Monday, March 24th, 2014

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Free Form: Irrevocable Master Fee Agreement

So in my recent interview with Bulk REO guy Kenny Rushing, he mentioned he typically uses a special document called a “Master Fee Agreement” to protect his interest when brokering a bulk REO deal – one where he acts as a middleman between the seller of a Bulk REO tape and a buyer.

Well regardless of the fact that I freely give away my package of 53 REI forms, I’ve never had a Master Fee Agreement in my Pile-O-REI-Forms up to now.  Not surprising since I’ve never done a bulk REO deal, but still, I figured I’d do a little looking around to see if I can find one somewhere and see what it’s all about.

Score! ;-)

I actually zeroed in on two of them.  And what’s better, they’re in the “public domain”, which basically means I can freely pass them on to you guys directly.  (I got mad internet skillz, I tell ya.  ;-)

So I say why not go ahead and download these bad boys and add them to your arsenal of REI forms?  You never know when one of them might just come in handy sometime…

…for that random Bulk REO deal you end up brokering…

…for that random $400,000 cut in hip national bank.  ;-)

And if Bulk REO is a sexy topic for you, here’s an interesting webcast on Bulk REOs you might want to check out…

Take care!

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  • Tschober

    I hate product launches–makes some really good and knowledgeable gerus look like hucksters. And I understand they are getting harder to do probably because e-mail from these hucksters is being automatically sent to tne delete box. Too bad cause often these hucksters have something valueable too offer and I’ll be missing it.

  • THE TRUTH

    Any REAL money wont respect NCND’s or Fee agreements. Seen and heard it all. Why would they pay a daisy chain of greedy middle men, & brokers. After conference calls are done agreements passed around they can simple start another Co. and go direct. That’s just one way they dump people that want to get paid for an introduction. Most are already connected to Private Groups or Institutions. No reason to pay Mandates and so on. MFA must be signed with a deposit to be binding with a clause that if any other Co. is formed with names related to Co. on agreement and deal moves forward, you must be compensated.

  • http://www.realestateinvestormom.blogspot.com Christy Mellott

    I get a little tired of getting the same email from 27 different people when the new launch has a ton of JV partners. Okay, more than a little. I even understand how it’s done and why they do it, but it doesn’t make it any less of a pain to get your email inbox filled up with what is basically spam for generally overpriced products. I mean, the prices they charge for a couple of folders with a photocopied course & a few CDs… Seems like people who create products for real estate investors see them as great big suckers. It’s not so bad when personal contact with the author is included… but even then, it makes me wonder if they’re actually doing the business, in which case how is it possible that they have enough time to create and market these courses — and why would they offer it to as many people as they possibly could? All that does is create competition… oh wait — most of the people who buy the courses won’t do anything with them, so maybe it won’t create too much competition. I confess, I have dropped thousands of dollars on courses. And the more I see, the more it looks like regurgitated information with very little fresh content. Some of the best content that I have is from books I got at the bookstore for less than $20. And as far as this newest course goes, there’s another one out that you can pick up for $97, but it’s not over-marketed and the author will actually answer your questions directly. Bet this new course costs more than $97 — and yes, the author of the $97 course is indeed an active bulk REO investor.

    And why do people give testimonials about how fantastic a course is when they aren’t even involved in that part of the business? How would they even know? When I see testimonials from people who are NOT in the biz that the course is about, it makes me question the honesty of the person making the testimonial. And it’s a small world these days. When you are Facebook Famous, you might consider not offering testimonials for your friends, unless you are actually using their courses. Both you and they might get in some kind of trouble with the SEC for false advertising. I won’t offer a testimonial for any course that I haven’t personally tried out — not just glimpsed at, but tried out to see if it is actually usable and if it actually gets results.

    Sorry for the diatribe, JP, but you asked…

    Full disclosure — I just paid $897 for a private money course, but I did it because it included 2 tickets to a boot camp to which cost around $1197 a ticket this year — no one got in for free. And all three of the authors will answer my questions directly. I know people who have used and succeeded with the course; it’s a part of my business where I need some help and you can’t find the same information in a bookstore, so it’s a perfect fit.

  • http://REItips.com/ jp moses

    Hahaha! I love it, you real estate investor mom, you! Way to speak your mind – that’s exactly what I intended with the question.

    I gotta admit, I have a semi-love, semi-hate relationship with product launches myself. I too get why they work. And I don’t fault anyone for wanting to use a proven model to sell as much as they can to a thirsty crowd. We all attempt the same when selling our houses after all (which is just a different commodity really, right?)

    But even though it’s effective…I always feel a little uncertain about participating in a launch. For one thing (as you probably know) I won’t send the “canned” emails. I always write my own, and they always come from an honest perspective. I’m always transparent about what I do/don’t know, and while I make no bones about the fact that REItips.com is a FOR PROFIT website and I do enjoy affiliate commissions on some of these things — I still have to sleep with myself at night and look myself in the eye in the mirror in the morning. Which means I can’t/won’t fully endorse something without legitimate reason. But even if I don’t have time to review a course personally, I try to provide some kind of helpful perspective…some voice of reason in the discussion I know a number of people are already having with themselves when they’re considering investing their hard-earned education dollars in a new system.

    As for the price point, it’s all relative. We can make the comparison to the cost of a college education, and clearly the value of even an upper-crust REI course (if it’s good) is definitely there. Or we can compare it to the cost of ignorance…which is far greater. Of course if you can get the same info in a $20 book, then you definitely should, hands down. But I’ve never seen a book as in-depth as a thousand dollar course. OK, strike that…I’ve seen exactly 2 thousand dollar courses that sucked so bad they would have been a bad purchase even as a $20 book…but for the most part (and I’ve seen a heck of a lot of ‘em by now) my opinion is most courses are worth more than their price point to those who apply them.

    I know I’m preaching to the choir a little here…but that’s my $0.02 added to yours. :-) I don’t ever hesitate to recommend a course based on price point unless I truly feel it’s a waste of time. For the simple fact that all these things come with at least a 30 day money back guarantee (it’s visa/mc rules) so if what you just paid a grand for turns out to be crap, the ownership is really squarely on you to consume it within that month and make a decision as to whether you feel the value is there or not.

    Anyways, thanks for sharing!…Love the candor. I’m considering writing a whole post just about the product launch phenomenon soon…just to hash my own take out in public. We’ll see.

  • http://REItips.com/ jp moses

    Hi, “THE TRUTH” (nice name ;-) Thanks for chiming in.

    Does your perspective here come from your own actual experience in doing/attempting bulk REO deals? Reason I’m asking is in the last couple of days I’ve actually chatted with another (non-guru) in the bulk REO arena (who actually does deals) and for him at least, he verified that the MFA is standard procedure in his deals as well.

    …jp

  • Hsrealestate

    As an experienced investor 15+ years, I always recommend $20. books to new people, and yes the content can be as good or better than 1000. courses.

  • HANDADISTRIBUTING

    I LISTENED TO THE CALL MONDAY NIGHT EVEN THOUGH I ALREADY HAD A PRETTY CLEAR PICTURE OF HOW TO DO THE PROGRAM. MY CELLPHONE BATTERY DIED AND I LOST THE CONNECTION BEFORE I HEARD WHO WON THE FREE HOUSES. HAVE ANY IDEA WHO THEY WERE?
    I REALLY APPRECIATE THIS INFORMATION AS IT WAS THE VERY HEART OF THE PROGRAM, BUT I DIDN’T THINK THE FORMS WERE WORTH $1,000.00.
    MY NEXT STEP IS TO SEEK A COMPETENT ATTORNEY TO VALIDATE AND MAKE SURE ALL THE DOCS ARE LEGAL IN MY STATE AND CAN CROSS ALL STATE LINES.

  • Quickrei1975

    I was looking for something like this. Thanks for providing this to us JP.

  • Amithm68

    Wonderful post , thanks..