Thank you for your generosity in offering such valuable forms. I did a quick scan and found a few that I can implement right away. Keep up the great job of “paying it forward” for those of us two steps behind you.

God Speed,

Trent Nieffenegger

Thank you for your generosity in offering such valuable forms. I did a quick scan and found a few that I can implement right away. Keep up the great job of “paying it forward” for those of us two steps behind you.

God Speed,

Trent Nieffenegger

With regard to contract assignments, I’m confused about what my responsibilities are as opposed to my potential investor’s responsibilities; and the timing of everything. Your input for the following would be much appreciated:

So after you get the seller to sign the Equity Purchase Agreement…

1. Who sets up (and possibly pays for) the contractor’s estimate for repairs? You or your potential investor you will flip it to?

Hi, Erin. I estimate my repairs myself for the most part. I might bring my contractor in for an assessment on something everyone once in a great while if I’m uncomfortable with it for some reason…but even that can be handled with a quick phone call most of the time. I typically provide my rough repair estimates to my buyer if I’m quick flipping a deal via assignment…but always urging them to do their own repair estimates and take mine with a grain of salt. What is a $10k rehab to me might be a $5k rehab to another guy and a $15k rehab to another. But don’t spend money on it – my opinion.

2. Who obtains and pays for the termite report if one hasn’t been completed recently? You or your potential investor?

Definitely the end buyer. I’ll do a visual inspection for termites myself, as part of my own assessment. But unless I have a real reason to suspect termites, I’ll leave that piece of due diligence to the end buyer I’ll be assigning to.

3. With regard to researching clear title, should you specifically order a “Preliminary Title Report” or can you research it another way?

Personally I just make sure the contract is contingent upon clear title (most always are) and then let the closing title company let me know if there are any problems. They’ll be running full title for the sake of the buyer’s title insurance.

4. Who orders and pays for the Title Insurance?

Around here it’s the end buyer…but I guess anyone technically could. If for some reason you wanted to include it as a benefit of the deal that you’re paying for all closing costs including the buyer’s title insurance…then you could. But I never have. It’s just part of the buyer’s closing costs in my mind.

5. If the buyer is supposed to reimburse you for these things, is it on top of your finder’s fee?

Try to avoid things you need to be “reimbursed” for. Just set a fee you want to make, and if you have any expenses to incur (which should be rare and few) then be sure you’re making enough money to feel OK with eating those expenses — consider them covered by your gross profit. Make sense?

Thanks!
-Erin

With regard to contract assignments, I’m confused about what my responsibilities are as opposed to my potential investor’s responsibilities; and the timing of everything. Your input for the following would be much appreciated:

So after you get the seller to sign the Equity Purchase Agreement…

1. Who sets up (and possibly pays for) the contractor’s estimate for repairs? You or your potential investor you will flip it to?

Hi, Erin. I estimate my repairs myself for the most part. I might bring my contractor in for an assessment on something everyone once in a great while if I’m uncomfortable with it for some reason…but even that can be handled with a quick phone call most of the time. I typically provide my rough repair estimates to my buyer if I’m quick flipping a deal via assignment…but always urging them to do their own repair estimates and take mine with a grain of salt. What is a $10k rehab to me might be a $5k rehab to another guy and a $15k rehab to another. But don’t spend money on it – my opinion.

2. Who obtains and pays for the termite report if one hasn’t been completed recently? You or your potential investor?

Definitely the end buyer. I’ll do a visual inspection for termites myself, as part of my own assessment. But unless I have a real reason to suspect termites, I’ll leave that piece of due diligence to the end buyer I’ll be assigning to.

3. With regard to researching clear title, should you specifically order a “Preliminary Title Report” or can you research it another way?

Personally I just make sure the contract is contingent upon clear title (most always are) and then let the closing title company let me know if there are any problems. They’ll be running full title for the sake of the buyer’s title insurance.

4. Who orders and pays for the Title Insurance?

Around here it’s the end buyer…but I guess anyone technically could. If for some reason you wanted to include it as a benefit of the deal that you’re paying for all closing costs including the buyer’s title insurance…then you could. But I never have. It’s just part of the buyer’s closing costs in my mind.

5. If the buyer is supposed to reimburse you for these things, is it on top of your finder’s fee?

Try to avoid things you need to be “reimbursed” for. Just set a fee you want to make, and if you have any expenses to incur (which should be rare and few) then be sure you’re making enough money to feel OK with eating those expenses — consider them covered by your gross profit. Make sense?

Thanks!
-Erin

Hi, John. No actually the two lines for the seller is in case there are two sellers…as in husband and wife, or whatever.

…jp

Hi, John. No actually the two lines for the seller is in case there are two sellers…as in husband and wife, or whatever.

…jp

Hi, Samuel. In right the blog post above, my friend.

But hey, here’s a shortcut for you: Just CLICK THIS LINK and the form will download right to your computer. Easy as pie

My best,

…jp

Hi, Samuel. In right the blog post above, my friend.

But hey, here’s a shortcut for you: Just CLICK THIS LINK and the form will download right to your computer. Easy as pie

My best,

…jp

I don’t understand, Verice. After watching the videos above, is the 1-pager I’m giving you here not clear to you?

…jp

I don’t understand, Verice. After watching the videos above, is the 1-pager I’m giving you here not clear to you?

…jp