Are the Cris Chico methods of buying being used currently?

1 Reply

Hi, everyone.

Have nine questions. Some have to do a bit with the Cris Chico way of doing things.

If Mr. Chico does not have to know about Rehab Costs, then his contract with the person he is buying from, the "Seller" has to have a clause or exit strategy in it that specifies that Mr. Chico's offer is contingent upon a 3rd party buyer completing the Rehab Estimate and Inspections and if there are tenant's in the property the 3rd party buyer has to approve of them.

Q1: Would, or are there any Real Estate Investor's now that will buy from a Wholesaler that does not provide a Full Report of the Rehab, holding and selling costs?

Q2: Earnest deposit would have to be supplied by me. I would need the property to be under contract. Mr. Chico says he gets them under contract w/o owning them. This will not work as far as I know. Anyone got any ideas that I am overlooking here? I know some case law and having an interest seems to be the only way to be protected against Broker's and lawsuits and possibly an unscrupulous Investor, who may decide to undermine you if you had no contract to begin with. If taken to court you would most likely be fined for taking a referral fee w/o a license. Yeah, I've heard people say structure it as a consulting fee, but it makes me nervous, still the same.

Q3: Maybe the contract specifies a deferred EMD, where I would get the EMD from my end buyer?

Q4: Where are all the talented "Virtual Assistant's?"

Q5: Performance based pay would have to be the way, because there simply is too much opportunity for a lazy person to do nothing, if the pay was hourly. Any ideas on how you would come up with a pay and incentive plan?

Q6: Can this and is it being done currently? If you are in Massachusetts it would be great if you could let me know if this works for you, but anyone in any state with helpful feedback on this is fine.

Q7: I am lousy on the phone and don't have too much confidence in selling. I would welcome any feedback on how I could still go ahead with this, but hire someone else to get the property under contract. I have a feeling that this is impossible. Anyone else have someone getting their properties under contract for them?

Q8: Anyone else have someone getting their properties under contract for them?

Q9: If you are a R.E. Investor and you would buy from a wholesaler who does not provide a full rehab report, do you require the contact info, such as the "Title Company to use?" or any other information.

NOTE: I have heard from people here and on another website that say they are buying without even seeing the property. Who in their right minds would not want to buy and sell this way?

I guess engaging the service of a Lawyer could tell me for sure, but I am hoping to get some sound advice here.

Just a comment: If there truly was a low risk way of getting a property under contract and assigning it to a 3rd party buyer than why wouldn't everyone be using it now.

Originally posted by @Ronald H.:
Hi, everyone.

Have nine questions. Some have to do a bit with the Cris Chico way of doing things.

If Mr. Chico does not have to know about Rehab Costs, then his contract with the person he is buying from, the "Seller" has to have a clause or exit strategy in it that specifies that Mr. Chico's offer is contingent upon a 3rd party buyer completing the Rehab Estimate and Inspections and if there are tenant's in the property the 3rd party buyer has to approve of them.

Q1: Would, or are there any Real Estate Investor's now that will buy from a Wholesaler that does not provide a Full Report of the Rehab, holding and selling costs?

Q2: Earnest deposit would have to be supplied by me. I would need the property to be under contract. Mr. Chico says he gets them under contract w/o owning them. This will not work as far as I know. Anyone got any ideas that I am overlooking here? I know some case law and having an interest seems to be the only way to be protected against Broker's and lawsuits and possibly an unscrupulous Investor, who may decide to undermine you if you had no contract to begin with. If taken to court you would most likely be fined for taking a referral fee w/o a license. Yeah, I've heard people say structure it as a consulting fee, but it makes me nervous, still the same.

Q3: Maybe the contract specifies a deferred EMD, where I would get the EMD from my end buyer?

Q4: Where are all the talented "Virtual Assistant's?"

Q5: Performance based pay would have to be the way, because there simply is too much opportunity for a lazy person to do nothing, if the pay was hourly. Any ideas on how you would come up with a pay and incentive plan?

Q6: Can this and is it being done currently? If you are in Massachusetts it would be great if you could let me know if this works for you, but anyone in any state with helpful feedback on this is fine.

Q7: I am lousy on the phone and don't have too much confidence in selling. I would welcome any feedback on how I could still go ahead with this, but hire someone else to get the property under contract. I have a feeling that this is impossible. Anyone else have someone getting their properties under contract for them?

Q8: Anyone else have someone getting their properties under contract for them?

Q9: If you are a R.E. Investor and you would buy from a wholesaler who does not provide a full rehab report, do you require the contact info, such as the "Title Company to use?" or any other information.

NOTE: I have heard from people here and on another website that say they are buying without even seeing the property. Who in their right minds would not want to buy and sell this way?

I guess engaging the service of a Lawyer could tell me for sure, but I am hoping to get some sound advice here.

Just a comment: If there truly was a low risk way of getting a property under contract and assigning it to a 3rd party buyer than why wouldn't everyone be using it now.

Forgot to change the title. A more suitable title would be "Are the Cris Chico methods of buying being used currently?"

Updated about 4 years ago

Sorry for the 2 posts. I used the quote when I actually wanted the update button.

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