All Forum Posts by: Jeb Z.

Ok, so I haven't done one of these in a really long time and for some reason the hud is missing in the file of the last one i did so I assume the fee never went on the hud or I'd have a copy of it.

I have a deal signed up for $25k and now have a cash buyer for $35k the attorney I'm in touch with thinks that the sale price on the hud has to show $35k because of transfer tax reason's. He thinks the state will come after him/seller if they find out their was more money involved in the deal? I didn't think that this was the case because a assignment fee is just that, a "fee" and not part of the $25k purchase price of the original contract that is being assigned. Thoughts?

I'd stay very far away from that deal. CYA - These are the type of people who will sue anybody and everybody to try to get something and claim they've been taken advantage of. They may not win but IMO it's not worth the hassle ever having to deal with that potentially.

I'm looking for a new attorney near the shorline, any referrals? CTREIA only list paid advertisers and the one or two I've called over the years haven't been that knowledgeable or willing to take on complicated matters.

These guys started out in my state and at the same local REI club. They made good money rehabbing houses during the boom years but have since turned there business into this coaching thing for outrageous prices, can't blame them but there not teaching anything new here. Haven't seen them around since and I know for a fact some of those TV rehab's they lost money on.

Best advice is to just go out and do it!

We obviously aren't privy to the contract but if it's as you say "no contingencies" then they do not get their deposit back. They should know better and if not then let them take you to court. They'll end up paying your attorney fee's too!

Yep, there is a additional level with more contracts and forms but the basic level has the main documents and necessary information. If you have a really good attorney you work with I doubt you'd need the additional stuff. I think I spent around $300 in total. For me it was worth it considering I made $20k on the last deal I closed and this will help me avoid the hassles and stress of that previous deal.

You don't make a profit until the checks in the bank Jimmy. Never anticipate a profit until then. Learn to weed out buyer's like this so you don't waste time and always keep advertising for back-up offers. Good luck!

You guys are crazy!

I'm in no way involved with Jeff and his course but to speculate that he's teaching something illegal is just nuts. He makes his living as a attorney and not a investor so why would he want to jeopardize that?

I've done a lot of short sale deals over the years and even gave up on them last year after closing a tumultuous deal that ended up closing the way Jeff is currently teaching them. It was a serious learning curve for me and what Jeff has done is basically streamline the process with all the correct disclosures so there's no confusion like my deal had.

Definitely not a sub2 or option contract, what bank would accept a option contract now a days anyway?

If you guys have the capital and patience to buy these things, rehab them, pay the interest on hard money and then resell them I applaud you! You must be negotiating some serious spreads?

I know this method works because I've closed a deal using there method. Just now I have the correct forms and disclosures to start them off on the right track.

YMMV.