When Getting Owner Financing; Ask For First Right Of Refusal If Mortgage Is Sold – Street Smart Cash Flow Accelerator #16

Today’s tip is number 16 now these are all buying tips that I’ve been given through this series and this one is when getting owner financing asked for first writer refusal if the mortgage is sold. So one of my favorite ways to buy property is to have the seller be the bank. Write that down. The seller is the bank. Now when the seller is the bank, it’s a really cool thing because of course you had didn’t have to go to the bank, you didn’t have to qualify for a loan, you saved all the points, you saved the closing costs, you save all of the pain and suffering of qualifying for that loan in the first place. Very, very powerful thing to master.

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Always Ask For Owner Financing – Street Smart Cash Flow Accelerator #15

Today’s tip is number 15 when there is equity, always ask for owner financing. Now of course this is when you’re buying a property, go through your, what we call cost to sell worksheet. I’ll be explaining this in another video and what we do is actually sit down with a seller. We make a presentation to them and we end it with something called the costs to sell worksheet.

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$10 Dollar Secret to Make Sure Your Real Estate Contracts Are Always Binding – Street Smart Cash Flow Accelerator #14

Today’s tip is number 14 to assure your contract is binding. Always give consideration. Now let me explain what that means. Contracts in order to be valid must have certain things in there and of course you’ve got to have the parties in there. You’ve got to have the subject matter and you’ve got to have some kind of consideration between the two parties that binds the contract. So here’s what I recommend and it’s something that I’ve been teaching my clients to do for many, many years. And simply it’s when your PR, your seller goes ahead and signs the purchase and sale agreement. Then you go ahead and bind that by bringing a check with you. You make the check payable to the seller, whomever’s signing that contract or sellers, if there’s two of them or more, make the check payable to all of them, have them sign it on the back.

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Have The Contract State That Disputes Should Be Settled With Mediation, Then Binding Arbitration – Street Smart Cash Flow Accelerator #13

All right, so today’s tip is number 13 have a contract that states disputes should be settled with mediation, then binding arbitration, all. So over the years I’ve developed an amazing agreement and it’s what we call our standard purchase and sale agreement. Now this standard purchase and sale agreement is amazing because it takes care of profits. So it’s got profit centers in there. It negotiates a lot of your transaction for you without each point having to be negotiated by you. And it’s also got a lot of protection in there too. So the purchase and sale agreement, it’s three pages long and it actually goes through, one of the things it does is collect up all the money together on one page so you don’t have to hunt through the document to actually find out what the money looks like.

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Always File A Notice Of Purchase Sale Agreement To Protect Your Deal From Being Taken – Street Smart Cash Flow Accelerator #12

Today’s tip is number 12 always file a notice of purchase and sale agreement to protect your deal from being taken. Let me speak about that. It’s amazing.

We would like to believe that a seller, when they sign a contract with you, is going to actually go all the way through to closing. But many times the seller has actually talked to other people or after they do a contract with you, they’re going to talk with their next-door neighbor, their uncle, their brother, their attorney, and all of a sudden somebody else says, well, I would have paid you that or I would’ve paid you more than that.

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How and Why to Have the Seller Pay All Closing Costs – Street Smart Cash Flow Accelerator #11

Today’s tip is number 11 have the seller pay all closing costs. All right, so I have a contract that I’ve spent many years putting together in my career. There’s 40 plus years now. I’ve been buying, selling and holding property and a I created something called the standard real estate purchase and sale agreement. Now I’ll just take this one clause and focus on it because I talked about the agreement in tip number 10 so let me tell you about this particular clause.

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