying to milk a bull.
Like the majority of TV gurus, I suspect that these guys are probably still selling concepts that were effective 15-20yrs ago, but much less so today. The giveaway is the double closing. While they still work, they are much more involved today and are not nearly as simple as the gurus make them sound, especially if you're in a conservative state with tons of RE law.
Roger
Hey,
Money making ideas are VERY easy to outline, but very hard to put in to practice.
For example, here is another idea for you and this one is completely free.
1) Go to the bank.
2) Ask for $2.00 worth of pennies.
3) Open the rolls and look for a 1914-D mint condition penny.
4) if you don't find this penny, take the money back to the bank and get another $2.00 worth of pennies.
5) Repeat step 2 until you find the penny.
That is very, very, very easy to spell out. It is very easy to undertand and doesn't require very much work. But how realistic is it?????
Confusious say: He who find the magic gold mine is the one who finds others to buy their tape packages instead of doing what is on the tape package.
ok, I see.. So It's not quit that simple. Well, where do i go to find out exactly how this is really done? I read a lot here, but really, If you don't knwo the lingo, you could get a littel lost. I already bought the carlton sheets package,a nd I really don't want to spend any more money... Any suggestions?
n
To start, you could find an ugly house that is listed and contact the agent. Tell them you are a new investor in the area with cash to buy a couple of ugly houses per month. (It's just not your cash!) Are they offended by low offers. If not, they are your agent. Just use the real estate agent's contract. Have them help you write it out so it is in your best interest. Make sure the contract includes the wording "And or Assigns". Now you don't need a second contract. You just sell the rehabber/investor your contract. Voila! Contract issue solved.
ok, so how does that work, does the agent do a simultanous closing. And you, the seller, and the agent make money off of this deal? Can you giv eme an example of how a deal like that woudl look, beginning to end?
thanks
nik
Nik,
That's just one possible way (tho complicated) to make money in REI. There are several different methods/techniques to use to close deals. I'd suggest reading up on a few to decide what may work best for you. Then you can focus your learning on that method/technique.
Visit your library and pull any info that you think might help you get a better grip on the subject of buying and selling property.
If you've never bought a property before, working thru an agent can help because you'll have someone there that knows the paperwork and procedures necessary to close a deal properly within your state (tho conventionally usually).
If you've bought your own home, you should have a good idea out is needed to close any RE transaction. IF you haven't bought your own home yet, I'd suggest that you make that your first investment.
Roger
The dwarfs are John and Greg Rice who, by the way, are EXTREMELY successful real estate investors. My partner runs all of his questions by John everday on his cell phone.
What they are saying is easy, it's the same as LeGrand's wholesale module. But, as suspected, there are a bunch of details that make it work and the information that you got from them is worth exactly what you paid ($0). Like every other free workshop, it's a teaser to get you to make a purchase. BUT, it does work.
John and Gregg have been investors since the 70's and I was suprised to find out that they weren't just a marketing ploy...
hope this helps,
clear2close
[addsig]
MadWallo, Do you put "and/or assigns" in a contract after where your names is? Or do you just make sure there isn't a clause in the contract that states it isn't assignable? I've heard that contract aren't usually accepted if they have "and/or assigns" in them. Also, why is a simultaneous close the hard way to close? Is it due to seasoning? Just wondering