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Last 100 yds of a mile race! - http://www.dealmakerscafe.com Forums

Original message

RobertNM

"Last 100 yds of a mile race!" , Mon 18 Dec 09:51

Lynn, you had talked about "splitting down payments" in a post awile back. When you do this, do you just have them sign a promissory note? With me buying this property on a CFD, I have changed from selling on CFD to selling on Lease/Purchase. 2 questions. First regarding Insurance,again. I know we touched on this in the chat room the other night, but, The Seller will change their policy to a NOO, my buyer will get content insurance, should I get a NOO policy myself? Next, I have The L/O agreements from Bill Bronchicks web site do I need any other forms to complete my transaction with my buyer?
I know I should own Bronchicks courses. After this deal, that closes tomarrow, I am getting his Cash Cow, Land Trust, and wrap your way to wealth. I am starving for this info! The deals I have done so far have not made me any money, just helped people avoid foreclosure. HaHa It is nice to do a deal that is gonna net some mula. By the way, got told 3 times this week that what my offers are illegal. LOL

Robert in NM

Replies:

Lynn
Moderator

"Re(1):Last 100 yds of a mile race!" , Mon 18 Dec 11:14

Steve covered your question on the promissory note and the insurance.

When we sell on lease-purchase we have the following docs:

Lease, Option, CYA Letter, Security Deposit Agreement (if needed), lead disclosure (if needed)

It doesn't get much easier than that.

It's not uncommon for some people, especially ill-informed realtors, to think that what you do is illegal. They usually think this because of the Due on Sale clause. That's fine if they think that because that helps to keep them from becoming your competition.

The last time I had a realtor tell me that - I asked if there office ever did contract for deeds. She said yes, oops - I guess they are going to jail with us!

Lynn

* Note: Make sure that you are using the pro-landlord docs when selling.

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?

STeve

"Re(1):Last 100 yds of a mile race!" , Mon 18 Dec 10:08

yes, have the sign a promissory note for the additional down payment. you must always err on the side of protection for you. insurance - NOO, add your company as additional insured, and t/buyer gets content ins. yep, what you're doing is illegal - dont' you know that? - Steve