Your #1 “Must Have” When Getting into a Partnership: Know YOUR EXIT STRATEGY!
Posted by Patrick Precourt in Business, Investment, Preforeclosure, Real EstateDec 10th, 2009 | 3 responses
Whether or not to bring on a partner to help grow your existing real estate business is always a tough decision to make. There are many unknowns and many misconceptions on what is important and what is not. Listen in as I cover the #1 thing that you absolutely need to have if you are deciding to go into a partnership. Also listen in as I go over whether or not you can use an option contract to flip a property to an FHA buyer, who our company uses as a transactional funding source, the “correct” message to put on all of your online and off-line marketing pieces and much more. Visit www.FridayCoffeeBreak.com and www.ShortSaleDailyNews.com for more real estate specific videos and articles.
3 Responses to “Your #1 “Must Have” When Getting into a Partnership: Know YOUR EXIT STRATEGY!”
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About Me
Short Sale Bootcamp
…outstanding Red Team….get cha a case of beer for that Coffee Break…
Pat, -Great Coffee!! I have been watching your videos since I sat in on Medley’s Great marathon webinar with you Thursday night. I was the first question Jason took for you to answer. I love your straight up no bullshit answers and analysis and appreciate your insight. It’s nice to see a North Easterner doing this stuff and teaching it. Tired of the Florida guru’s doing Florida deals and selling courses with JV email blasts.. Great work, and thank you!!
My Question is a follow up from a comment you made on Medley’s webinar regarding “subject to” transactions and insurance. How do you insure or take over the Homeowner / Hazard policy on such a deal and make yourself a named insured? The intent is to avoid the Due on sale clause, and be covered in the event of a loss.
Second Question: How do you structure a business to do the mitigation work for R.E. Agents for a fee, rather than being the investor. Who is paying us? The broker, the buyer, or the seller? Any advice? I have a small group doing short sales, and getting negotiations done but have had to step out and let deals go A to C. – I like your technique of a rescission agreement. We are doing it as an option release fee, for now. We haven’t done any A to B and B to C flips yet. I spent time this week getting local banks who have no seasoning requirements so we are ready to roll.
Does your course teach other techniques besides the Short sale flips, like REOs and Subject to, and / or lease options? If your course is anything like your presentation, I bet it is the best thing on the market.
Thanks
Alex
Hello All, was hoping I could find someone on this site.
At about the 2 minute mark, Pat answers a question from Ginny and her partner Rick. They say they are in Philly and its suburbs. I am also located in the Philly suburbs. I would like to get in touch with them and network.
So, Ginny, if you are Rick are reading this, please contact me via my website (linked into my name up top).
Thanks!
Happy New Year Everyone!