[Stuart Astruc]

Stuart Astruc

I had my meeting with my attorney, and he was absolutely awesome! He is a “Platinum Sponsor” of my local Real Estate Chapter, and many of the investors there use him. I was very pleased with his thorough approach to our meeting, and I feel much more comfortable going out and knowing that I have his expertise within the closing to make sure that I am protected.

However, my biggest question is, what price do you put on expertise? I know that, speculatively, I would much rather pay for a service that I trusted, but I’m wondering what a “reasonable” cost is here?

From what I gathered, he said that he specifically focuses on doing simultaneous closes, and prefers to not do an “Assignment of Contract.” His reasoning is that an assignment is very close to the legal definition of a broker, and would rather stick with a simultaneous close in order to not fuzz any legal lines. He is willing to do an assignment when the profit margin on a property is not very high (sub $5,000 profit for me). For each closing, he charges a flat fee of $500 (so for a simultaneous closing, I’m looking at $1,000). I can work out the details with the seller, for example, if the seller does not have representation, he would be willing handle all of the paperwork, and I could split the cost with the buyer, as long as the buyer is aware that he is my representation and that he has my best interest at heart.

So, at the end of the day, my question is whether or not this rate seems reasonable, or, should I continue price shopping? I hope what I typed thus far makes sense, I can clarify anything from the meeting, or ask him additional questions, if you have any more for me.

Thank you again for your assistance!

[Stuart Astruc]

Stuart Astruc

Thank you for the quick response!

As far as the contingency clause, that would be the following, correct?
[quote]”AS IS” and INSPECTIONS
This contract is contingent upon the Buyer’s inspection and approval of subject property prior to transfer of title… [/quote]

And then, as far as the section that I would be modifying based on what myself and the seller agree to, that’s what I would be placing within this section?:
[quote]SPECIAL PROVISIONS
Buyer and Seller, mutually agree … [/quote]

I’m sorry if these are obvious, but I’m just making sure that I am correct. Thank you again for all of your assistance, because day by day I’m feeling much more confident in my knowledge as I move forward,

[Stuart Astruc]

Stuart Astruc

Hello Jocelyn! I’m also a new member, and I hope that I can give you some starting points! First things first, have you noticed that there is a picture/link right above the forum that says “New Member Bonuses and Quick Start Guide” ? If so, what have you done from that guide so far?

[Stuart Astruc]

Stuart Astruc

Thank you so much for the very informative and well thought out replies!

Jackie, I had not even considered that active local agents may not want to help the new guy on the block. Thank you for that perspective. I have been listening to as many lectures as I can about options, setting them up, and using them. I suppose that this idea was brought about by those thoughts — those fears — that I may not be able to do this on my own. Realistically speaking, I know that I’m more than capable of doing this, doing the cold calls, the hard knocks to the doors; and finding a local agent to work under is to shelter me from those fears. The more that I consider the possibility of financial freedom, the more driven I am to go out on my own and just do this.

Dee, my hedge fund guy is actually my uncle, and thankfully, he does do “smaller” investments when it comes to family. I haven’t sat down with him yet, but I am definitely hoping to do so the next time I visit. Hopefully, by then I will have some experience under my belt and I’ll be able to see if I am able to work a market that he is interested in, or perhaps, I’ll find that I don’t have a use for such funds. I am interested in rehab/flip projects, but I would need to be doing a very large scale project, or upscale neighborhood, for the profit margins to be worthwhile for a hedge fund investment.

Again, I really do appreciate that well thought out answers. I still have much to learn, and I’m very thankful for all of the consideration given to these situations.

[Stuart Astruc]

Stuart Astruc

This was an awesome read, but I’m left wishing that you had continued posting updates! I’m currently in the same boat that you were in, as I’m in the process of finding investors in the Capital Region of New York. How did your hunt turn out? If I may ask, did you ever find out about the paperwork?

I don’t know where you are located, but I did find this awesome investment club up in my region, and I’m looking forward to attending the next meeting in July! http://actioninvestorsnetwork.wildapricot.org/