One of the important lessons to learn is how to protect your deal from someone stealing it. This has happened to me.
Basically, I got a phone call that someone was closing on a property that I had a deal with and a contract with.
That night, I created my Affidavit Memorandum of Purchase and Sales Agreement. This is one of the many things that I can share with you.
Make sure to cover your bases when making deals. To learn more about how to do this, register with my online Wealth Builders Workshop training today.
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Hi! It’s Lou Brown. How to protect your deal from someone else stealing it? Well, that’s an important lesson because I lived it. Someone I was actually getting ready to close on a transaction and got a call from an actually the seller of a second mortgage that I was purchasing in this transaction. And they said, it’s strange. We just got a call from a different attorney’s office. And they said, there’s a closing happening. And I said, hold on, what are you talking about? They gave me the name and number. I called them. They said, absolutely, everybody’s in the room. They’re closing. I said, but I have a contract on this property. This is my property. Not someone else’s. They said, well, too bad for you. We’re closing it right now. And I said, well, aha! So then that night I created a document and it’s called Affidavit Memorandum of a Purchase and Sale Agreement.
It’s definitely something in my whole enchilada of real estate investing that I want to share with you. But an amazing thing happened. The next morning I recorded that at the courthouse before they had time to record their deed. So in other words, I got there before they got there. Well, of course they didn’t know I had been there at the courthouse because they didn’t do a research of the title search. So they went ahead and fixed up the property. I went ahead and bought that second mortgage. And since it had a do upon sale clause in there. Then I notified them that they had not paid me off and they were going to have to pay me off. So sure enough, they did pay off my second mortgage that I purchased at a discount on that property. Then it went on that they fixed up the properties, put it out on the market, found a buyer, got it ready for closing, did a title search and up pops Lou like a jack in a box.
And so sure enough, because I had recorded that affidavit of interest then, and by the way, did I have an interest is absolutely legitimate. I had a purchase and sale agreement signed by the sellers appropriately signed. And so therefore I had the right to record something against that property and against that title, which I did. And of course, because of the fact that now I was in place before even the deed to the new buyer was in place. And the new buyer was a real estate agent and they told this new buyer about me and somehow this new buyer offered them more money and thought that they had gotten away with stealing the property. So here’s an opportunity. You gotta have the right paperwork.
Now that paperwork’s been tried and true and tested. I’ve had many of my licensees across America. Tell me how valuable that document was for them when somebody else tried to come along and steal their deal. And I’m going to be teaching you about that and a lot more at an upcoming workshop. So I want to make sure that you are there to take advantage of this education. It’s very, very powerful. It’s something you can’t do without. And we’re going to be covering soup to nuts on this one day training.
So it’s called the Wealth Builder Workshop and all the information is right here on this page. So take advantage of it, get yourself registered for the next workshop that’s coming up. And I’m looking forward to seeing you there. So now for the rest of the story that I did go ahead and close that transaction. Yes. The other guy had already bought it and he had fixed it up, put his own money into it, got it, ready, had his buyer. And so what we did is negotiate. And so as a result of him stealing the deal from me, he agreed to give me one third of the profits. And that’s how it became a win-win for both of us. Even though he was at the, and all of those profits should have been mine. I decided we would go ahead and do that. And that worked out for both of us. So, you know, you can do things that can protect yourself and that’s, what’s so important. You’ve got to have the right paperwork. I’m looking forward to seeing you soon at the Wealth Builder Workshop. Yeah, baby!