Week 6 - Q&A
Which project is better to undertake when your first starting out.
- I'm assuming the question is in reference to the streams
Why not the meth property isn't that consider distressed?
When we are talking to the brokers, attorneys, contractors, getting my power team together, will they charge a fee for helping me if they agree to be on my team?
- No, they shouldn't. Your attorney may be the only one.
Is it possible to get a video copy or the notes from this lesson?
- No. You have to take your own notes. If you were in college, would you ask your professor for notes on his/her lectures?
Should I be looking for properties in Illinois, since they are close to me? (Indiana). Should I be looking for properties closer to me like Gary, Hammond, Whiting, Indiana which are 15-20 mins away?. I know for sure they have several areas that have distressed homes. Would these areas be what I should be looking for?
- You can look for properties anywhere in the USA. I just suggest from my experience until you have a team that understands your mission/purpose, knows what you need completed and one that you can trust stay close enough to check on things.
How to get around the Banks no Assignments Clauses? Is the answer making an offer with someone who owns the property themselves?
- No, when the banks have a "no assignment clause" they don't want you to assign the property to anyone else. I haven't had to do this personally, but you can sell the entity to the investor, have him pay you for it, the EMD and the finders fee. It does the same thing. However, you do lose the name and rights to the entity.
WHAT DOES PA STAND FOR
- I need the context to answer this. I haven't a clue. Sorry!
Can you recommend some additional study aids.
- Always. I offer them throughout the program and I include them in the Membership Program.
What if we do a showing to the investors. The first investor isn't interested. You show the second investor and they are. You accept their blank cashiers check and continue with the showings. You have three other investors who are also interested. Do you tell them that you would like to still show the Property because the other investor has already accepted the assignment. You can't take check but do let them know it's only a showing. If their deal don't clear, you will notify them to see if they're still interested. Can you say something like this.?
- Absolutely. When we were trained they actually said the rest go home, but I beg to differ. I would take advantage of the moment. Deals can "sometimes" fall through. It probably won't because they gave you some of the money. However, I think it will put something on the mind of the runners up when they see how being late cost them a great deal. They will be there early next time.
Can you provide a bit more info on things covered in this video?
- You have to be more specific. More info on what?
Are we expected to make an offer next weekend when we go out in the field?
- No not at all, especially if you haven't done all your homework. It is imperative that you do the work first. If you have completed the research and prepared yourself as far as your entity and put in place your resources to fund this project, then by all means go for it! Just don't wing it.
Do you want a copy paste of the maps of the property?
- No, I prefer that you get a map that you can hang up somewhere. At the very least you need it to fit in your notebook. Do whatever it takes to make it work for you.