Home › Forums › General › EHTrust/EHT Topics and Creative Real Estate Financing › Does anyone have an "RB Info Sheet"?
January 22, 2008 at 10:24 pm #4393
I was just wondering if anyone had a form that they used for taking down an RBs info when they call–a form similar to the Market Research Call Record–but that has all the info pertaining to an RB, not an SB–ie: how much they have to put down, what they can afford monthly, name, phone, etc. I guess it would be somewhat like the Locator Agreement Check sheet, but something much more user friendly and that is easy to fill in quickly while on the phone.
I dont recall seeing anything like that in the docs manual so was wondering if anyone had made their own and perhaps might be willing to share it?
Thanks, ScottJanuary 22, 2008 at 10:26 pm #24407
i created this so if im on the phone, id just click on my page and just fill it out accordingly or id just tell them to fill it out themselves and we’ll talk later
i can share this with you however the catch would be sharing any incoming RBs who fill out the form 50/50 upon closing. fair enough?January 22, 2008 at 11:48 pm #24408
WOW Alvin, Great form…. I’d be happy to split any RB’s with you ! How can I get that on my website ? That thing ROCKS!!January 30, 2008 at 1:48 am #24409
You did a nice job on the form, but I would strongly suggest that anyone who is not a Realtor(tm) to steer clear and avoid using it in its present form.
Some of what the attorneys in the mounting federal litigations have been jumping on, in order to prove an equitale mortage (security agreemen or “loan of money) include:
Any solicitation of a buyer when you have no property that you personally own (i.e., practice of real estate without a licsne). If you have a house under contract you can soliticit for a partner in it, but you cannot openly shotgun buyers and tell them that you will find them a house.
You can’t promise someone a tax write off unless you are an accountant…although you can say something like “Your accountant will likely show you how to take the tax write off for mortage interest and property tax on the underlying loan.”
By openly offering to give away 100% of future appreciation and principal reduction, you run the risk of your transaction looking like a secuirty agreement or equitabvle mortage than a land trust partial transfer (i.e., getting 100% of soething is not “sharing” it).
The following will position you as an unlicensed broker (your OK though if you ARE licensed)
Have you ever owned a home before?
Have you already found a home?
Can you find 3 homes that you’d like to live in?
Are you working with a loan officer?
Are you working with a real estate agent?
Are you working with a credit repair specialist?
Flexible Terms NEVER EVER USE THIS VERBIAGE (EQUITABLE MORTAGE)
How much can you afford each month? (NO. PAYMENTS SHOULD BE STATED AT OUTSET — EQUITABLE MORTGAGE)
Do you have 5% to contribute? (NO…’COULD BE CONSTRUED AS AN INTERST RATE CONSIDERATION BETWEEN PARTIES (EQUITABLE MORRTGAGE)
LEAVE THESE OUT (VOLATILE RE. EQUITABLE MORTGAGE CLAIM…YOU MUST ALSO TRY TO NEVER SAY “LOAN” IN ANY COMMUNICATIONS OR ADVERTISING)
Have you had a foreclosure or bankruptcy? Yes No
Have you been turned down for a loan? Yes No
Important: Please Read Our Privacy Statement
This application does not mean we will be able to supply you a house and in no way will it constitute a contract of any kind. (BEING IN THE BUSINESS OF “SUPPLYING HOUSES” MEANS “BROKER” OR “AGENT.” DON’T DO THAT)
We use the information we collect only to provide the service or services you request. AGAIN YOU DO NOT WNT TO TALK ABOUT SUPPLYING SERVICES…ITS IMPERATIVE THT YOU BE JUST AN INVESTOR LOOKING FOR A CO-BENEFICIARY)
We will not use your information to advertise or promote other products or services offered by other vendors. (GET RID OF THIS PHRASE “OTHER VENDORS” YOU WILL BE KILLED IN COURT)
We absolutely do not sell, rent or lease customer information to anyone. YOU DON’T AND CANNOT HAVE “CUSTOMERS” YOU HAVE A HOUSE AND YOU ARE LOOKING FOR A RESIDENT BENEFICIARY…OTHERWISE YOU ARE A BROKER WITHOUT A LICENSE.
All Rights reserved. Equal Housing Opportunity (YOU MUST NOT USE THIS PHRASEOLOGY UNLESS YOU ARE A BROKER…YOU CANNOT CATEGORICALLY BE PROVIDING HOME OWNER “OPPORTUNTITIES.” YOU MUST ONLY BE AN INVESTOR WITH AN EMPTY PROPERTY.
Now bear in mind that if you own properties and you are looking to sell them or rent them out, you can do pretty much anything you want as long as you don’t hold yourself out as being a provider of homeowner assistance services.
And you must avid any branding as bringing buyers and sellers together. In all of your dealings (unless you are licensed) you must be either a buyer or a deller and you can deal in no property that you do not own.
BillJanuary 31, 2008 at 3:24 am #24410
I don’t know how to make an attachment here, but if you email me, I will be happy to share my very simple form with you.
I’d be happy to post it here if you can tell me how. Cutting and pasting messed up the format.
350-8396January 31, 2008 at 9:48 pm #24411
Is there a way to advertise for RBs or sellers on-line for those of us who are not brokers or realtors? Should we look at http://www.prorealestatesource.com/ as an example we should follow?
Use something like … “Check out our list of properties we have ready to sell.”
Would it make sense to partner with a broker to avoid potential issues?
OlgaJanuary 31, 2008 at 10:23 pm #24412
alan dale grossMember
And while Olga is at it, may I ask about the “Locator Agreement”, for Non-Realtors and it’s usefulness, to us, being effected ?
And, of course, Bret’s “I haven’t finalized the Transaction on this home, however, I’m currently interviewing for potential Buyers” Questions, for people calling our Ads are something we may need to know are O.K. or not.
They are purely, “How much do you have for a Payment ( and let’s see if we can get more by taking more exemptions )
And, How much cash do you have, now, in a Retirement Fund, or that can be converted from vehicals or guns ( and what could you borrow from family, if needed ) for Up Front Closing Costs ?February 1, 2008 at 1:38 am #24413
Re the locator fee question…it’s an excellent one.
Yes, Bret’s advice is legit and should be followed. Just make sure that when you say it, that you do have a property either under contract or almost under contract (i.e., you’ve submitted proposal).
Re. the use of ProRealEstateSourece.com, yep that’s what its for. Just make sure that you are not advertising a property that you have no claim to, or are not about to have a claim to.
Re. partnering with a broker…not necessary. As long as you are a principal in the transaction, you do not need a license to invest in RE. It’s only when you are standing between buyers and sellers, showing other people’s properties, and advertising other people’s properties that you are violating the law ($10+K fine and possibly 6 months in the cooler).
Here’s Meg’s form (thank Meg)
Ownership Assistance Questionnaire
Name: ____________________________________________ Date_________
Home Phone:__________________ Cell: ________________ Office:________________
Current mailing address ____________________________
Residence address if different ____________________________
Email: _______________________ When do you need to move? By: __/__/__
Min. # b/rms and baths??? BRs ___ Bths ___ Lg Yd? ___ Fence?___ 2CGar?___ FP?___
Approximate sq ft needed?_______ Which geographical areas will work for you?
Your employer ______________________________________Phone: _______________
What do you do for a living? ___________________________How long?____________
$____________How much up-front (refundable) cash can you apply to this transaction? (Please estimate on the high side to avoid exclusion, although actual costs should be less)
$____________How much can you afford in a monthly payments, bearing in mind that you will now have the benefits of appreciation potential, income-tax tax deductions, equity build-up from mortgage pay-down, and a full refund of your initial contribution)? E.g., carefully note that a $1,500 p/mo house payment is roughly equal to $1,000 in rent for a homeowner who is in or near a 30% income-tax bracket)
In the event that additional collateral would be required to secure your performance (i.e., say, due to minimal up-front cash or payment assistance), what other realty or item(s) of personalty do you own that could be pledged as security (e.g., other RE, vacant land, boat, motor home, auto, motorcycle, etc.) ______________________________________
Where did you hear about this program?_______________________________________
Although credit (even bad credit) is likely not an issue, what???s yours like? ____________
________________________________________________________________________________________________________________________________________________________________________________________________________________________February 1, 2008 at 1:46 am #24414
Bill, thanks for clarifying on all that. I was just wondering, if we don’t have a house at the moment, couldn’t we advertise for buyers, and when they call, tell them that we’re building a database of future partners, and we’ll contact them in the order that they called us, when the right house comes along?
DebbieFebruary 1, 2008 at 2:01 am #24415
Thanks, Bill for the FANTASTIC updates to my form!February 1, 2008 at 2:47 am #24416
Re. telling callers that you will let them know when you have a property more to their liking, that’s OK. What I was meaning to say was that you should be advertising a legitimate property when the calls come in. (“That property is no longer available, but tell me what you like and I’ll let you know if one comes in that fits with what you need.”)
Then use the Locator Fee Agreeent with the full understanding that you MUST must be a principal in the transaction when you find the house and that the other RB candidate is not a buyer, but merely a potential lessee co-beneficairy who hopes you find a property they can “partner” with you on (50:50, 10:90; 25:75; etc.).
BillFebruary 1, 2008 at 10:30 pm #24417
Thank you, Bill.
It would be great if you could talk a little bit more about secuirty agreement or equitable mortage definition on one of our Saturday morning calls.
OlgaFebruary 2, 2008 at 12:03 am #24418
alan dale grossMember
TM20070728 gives Bret’s Issues on why you should use Equity Holdings ( at 00:00:39 ) and what the Locator Agreement can do for us. ( as well as, in TM20070804, at 00:01:13 ).
Thank you, Bill Gatten !
” Some of what the attorneys in the mounting federal litigations have been jumping on, in order to prove an equitale mortage (security agreemen or loan of money).”, are all included on that TM20070714, too.
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