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Just flipped my first home. Bought it at an auction. I have read your book. Ive been watching lots of videos. we put it on the market with a realtor and got a contract 6 hours later for asking price and they pay closing.
how do we get this contract and memo if we are doing a
“Subject To ” deal?
There are some things reserved for students of my training.
Can anyone explain the Lease Option rule in Texas?
This might be an excellent time to find a mentor.
Sir,
How can I be trained and do internship with you?
Hello!
Have you considered making application to our Apprenticeship program?
Hi, Phil,
When negotiating a deal with the buyer, do I tell the buyer up front the original price I neg with the sellers and what $ amount is my assignment fee? I question that because he eventually will find out at closing. Thank Phil ,A. Del Rio NJ
Better to have him find out on the day of closing, rather than before.
Hi Phil, I am so thankful to have an opportunity to learn great real estate investing from your VIDEO and other materials.
“GOD BLESS”
great stuff loving it
Hi Phill. I really enjoy learning from your videos.
I have a question in regards to ling distance wholesaling. How is the paperwork signed and recorded through the distance? Thank you
Mobile notary
How often is it that a seller gets “seller’s remorse”? What if the purchase agreement is already signed, and they want to renig?
USUALLY, it’s not “remorse”, it’s “greed” because another buyer comes along after you that promises to pay more.
new information regarding the Memorandum Recorded…
never heard this before..
wow..
I’m learning so much in these videos.
Controlling the Deal. I like it..
Phil,
This is a great tip and in fact allows the buyer to place a lis pendens (notice that a lawsuit has been filed …..for those reading this) against the property as an equitable owner in the event a Seller gets Sellers remorse between signing the purchase agreement and settlement. As a seasoned real estate broker I often deal on the retail end where our boilerplate contracts have a void if recorded clause buried in them which basically does not permit the buyer to record equitable interest prior to settlement. This is something that is very important for me and anyone to consider when dealing with motivated sellers that are very impulsive then regretful once the realty of their deal or financial situation sets in. Thanks again for this great tip.
Hi Phil,
Thanks for the videos. Quick question:
Do you make the Seller sign the Memo at the same time he/she signs the Purchase Agreement?
And if so, do you then have an attorney or do you do it yourself … and record it at county clerk’s office?
Please advise.
Thanks,
WS
Essentially the same time, although it may be a few minutes later since the seller must sign the Memo in front of a notary.
I have a ton of properties that I have but I cant find any buyers…
You probably don’t have them priced low enough. Most people who have a “buyer problem” don’t really have a problem with finding buyers. They have a problem of bad deals.
Thx, Phil, great info. Question: how can I get the accurate “purchase sale contract for California” state?
You can use the standard CAR Purchase and Sale Contract but that is not written for creative investing. You could hire an attorney to craft you a custom creative contract but you would have to work with the incredibly rare attorney who fully understands creative investing. What most people have to do is buy one from a creative real estate educator who has already crafted their own masterpiece.
Now after you put the property under contract and you go record the memo. Do you record the memo at the courthouse in the county in which the property is located? I really do appreciate the info you give out because it is high quality actionable information.
Correct, at the county recorder’s office where the property is located.
Good morning Phil
I appreciate and enjoy your videos. I would like to join up, please let me know how.
Apply to my Apprentice Program
In a Subject To deal.. Would we still need the same two documents? Are there examples of how to write these? I’m a beginner and have no idea where to start. We have a motivated seller that wants to deed to property to us and we would take over payments. Thank you for all your importation! It is very helpful!
Hire a knowledgable attorney so that you don’t make any mistakes!
Phil thanks for all you do. It’s much appreciated.
i just had a question in mind about 3 quick ways of making money
1. buy and resell without improvement
2. buy and improve and resell
3. fees or commission
my question will be based on the first option, if i bought a house for US$50,000, and sale it for US$60,0000, is that a good deal because the buyer, will find out that i just bought it for 50,000 and did not do any improvement on it. Explain how i will go about it,
Thanks Phil
God bless you mightily and fruitfully in jesus name Amen
It can be a good deal. What if the house is worth $70,000, in your example.
Thanks a lot for this information
NEVADA IS REAL PRETTY AND THE MOUNTAINS ARE SO NICE SCENERY. LIKE A CHRISTMAS POSTCARD. THANKS FOR SENDING ME VIDEOS.
I enjoy your teaching videos so much. You explain things clearly and it is easy to understand.
I live in IL which uses the 15 page purchase contract. Some investors use a 2 page Purchase
And Sales contract, I do not know how they do it, but they do. I have heard of the memo and
understand the importance of it, but have never heard of anyone that uses it. Thank you for
your time and training.
Here`s the deal I`m looking at. Seller wants 12,500 cash. Large REO Corp. They will do seller finance at 26,000 with a 1000 down and 250 Mo. payments. I would like to not have to do it their way. I would like to be able to pay cash if I can. It doesn`t look like I`ll be able to do that. I can put more than a 1000 down if I want to. Is there any way to get this done so that I can hold it without being obligated for the whole 26000 if I can find a buyer in the mean time? It needs lots of work. Holding it for a short time to do a little work would increase the profits a bunch. I have people lined up to knock it out fast. Help Its my first deal.
Most beginners struggle with REO properties because they require cash to close on them and can be very restrictive. Perhaps you could get it under contract for $12,000 and flip it to another investor?
Im in NJ. How would it work here?
are there any sample purchase contracts I can look at online?
I’m sure there are…but they would be boilerplate and not ideal specifically for real estate investing.
It definitely is important to know that contracts don’t seal the deal. To have the agreement memo recorded at the courthouse is key. Appreciate the additional info, never knew it!!
Phil:
thanks for showing me how to control the deal better through purchase contracts and memo recorded.
gary
I need contracts and How to do the memo. How much?