Seller Information Form
Pam also sent me the "Seller Information Form" that was handed out on last Monday's meeting.
Here it is:
Seller Information Form
Meeting Notes - 8/16/2004
NR Group Training August 16, 2004
12:12-12:20 - Roundtable
12:20 Real Estate Training - PamStages of an investment
Residential Lenders:- Julie Crow (own mortgage company in ut county) 655-0366 (office) 836-9712 (cell)- Michelle Andersen (residential non-owner occupied speciatlies across the country)
397-5606x309 (office) 635-7636 (cell)
Johnny D - tlked about the importance of establishing relationship with banks right away -
local regional banks. When you do get commercial deals going in, they already know you.
the larger banks will start to limit you due to your debt load. the regional banks will
look first at the deal and then at you and wha tyou have going.
Question: Form LLC for property, but what do you put the loan under? What name?
Set up your LLC and C-Corp first when buying a propertyLoral's diagramhold property in LLCOne S-corp that does property managementNo more than 5-6 like kind properties per llc - don't mix types of propertiesWith her partners, she has the relationship under a C-CorpC-Corp divided in three ways - herself (deal maker), field partner(s), Investor, CreditExit clause in her C-corp to keep from hurting the main S-Corp. Exit person sets a price.
The deal maker then says I'll buy it at that price and if decides not to, then the exit
person must buy it at that price.LLC holds the title, the credit is done in the C-CorpCan also buy a C-Corp that has the properties.
Questions: What it takes for Nevada LLC - need a resident of Nevada who will take care of
things. Glenn Pinegar can come and talk to us sometime if we wish. (Plan extra time)
Entity Structuring
- Glenn Pinegar - 787-5682 (cell) - in NR and has been doing Trusts for the last 30 years -
Does Justin Yate's entity structuring.
Analysis table (See Pam for electronic copy) -the only true criteria that an appraiser gives is comparables for residentialcommercial is Income only criteria.
Short Sales - Authorization Letter and Payoff Request (See Pam for electronic Copy)Letter from the seller to the bank given you the permission to negotiate for them.
Questionaire for the property -the Magic Wand part is "if I could wave a magic wand and give you what you wanted out of
this deal, how would it be structured?" (See Pam for electronic copy)
Question: is it good to include a real estate agent on your investment team?Pam is going to use her own real estate agent for the commercial deals.Pam suggests having a real estate agent on a property that is already listed. (Not
necessarily the listing agent). Be loyal to the agent that you buy with. Stick with your
buying agent. Fsbo, always do by yourself unless you have no experience.
Barbara handed out a Zoning meeting note list about provo city regulations for multi-unit
buldings. (see Barbara for electronic copy)
Any property built before 1978 - you must have a lead based paint disclosure whether selling
or buying. Before the seller can sign an offer on it, the buyer must have in their
possession on the lead based paint disclosure. 1. the seller either knows there are
problems or do not know. 2. they either have documentation of that fact, or they do not
have documention. Also needs to be a form that explains all of the things that could happen
to you if you ingest lead based paints.
Lead based paint addendum that says if you want to have the property inspected. That can be
an out for you.
