NEED Help Please Help!!!!!

Can anybody respond to this?

I need guidance

I am sorry but I don't exactly know what you are asking.

From my understanding you are looking at a building with a business on the ground level and apartments above that. And you are wondering what kind of property it is? What do you mean?

Gerard,

This sounds like a standard multiple-use building. Why do you say there "shoud be" a business on the ground floor and aps. above it?

Vincent

the guy i'm working with send me a email and that what he ask for.

I was trying to figure out if those type of properties have a common name.

I need guidance with forms / contracts.

1) Is there a questionnaire or form available to ask all the right questions to evaluate the property and sellers motivation?

2) What type of contract and form(s) would I use to establish an IEE deal.

Since I have poor credit and currently unemployed, I see no other options to get started at this time other than an IEE or lease option that are most likely hard to find in my situation. I need to get some cash in hand quickly.

Thanks,

I believe pandpvinc is right about calling them "multiple-use" buildings.

Do you just need to know what to call it so you can search for it properly?

I think you might have more success by creating your own thread. But I will attempt to answer your questions.

1. I remember reading something in the book where Dean gives you a complete checklist. Maybe this was in the Think A Little Different course though.

2. I dont know too much about Instant Equity Exchanges, but you should look into Assignments (sorry if its the same thing, havent looked into IEE's).

For assignments all you need is an Agreement to Purchase and an Assignment of Contract. Doing searches on Assignments at the top left of this page will give you more info on it though.

Hi Guys,
I have an assignment deal I would like to pursue but Im not sure which contract to use to lock up this deal. What's the difference between the two? and is thier a situation or strategy in which you would want to use one over the other?

Dominic,

It appears that we are using different words for the same type of transaction? I do not have the Thinking a Little Different Book, only the Be a RE Mil....and the latest Make Profits Now. The latter book is were the IEE is referenced.

Basically, I want to find a property, lock it up and then pass the "killer deal" as Dean would say on to another entity as the buyer and make some money for connecting the two while never actually having to come up with any of my own financing in the process.

Is this what is being referred to as the "assignment"?

I really appreciate the info, I have wanted to pursue REI for so long and have spent money on other courses - alot, but have always been without someone guidance without having to fork out a lot of money to get further than the confusion in the course work itself.

Thank you.

Dominic,

You can call the advisory line to find out which forms you need to use. J, Instant Equity Exchange is for an end buyer who needs to get a loan or mortgage. Assignment of Contract is most often used when dealing with a cash-holding investor.

Vincent

Hi GD,
This type of property is a mix of commerical and residental and/or office building. You will need to check out the zoning regulations to make sure that this property is in compliance and if it is, then you will want to obtain at lease three years of P & L's for the property.

Mixed use buildings are simply a term to discribed what the building is legally zoned for in a municipality.

A mixed use is a retail operation on the lower levels and apartments above is the norm. To broaden your view: let's use NYC for example, Almost every street has buildings with stores on the lower level, 1st and basements with units either condo's or apartments above floors.

Do a map quest or a google and you will disciver 1000s of examples of mixed use properties. Mixed-use properties are my preferences for real estate.

Zoning is key when purchasing because, you want to be careful, not to use a building, if not zoned for that specific use.

If you have different plans and think you can get a variance for a different use, I'd be careful. Theres no guarantee you will get a variance, and many people who drift down that road can end-up in a rut.

If you need more explanation, (ask the builder forum, thats me) or go to your local building dept. and talk to a building inspector. They are excellent sources for accurate zoning and compliance information.

For what I understand all the info you need is on page 154 on the new book.
The paperwork you need for the IEE Strategy are:

-Investor Disclosure Statement and Seller's Acknowledgement
-Investor Purchase Agreement, also includes Lead paint disclosure Notice
-Property Disclosure Notice
-Discharge of Agreement to Purchase Statement

If you wanna have the choice to assign the property after you write your name as the Buyer in the Purchase agreement, add after your name. Then if you find someone to assigned to, just complete an assignment contract.