sroberts9


All About sroberts9

sroberts9's picture
Name: 
Susan Roberts
Location: 
Arlington, VA
About Me: 

I am a wife of 18+ years to my BFF and a Mom of two lovely young ladies of tomorrow. I live here in Arlington,VA and am trying to understand and learn all that I can about REI. I've tried bird dogging but, not much luck a few years ago, I tried commercial REI as a birddog - like looking for a needle in a hay stack. I kept seeing Dean's books and so after a prayer or two to remove it or go full speed ahead, God lead me back to REI again. So, this time I've decided to give it my all - I committed to doing this. I don't have any other options in my life so this has no choice but to work! I am hopeful that I can give and receive patience and assistance here from my new DG family and I hope to partner up with a lot of you on upcoming deals. My wish is to learn and clearly understand all about how to do this business well so that I may be used to help others in my situation. I look foward to talking to you all and meeting you all some day - ESPECIALLY YOU Dean! You are a true inspiration to us all. Thank you for your sincerity and knowledge.

Interests: 
REI, Learning new things, reading, writing, sketching, painting

Topics I've Participated In

TitlePosterRepliesUpdated
ACTUAL - Purchase Agreement/Offer Anitarny757 years 15 weeks ago
DG Members in Virginia reinvestor421012 years 34 weeks ago
How I found my deals rjb2282412 years 37 weeks ago
Are You or Are You Not pauljacobi913 years 23 weeks ago
My First Official Purchase Offer Today!!! eztree1213 years 25 weeks ago

Basic Info

Occupation: 
Managing Director's Administrative Assistant II
Children: 
Have Child(ren)
Education: 
Some College
Status: 
Married

Sites I Visit

Mainly Just This One

Guestbook

Getting Paid

reinvestor42's picture

Susan,
I just read your post to Eugene.Tax assesments use to be a good feel for FMV,but, due to the down mkt check comps from a realtor. Far as getting paid: I contract the home from the seller and use my name and/or assigns at the bottom of the contract. My buyer will sign the assignment contract and pay me 50% at signing and the other 50% at close.

Getting Paid

sroberts9's picture

Thanks for the guidance - You have been officially adopted as my "Big Brother" Eye-wink

Do you get the contract notarized? or filed in the courthouse to protect your deal and cloud the title? or have you found this unnecessary?

Also, to protect your other 50% at closing do you give the new buyer that "invoice" looking form from Dean's book to ensure getting the other 50% or does your contract state the pay off terms? I've not seen a completed form filled out so, please forgive me with all the questions. I got one from Carol Stinson that she uses and although I understand it completely, I did not know how the deal is suppose to go. I've not bought a home yet, so I've never been at a closing and are not sure how this all works. I don't want to look stupid on my first deal you know? Please clarify. I'd really appreciate it.

REA

reinvestor42's picture

Normally I don't use them. Their commission is usually 6% which they split with the Broker/owner they work for. The SELLER usually pays the commission and closing cost. I use contracts that are favorable to me,meaning: if I'm selling, I ask that the buyer pay closing cost,they sign it, they pay it. If not, you can negotiate the expenses 50/50 or agree to pay (depending on the deal) $1000 in closing cost. Same scenario if you're buying. You don't ask-you don't get. As to your name only at the top of the contract,but at the bottom where you sign, I add 'and/or assigns.I then assign the contract to my BUYER with the assigment contract which states the fee and collect 50% at signing and 50% at close. Check out one of the members here, he has a nice post on 'wholesaling' his user name is jacobi or something like that-and bookmark it for future. Mike

Protect your Investment

sroberts9's picture

Thanks Mike, that makes more sense to me the way you explained it about the REA.

Also, when you assign it over to the New buyer (investor) do you tear up your old contract with the homeowner and yourself or does all the forms go together with the title company for closing?

Also, do you get your contracts witnessed or notiarized? or filed at the court house to protect your interest?

Lastly, do you allow your Investor/Buyers to go to the home for inspection without you or do you go all the time?

I hear some Investors are pretty slick out there and could try and steal your deal.

Thank you again for clearing up my many questions. I've been searching on here and the internet for the answers on "how" to do this the right way and finally you have truly helped me by answering my prayers.