Home › Forums › General › Deal Makers -Ground Partner Request – Investor Needs – EHT Opportunities › NEO’s available in Myrtle Beach, SC
May 11, 2007 at 8:35 pm #3316
I have someone in Myrtle Beach that wants to do an NEO on a couple of new homes and I am not working that market. If anyone wants them please get in touch with me ASAP.
ThanksMay 15, 2007 at 1:44 am #20556
Can someone give me a complete explanation of what a NEO is. I already know what NEO stands for but still have no idea what it is.
MikeMay 15, 2007 at 5:34 am #20557
I will answer your question before some other NARS pro comes and blasts you for not searching this out yourself on the site or getting the big book and learning more about this amazing system… which you really should do!
NEO =Non-Exclusive Option
This is the option agreement we use, given to Owners who are willing to leave their mortgage and their equity in place. It allows us to lock up the house and start advertising for an Resident Owner or Resident Beneficiary (RB) without having to put down any real cash, as you would for a standard option to buy. I usually give the owner $1 for the NEO and we both agree that if they find someone who they want to sell it to, other than me, all they need to do is give me 10 days notice and we will forget about the option. In the mean time if I find an RB I can exercise the option and agree to take over payments on the house. (e.g. put it in a trust so my RB can make all the payments).
I???m sure there is a more eloquent way of putting this and maybe a NARS Elder will correct me for not being precise but that is pretty much it.
Hope this helps.May 16, 2007 at 2:16 am #20558
Thanx for the explanation.
I did look around on the forum for an answer without success and I don’t own the big book just yet. Still trying to decide if it is worth it. I see lots of people with RB, but no houses to put them in and lots of people with houses but no RBs. I ought to start a matching service for you guys sort of like a dating service for RBs and SBs, but then you folks might be calling me an SOB :). I wrote to one of your superstars who basically told me to go screw so I figured I would try for an answer from the not so frigid, opps I mean rigid.
So, my friend, for your great answer, thank you and you now have a friend for life.
You all seem to be found of quotes, so here is one for ya all,
“Do not corner something that you know is meaner than you.”
MikeMay 17, 2007 at 5:53 am #20559
Well I am sorry you had a bad experience with a “NARS Superstar” just because their successful and know the system backwards and forwards doesn’t mean their nice.
At least not all the time.. People who thrive and learn on this board well are those who liked to/or learn to deal with getting kicked in the pants in the direction they are hoping to go.
I agree that it does seem people either are good and finding RB or good at finding SB’s but not always both. I think the people who have done exceptionally well with this system are the ones that developed a system to get both. If you can do that and match those two together you will have more money than Bill Gatten himself! And I’m sure that’s saying something! :0
I think the NARS system is amazing and the best I have every heard of as far as protection and tax benefits for everyone involved. However it does require you to know what you doing to keep all the “detail balls” in the air – which I find is hard to do when you first starting out. I think you will find as you look around the board that the big players who are doing all the deals and making all the money are people who were doing a lot of other creative real estate investing and then got burned bad with some deal or another and found their salvation, and protection, with the NARS trust system and haven’t looked back since.
On a personal note in today’s market here in Las Vegas I am concentrating exclusively on getting RB’s (Bandit signs, paper adds, Craig’s list etc) and then it is easy enough to go out and get a house someone doesn’t want and get them to allow you to take over payments.
You like quotes as well here is one that I believe applies to NARS perfectly:
“The significant problems we face today cannot be solved at the same level of thinking we were at when we created them” — Einstein
NARS Title holding land trust is the next level in solving the problems we face today in creative real estate- it just takes some extra work, insight and reflection on what the old problems were so we can recognize the solution when we see it.
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