All Forum Posts by: Nate Green

Ok thank you @Ellis San Jose that's very helpful! I have been looking all over the internet for any sort of semblance of a run down of duties.

For these guys who did work for others. What did you do? Marketing?

@Patrick Connell Thanks for answering. I am trying to learn what to look for in the presentation of a house and what to specifically ask about prospective houses. I cannot always go and inspect properties with the agent I am working with so I figured I could do a little bit without him and keep learning.

Hey guys. Say you are just looking to gain experience and are going to open houses. What would you ask the seller's agent about the house? How old is/are the house/appliances? What is the house made of?

Starting out with very little money and no experience I have wondered about the idea of being an assistant/intern for an investor to start out my real estate investing career.

I was wondering if anyone has been an assistant or intern to a real estate investor recently and what did/do you do? I know people always talk about virtual assistants, but they cannot possibly do everything for an investor. So I figured that sometimes people need extra help from someone ready and willing to help in exchange for knowledge.

Thank you for any help,

Nate

Hey guys I just saw that Frog Hair closed today (10/16).

I just wanted to say thank you to @Brian Gibbons for talking with me last night and educating me on lease option assignments. As a lot of people have said he is great and very nice and understanding. He helped lay out a map of sorts for me on how to do LOA's. I'm going to write it out on this post and make sure that I have everything written down correctly.

1) Lease w/ option w/ seller - gives right to market the house

2) Market for buyer -walk through house with potential buyer; if they like the house - earnest money agreement (1/2 of the option fee - $2,500)

3) W/in 7 days they head to attorney's office and sign a new lease w/option agreement and give the rest of the option fee ($2,500) plus first and last month's rent and security. Money goes into lawyer's trust account. I sign an option release agreement.

4) Seller signs this new lease w/ option agreement (prepared by me)

5) Lawyer cuts a check for X (approx. $2,000?) to the seller and $5,000 to me. The buyer gets the keys.

I may have this a little bit messed up so any feedback is welcome.

Thanks again to Brian!

Thank you guys for all of your help.

Being a very low income earner as a college student I was leaning towards a partnership. But, I am a little worried that it won't do much for us legally.

@Brian Gibbons Do you have a preference?

I know this hasn't been commented on again but I read somewhere that you need an LLC to do a lease option assignment business. Is this true or can you "get away" with using a partnership or sole proprietorship?