Offlineusing LLC's to around NON ASSIGNMENT CLAUSES: Many banks will NOT allow their contracts to be ASSIGNED. So, what you can do is: use your LLC, where you would sign the purchase agreement with and/or assigns. Write your companys name in the buyer field, then, instead of assigning the contract to another investor, you will SELL the investor your LLC, since the contract is filled out w/ your LLC's name, you will be essentially assigning the contract when you sell your LLC. YOUR HERO, SULLY.
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YOUR HERO, SULLY
This one makes me think sully. Yet very creative. I am glad u r back partner.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
partner....lol, ant, it's goooood to hear from ya, SULLY
YOUR HERO, SULLY
So this would mean setting up a ($200) LLC for each house you would want to assign just to get around the banks clause? Very creative Sully.
I like this!
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Sully
Tell me if the LLC technique would somehow work n this situation:
I have a friend who has 9 rental houses and has mostly bad tennants who either never pay or they pay late everytime so he goes through a lot of evictions and new tennants who mostly aren't good ones.
Well I told him to let me find him a person with close enough to perfect credit (for a lease/purchase) who can't quiet qualify for a convetional loan but they want to buy a home and have cash to put down etc...
I can match him up with a person to do a lease/option and like Anita is doing..all it will cost him is the equivalent to the first months payment to
me (for finding him a person to do a lease/option) Like Anita is doing.
Well...he told me that he would be interested but in his contracts with GMAC and the second lender they have this clause that they can't lease or reassign or the full amount of his loan will be due (in full) in 90 days.
Would him putting his home into a LLC work for him so somehow he can do lease/options on some of his rentals? Or does the bank have him fixed where he can't?
Sissy
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
as long as....the LLC that he puts the property in, only has THAT PROPERTY ONLY, see what i'm saying? If he has any other properties in this LLC name they too will be assigned to him, so be careful, if he does have other properties in this LLC, then he'll need to originate a new LLC to put the property in, but for a measely $200 bucks it's worth to be able to ASSIGN the deal and make a profit, aaahhh, i'm good, arn't I...? LOL, SULLY
YOUR HERO, SULLY
1. When the seller signs the assigning contract; do I sign it too? Or do I leave it blank, so that I can assign it to an investor?
2. Will the seller need to sign 2 copies of the contracts? One copy for the “assignor” and one copy for the “assignee”? Or will one contract be suffient?
3. Do I need to get the contract notarized?
4. What “back out” clause should I use to add in the contract? Just in case I can’t find a buyer for the property.
5. How long should my purchase time be 1 month, 3 months or 6 months?
6. Should I be upfront with the seller and tell he or she that I’m just a middle man that can find them a buyer to purchase their property in a certain time frame?
7. How do I obtain a spread sheet on the property?
8. Should I charge the investor a finder’s fee? Or should I just automatically add the extra amount on top of the seller price? (not too much so that the investor can have a nice spread)
How can I find out if the property is able to be assigned since some banked on properties don’t allow assigning?
thats exactly why i wrote this column, so you CAN get around banks NOT accepting your contract with an ASSIGNMENT CLAUSE.
As for ALL of the 53 other questions that you asked, it MIGHT be a little easier to ask 1-2 questions @ a time, lol, SULLY..
YOUR HERO, SULLY