All Forum Posts by: Brandon Gadish

Check out books by Peter Conti and David Finkel. Hope the spelling is right, but I really liked them especially for new investors. Having said that, there are tons of books out there, maybe go to Barns and Noble and browse a little.

Brandon Gadish
Landlord Technology

If the deal is all being handled in escrow, no big deal there should be no reason for the deed to be transfered without the money transaction completed. If it is not being handled in escrow, I would recommend it. I have never transfered a large sum of money in exchange for the deed to a property outside of an escrow account. I would be interested in other's experiences here

Brandon Gadish
Landlord Technology LLC

Hi Pete,

Have you had any training or read any books on real estate investing? That is a good place to start in understanding the types of deals you can do, and the risks and exposure associated with various types of purchase strategies. In addition to purchasing you will need to understand your options for exit strategies. Lots to know, and it would be impossible to answer your question well here because it is very general in nature. In general though, the simplest way to get into a property with little or no money would be to use a lease option strategy. Having said that, there is a lot to know about them as well and I would again recommend getting educated on them before just trying it because there are certainly things you need to be aware of in order to avoid large problems.

Good Luck!
Brandon Gadish
Landlord Technology LLC

I know you already did it, but here is my suggestion for the future. The fastest and cleanest power tool to use for that would be a multi tool, or sometimes called a multifunction tool. Here is a link with an example of one if you are not sure what they look like. http://www.harborfreight.com/cpi/ctaf/displayitem.taf?Itemnumber=67256&xcamp=google&utm_source=googlebase&utm_medium=cpc&zmam=33951326&zmas=12&zmac=112&zmap=67256

Those tools are usefull for many many other rehab tasks too.

Brandon Gadish
Landlord Technology LLC

Scott,

I'm still feeling my way around the social networking arena for generating business. My business focuses on collecting rent automatically, and I have seen several tweets by either landlords or people involved in managing properties. Just looking for another way to tap the market.

Thanks
Brandon Gadish
Landlord Technology LLC

That is a great question, and the answeris that I do fax information sometimes but I add things like pictures of the property as well and pictures through fax are not great and in my experience email is difficult to get the attention I want my package to have. So every time I mail a package that is ordered in a specific order that would represent the property the way that I want it seen.

Scott that is a valid comment and maybe ill out these types of posts in a blog in the future but I feel like the forums are a better way to get information out to more people more quickly. Maybe I'm wrong.

Brandon Gadish
Landlord Technology LLC

Here are some things I do when putting together a short sale that I believe improve my chances of the lender saying "Yes"

1. I write the hardship letter with the seller. I want it to be as personal as possible in a manner that makes the lender have sympothy for the situation.

2. I send the short sale packet to the lender in a bright folder. I dont want mine to blend in with the rest of the manilla folders

3. I build raport quickly with the agent in the loss mitigation department as quickly as possible,letting them know I am a person and not just an investing machine.

These are some, but I'm interested in knowing other's strategies.

Brandon Gadish
Landlord Technology LLC

That is a good post Bill. I've never thought about doing assignments that way, and I'm still not sure exactly what that would look like on paper, but now I have something to learn about Thanks!

Im sorry if I wasn't clear in what I was trying to say, and maybe I really didn't understand the strategy you were discussing, but here is what I am thinking.

If you are interested in assigning your option, you can do that with anyone, not just a tenant. I have done both. In one instance my tenant buyer was not interested at all in being a third party in the deal and they cut me a check for $8000 to have me assign my option to them. In another instance I assigned my option to another investor for a house I had an option for in another town. either way it works fine.

The point I was making about assigning your option is that once you assign it, that is it. The asignee owns the option. You will not be entitled to any other money other than what the option was assigned for or a note that was agreed on.

If an assignment is your exit strategy then that will work fine. If your exit strategy is to sell the property to a tenant buyer, then you need to ensure you have a separate Lease Option agreement between you and the tenant.

The tenants option to purchase should not allow your tenant to assign their option or sublease. There are several other differences between the putchase option agreement between you and the owner and the one between you and the tenant buyer. If that is what you are interested in I can elaborate some of them for you

Brandon Gadish
Landlord Technology LLC

Shawn,

If you assign your option you need to be aware of several things. You will typically assign an option for a certain price. In other words a person agrees to purchase your option for $4000, or whatever the amount is. If the tenant is willing or able to pay what you expect to make off the deal in order to "own" the option, then take that in a second and run to the bank. If you can not get your full profit from your tenant up front (which is the most likely scenario) then you will end up assigning them your agreement to purchase the house for what ever the price is that you negotiated with the owner, and you are completely out of the deal with only whatever you got for the assignment. Unless you have some sort of promisory note or something else saying they will pay you more money down the road. Generally not a very good idea.

There is a lot to understand, be careful with assigning your option, and make sure you understand it fully before going that route.

Hope I'm not missing anything here, but if I am feel free to correct me.

Brandon Gadish
Landlord Technology LLC