ANYONE HAVE A CYA LETTER for subject-to's? (NT) - Posted by jerry

Posted by Brian M. Powers(MI) on July 09, 2002 at 21:36:11:

…except for the ones who place on yourself. like i said it was my opinion. take it for what its worth. if you think there is validity in it, then use it to your advantage. if you think it isn’t worth the garbage at the curb, then pitch it.

ANYONE HAVE A CYA LETTER for subject-to’s? (NT) - Posted by jerry

Posted by jerry on July 09, 2002 at 17:17:40:


jerry, i think its time… - Posted by Brian M. Powers(MI)

Posted by Brian M. Powers(MI) on July 09, 2002 at 18:46:54:

…to invest a few bucks in some courses. you’ve been posting a lot lately. asking great questions and getting a lot of good responses. education is the key to getting started in the business as far as i’m concerned. you have to possess a certain level of knowledge that is required to ensure you don’t make a deal that will hurt yourself, or your seller, or your buyer.
i’ve noticed you asking to see samples of other investors contracts/forms lately. those legal documents can be a dangerous thing if you don’t know how to properly use them. i think if you were to invest in some of the better courses than RE investing would really start coming together for you.
thats not to say that RE investors don’t share agreements with each other to see examples of what works and what doesn’t. i certainly have.
but all the legal docs in the world won’t help you if you dont understand the mechanics of the deal that they are meant to be used for.
i thnk the best thing you can do for your career right now is to educate yourself with some top notch courses.
just my opinion.

Re: jerry, i think its time… - Posted by waynepdx

Posted by waynepdx on July 10, 2002 at 01:25:32:

I agree with the other posts.

I feel I know enough info to do subject too’s all day long.

But the fact of the matter is, they can be very tricky and just when I thought I had the thing all figured out, my attorney comes up with more stuff that I never thought of.

So for the most part I have stayed away from subject too’s because I desperately need a course on the subject.

Plus I am not even going to touch subject too’s until I have at least a 50k cash reserve.

On any property, it clearly states in my business plan that a 6 month reserve needs to be set up for each property.

I know 6 months may be overdoing it, but I believe in being safer than sorry.

Even if I do have a deadbeat t/b and it takes me 2 months to evict.

What am I going to do if they trash the place and the insurance doesnt cover all of it? Well I got a nice reserve set up to take care of those problems and then just replenish it when I get the next t/b in there.

In fact I am thinking about making an additional pooled reserve for all the properties together for additional protection.

and a good RE 101 course is… - Posted by John Merchant, JD

Posted by John Merchant, JD on July 09, 2002 at 21:38:17:

…a local exam prep course for your state’s RE license. These little exam prep courses are available in literally every city in the USA, and though they are pretty basic, they are not some gurus’ attempt to con the student into spending ever more money for ever more courses, and they’re also unbiased toward any particular technique, or strategy…just good general ed. on how RE is bought and sold and financed. And all about the various conveyance and lien documents and situations that happen to RE, and foreclosures, and title insurance, etc., etc…a WHOLE LOT of education for the relatively low cost of the courses.

To find one near you, just look in yellow pages, maybe talk to a RE Broker or two. That’s where they’ll send their new agents for their exam prep courses, so they’ll know who, where, when, the cost, etc.

These courses are not just for new RE agents, but of course most of the students are there for that reason.

But a newbie to RE can’t help but learn a tremendous amount by taking the course even if he/she never gets his/her RE license or ever even has the urge to do so.

Nobody is required to go ahead and get a license after taking the course. Probably there’s a steady percent of the students who never go take the exam…so why’d they take the course? Probably lots of reasons, including maybe to understand what a spouse who is licensed, does to make his/her living.

So I’d urge anybody feeling ignorant or not knowledgeable enough about RE to have a look at these RE 101s. A good starting point.

Thanks, Brian. Nobody told me the limit here.(nt) - Posted by jerry

Posted by jerry on July 09, 2002 at 21:04:56:


Thanks, John - Posted by jerry

Posted by jerry on July 09, 2002 at 21:55:09:

Thanks, John. I appreciate the spirit in which the advice was offered. Sounds like good advice.