Posted by David Alexander on May 30, 1999 at 18:41:40:
Legrand always says go for the Deed first.
David Alexander
A question for Ron Legranders’ on Contract for Deed - Posted by Maurice (So. Ca.)
Posted by Maurice (So. Ca.) on May 26, 1999 at 15:11:23:
Hello all:
Wanted an opinion on how you’d handle this scenario:
Seller: Willing to carry (owns free & clear); at 7-1/2 % interest; market value $85,000; asking $109,000; isn’t interested in lease-optioning to me (I feel he hates any term with rent or lease in it); but willing to deed for contract; house needs no repairs & in great shape.
Obstacle: If he carrys, he wants to run credit & my credit is beyond bad (I’m not exaggerating); however, when I explained that I’m an investor & that I just can’t tie my credit up… and to gain his trust I asked about his situation & sympathized with why he wanted to be out of his house (his wife recently passed & everything in the house reminds him of her & he has a house in Torrance). That’s when I offered a contract for deed & he agreed. Everything is near perfect in this deal except for my inexperience in owner-financing. I spent so much time learning flips & lease-options, that this goes over my head. I also realize that I’m over-thinking this one. If he does owner financing or contract for deed, will there need to be a close? What’s the advantage to me as buyer & to the seller? My exit is to lease-option out or someother positive cash-flow technique.
Thanks gang!
Re: A question for Ron Legranders’ on Contract for Deed - Posted by David Alexander
Posted by David Alexander on May 27, 1999 at 01:30:47:
You really need to post this on the other website, Newsgroup 1.
How many houses do you want to buy overpriced on a Contract for Deed, I’m sure I can help you out.
Kidding aside, where’s the deal?
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You’ll most likely be out of control buying on a contract for deed.
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As said before you make your money going in.
David Alexander
Re: A question for Ron Legranders’ on Contract for Deed - Posted by Charles - DFW
Posted by Charles - DFW on May 26, 1999 at 20:57:34:
Are you saying the Market Value is $85,000 and asking $109,000 or the other way around?
If you post on News Group 1, you will get more response!
I don’t know about your state, here in Texas, I would recommend talking with a title company, or an attorney.
Sorry, I can’t be of more help.
Charles
Re: A question for Ron Legranders’ on Contract for Deed - Posted by Tim (SNJ)
Posted by Tim (SNJ) on May 26, 1999 at 20:56:43:
"Wanted an opinion on how you’d handle this scenario:
Seller: Willing to carry (owns free & clear); at 7-1/2 % interest; market value $85,000; asking $109,000;"
Since you asked - I’d walk away from it. You are paying 28% over value and you can’t make money that way. Remember Ron said to make your money going in.
Re: A question for Ron Legranders’ on Contract for Deed - Posted by Tracy
Posted by Tracy on May 26, 1999 at 17:34:02:
Maurice,
I did not get a chance to go to either of Ron’s seminars here in southern ca. I have been receiving multiple letters about products and services that were offered for the same price.
What all was offered? What did you buy? How much? Was Ron there? Did I miss out? I also received another letter about he is coming back for a whole day, is this true? man this guy sure knows how to send letters.
Tracy
You’re right - Posted by Maurice (So. Ca)
Posted by Maurice (So. Ca) on May 27, 1999 at 14:12:51:
You’re right Jim…and because he’s motivated, I’m negotiating on lowering the price. I have no problem paying premium price for him to carry, but at the same time I’m not going to put myself into a bad situation.
I have a feeling we’ll be able to work up to a mutual, win-win situation. I’m just still trying to figure the advantage of contract for deed vs. lease-options. I don’t have any courses on contract for deed, but according to Legrand you should always go for this first.
I figured with this motivated seller, aside from his high asking price, there’s a good chance to make money on a deposit up front by lease-optioning out & making some positive cash-flow. I’ll just have to work on the numbers.
Thanks for your input.
Ron Legrand - Posted by Maurice (So. Ca.)
Posted by Maurice (So. Ca.) on May 27, 1999 at 13:59:46:
His workshop was great. I’ve been to many seminars (not all real estate) and his is very informative. He’s straight to the point & only does his selling before breaks. He goes into a lot of detail, considering it’s only 8 hours, & covers a lot. I would definately recommend attending his seminar & if you do have the $$'s, then this would be the best time to buy them.
No I didn’t buy anything there, my partner & I had already purchased 3 of his courses before, but many people were lining up. He offered his courses at a very nice discount or package deals.
So, yes I was glad I went.
Maurice
Re: A question for Ron Legranders’ on Contract for Deed - Posted by Tim (SNJ)
Posted by Tim (SNJ) on May 26, 1999 at 21:16:45:
Tracy:
“man this guy sure knows how to send letters”
It’s called marketing and he is good at it. If you are going to be good in this game, you HAVE to be good in marketing.
I went to his workshop in Philly and it was worth every bit of the $70 I paid. Ron was there as well as some of the people that man his hotline. You don’t want to miss the full day seminar. Check out his website and when you call to register, double check to make sure he is going to be there.
http://www.success-di.com/index.cfm?contentfile=01CFWorkshop
You will have a chance to buy most of his courses at a discount as well as being able to attend one of his boot camps. He is very accomadating and low pressure. Everything comes with a money-back guarantee.
If you have any other questions, feel free to Email me.
Tim