Filthy Riches Manual 2016

The Goins Group, LLC
Filthy Riches
How to Make More Money on a $5000 House than Most
Investors Make on a $100,000 House Guaranteed!
By:
Larry Goins
PO Box 5261
Lake Wylie, SC 29710
Phone (803) 831-0056
Fax (803) 831-0805
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Filthy Riches
How to Make More Money on a $5000 House than Most Investors Make
on a $100,000 House Guaranteed!
Copyright TGG
By:
Larry Goins
PO Box 5261 Lake Wylie, SC 29710
Phone (803) 831-0056
Fax (803) 831-0805
THE FOLLOWING WARNING IS PRINTED IN THIS
MANUAL 23 TIMES. IT IS ALSO RANDOMLY PLACED ON
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Table of Contents
Introduction ...................................................................................................................14
CHAPTER ONE ................................................................................................................16
Goal Setting ................................................................................................................16
Goals Must be Specific ..................................................................................................16
Goals Must be Believable ..............................................................................................16
Goals Must be Measurable .............................................................................................16
Goals Must be Congruent ..............................................................................................17
Visualize What You Want ..............................................................................................17
Work Your Goals ..........................................................................................................17
Number Your Goals and Have a Why ..............................................................................18
Review, Monitor and Make Adjustments .........................................................................18
The Goals Must Have a Deadline ....................................................................................18
Financial ...................................................................................................................18
Fitness ......................................................................................................................18
Family ......................................................................................................................19
Faith .........................................................................................................................19
CHAPTER 2 ....................................................................................................................20
What is Filthy Riches? .................................................................................................20
Why These Properties Are Available................................................................................21
Lets Get Specific .........................................................................................................21
Doublewide Mobile Homes.............................................................................................23
Singlewide Mobile Homes In Parks .................................................................................25
Typical Deal ................................................................................................................28
Why This Works so Well ................................................................................................28
Structuring the Sale .....................................................................................................35
How Much Money Will I Make ........................................................................................36
Get Your Profit Immediately ..........................................................................................37
Extreme Yields for the Note Buyer..................................................................................38
Have Your Cake and Eat it Too ......................................................................................38
The Downside ..............................................................................................................40
CHAPTER 3 ....................................................................................................................43
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Where to Find Filthy Riches Properties ............................................................................43

Filthy Riches FSBO Form/Script .....................................................................................44
Realtor Script for Calling on a Listing ..............................................................................47
How to Find the Best REO Realtors .................................................................................49
Code Enforcement Script ..............................................................................................52
How to Find Out the Real Deal on the Neighborhood ......................................................54
CHAPTER 4 ....................................................................................................................55
Where to Get the Money to Buy the Property ...................................................................55
Your Own Resources ....................................................................................................55
OPM ...........................................................................................................................55
Cash Partner ...............................................................................................................56
Credit Partner ..............................................................................................................56
Credit Cards ................................................................................................................56
Peer-to-Peer Lending ....................................................................................................57
eBay and Craigslist ......................................................................................................57
Title Loan Companies ...................................................................................................57
Table Funding Your Seller with Your Note Buyer...............................................................58
Approval/Proof of Funds Letter ......................................................................................58
CHAPTER 5 ....................................................................................................................59
Making the Offers ........................................................................................................59
Contracts When Buying ................................................................................................60
Contract Clauses When Buying .....................................................................................60
Additional Due Diligence ...............................................................................................62
Contractors Estimate ....................................................................................................62
Property Inspection ......................................................................................................62
Neighborhood Analysis .................................................................................................63
Neighborhood Comps Online .........................................................................................63
Rent Comp Analysis .....................................................................................................63
Canceling a Contract ....................................................................................................64
CHAPTER 6 ....................................................................................................................66
Marketing the Property .................................................................................................66
Banners ......................................................................................................................70
eBay ..........................................................................................................................70
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Running Online Ads ......................................................................................................71

Running Local Printed Ads .............................................................................................72
Selling To Investors .....................................................................................................72
What to Do If You Cant Sell the Property........................................................................72
Sell it to the Neighbor ..................................................................................................74
Answering Service/Call Capture .....................................................................................75
Answering Service Scripts for Buyers..............................................................................76
Call Capture Script for Buyers........................................................................................77
CHAPTER 7 ....................................................................................................................78
Qualifying the Buyer.....................................................................................................78
Authorization to Release Personal Financial Info...............................................................80
Down Payment ............................................................................................................81
Owner Financing Buyer Script ........................................................................................84
Showing the Property to Buyers .....................................................................................87
Selling the Property......................................................................................................87
Default .......................................................................................................................90
LOAN MODIFICATION AGREEMENT ................................................................................91
CHAPTER 8 ....................................................................................................................93
How to Structure the Sale .............................................................................................93
Conditions of Approval ..................................................................................................94
Contracts When Selling .................................................................................................95
Contract of Sale ...........................................................................................................98
CHAPTER 9 .................................................................................................................. 107
Required Property Disclosures ..................................................................................... 107
Required Financing Disclosures .................................................................................... 107
Protect Your Family from Lead In Your Home ................................................................ 107
Lead-Based Paint Addendum ....................................................................................... 123
LEAD-BASED PAINT and MOLD DISCLOSURE ADDENDUM ............................................... 124
MOLD DISCLOSURE AND WAIVER ................................................................................ 126
Sellers Disclosure Statement ....................................................................................... 128
SELLERS DISCLOSURE STATEMENT ............................................................................. 129
Residential Property Disclosure Statement .................................................................... 131
RESIDENTIAL PROPERTY DISCLOSURE STATEMENT ....................................................... 132
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Attorney/Insurance Preference .................................................................................... 135

ATTORNEY/INSURANCE PREFERENCE ........................................................................... 136
CHAPTER 10 ................................................................................................................ 138
Selling on Land Contract ............................................................................................. 138
Installment Land Contract ........................................................................................... 139
Title Searches............................................................................................................ 146
Title Insurance .......................................................................................................... 147
Homeowners Insurance .............................................................................................. 148
Escrow Their Insurance............................................................................................... 148
Liability Insurance for You ........................................................................................... 148
Escrow Taxes ............................................................................................................ 149
Special Legislative Update ............................................................................................. 149
Dodd Frank Act .......................................................................................................... 149
CHAPTER 11 ................................................................................................................ 152
Servicing the Note ..................................................................................................... 152
Ledger/Spreadsheet ................................................................................................... 152
Servicing Software ..................................................................................................... 152
Servicing Companies .................................................................................................. 153
Loan Checklist ........................................................................................................... 156
CHAPTER 12 ................................................................................................................ 158
How to Sell the Note To Institutions ............................................................................. 158
Where to Find Individual Note Buyers ........................................................................... 159
Note Buyers Agreement/Hold Harmless ........................................................................ 161
Investor Agreement for Purchase of Loans .................................................................... 163
Loan Purchasers Hold Harmless and Controlled Business Disclosure ................................. 164
Property Note Purchaser Agreement & Hold Harmless..................................................... 165
Assigning the Mortgage/Deed of Trust .......................................................................... 168
Mortgage Versus Deed of Trust .................................................................................... 168
Land Contract ............................................................................................................ 170
ASSIGNMENT OF DEED OF TRUST ................................................................................ 172
CONTRACT FOR DEED NON RECOURSE FULL SALE AGREEMENT ...................................... 174
Partial Assignments .................................................................................................... 181
ASSIGNMENT OF MORTGAGE ...................................................................................... 182
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ASSIGNMENT OF DEED OF TRUST ................................................................................ 185

Borrow the Money Instead of Selling the Note ............................................................... 199
Promissory Note ........................................................................................................ 204
Collateral Assignment ................................................................................................. 206
CHAPTER 13 ................................................................................................................ 208
Property Analysis with the Filthy Riches Analyzer ........................................................... 208
Million Dollar Rolodexaka Bookmarks ......................................................................... 210
How to Use Tabbed Browsing to Search in Half the Time ................................................ 210
Filthy Riches Million Dollar Rolodex Bookmarks .............................................................. 211
Process and Procedure Checklist .................................................................................. 212
CHAPTER 14 ................................................................................................................ 214
Using Your IRA .......................................................................................................... 214
CHAPTER 15 ................................................................................................................ 216
Buying in Bulk Direct From the Banks ........................................................................... 216
How Much Can You Make Buying Bulk........................................................................... 218
Where Do These Bulk Sales Come From........................................................................ 220
Using Auto Responders to Stay in Constant Contact ....................................................... 220
Filthy Riches Realtor Auto Responder #1 ...................................................................... 223
Filthy Riches Realtor Auto Responder #4-12 .................................................................. 229
Filthy Riches First Time Home Buyer Auto Responder #1 ................................................ 232
Filthy Riches First Time Home Buyer Auto Responder #4-12 ........................................... 238
Filthy Riches Investor Auto Responder #1 ..................................................................... 241
The Auto Responders for Buyers and Sellers and to Find Note Buyers. .............................. 241
Filthy Riches Investor Auto Responder #5-12 ................................................................ 249
SAMPLE EMAIL SIGNATURE AND DISCLAIMER ............................................................... 251
CHAPTER 16 ................................................................................................................ 252
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Hiring Others to Do the Work ...................................................................................... 252

Hiring a Closing Coordinator ........................................................................................ 252
Hiring Virtual Assistants .............................................................................................. 252
Hiring Others In House to Help You Buy More Houses ..................................................... 253
Proposed Compensation and Requirements ................................................................... 254
Job Description ......................................................................................................... 254
Employment Application Forms .................................................................................... 256
CHAPTER 17 ................................................................................................................ 264
Sample Deal.............................................................................................................. 264
Pictures of the Property .............................................................................................. 275
Running the Comps .................................................................................................... 286
Tax Assessor's Report................................................................................................. 288
Renegotiating the Discount ......................................................................................... 289
Closing Documents .................................................................................................... 307
Second Set of Closing Docs Sent.................................................................................. 335
House Pictures with Banner and Lock Box ..................................................................... 348
eBay Ad .................................................................................................................... 350
Craigslist Ad .............................................................................................................. 359
Sold on eBay ............................................................................................................. 359
Getting the Down Payment ......................................................................................... 360
Contract and Disclosures ............................................................................................ 360
Closing Package ......................................................................................................... 370
Sell the Note ............................................................................................................. 442
CHAPTER 18 ................................................................................................................ 443
What If I Just Want To Buy Notes ................................................................................ 443
What If I Just Want To Buy Properties With Seller Financing ............................................ 443
Quick Start Checklist .................................................................................................. 443
How to Sell a Property to Us ........................................................................................ 444
CHAPTER 19 ................................................................................................................ 445
Personal Mentoring With Me ........................................................................................ 445
Summary .................................................................................................................. 446
CHAPTER 20 ................................................................................................................ 447
Foreclosure Process for 50 States ................................................................................ 447
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Alabama Foreclosure Laws .......................................................................................... 448

Alaska Foreclosure Laws ............................................................................................. 448
Arizona Foreclosure Laws ............................................................................................ 448
Arkansas Foreclosure Laws.......................................................................................... 449
California Foreclosure Laws ......................................................................................... 449
Colorado Foreclosure Laws .......................................................................................... 449
Connecticut Foreclosure Laws ...................................................................................... 450
Delaware Foreclosure Laws ......................................................................................... 450
Florida Foreclosure Laws ............................................................................................. 451
Georgia Foreclosure Laws ........................................................................................... 452
Hawaii Foreclosure Laws ............................................................................................. 452
Idaho Foreclosure Laws .............................................................................................. 452
Illinois Foreclosure Laws ............................................................................................. 453
Indiana Foreclosure Laws ............................................................................................ 453
Iowa Foreclosure Laws ............................................................................................... 453
Kansas Foreclosure Laws ............................................................................................ 454
Kentucky Foreclosure Laws ......................................................................................... 454
Louisiana Foreclosure Laws ......................................................................................... 455
Maine Foreclosure Laws .............................................................................................. 455
Maryland Foreclosure Laws ......................................................................................... 455
Massachusetts Foreclosure Laws .................................................................................. 456
Michigan Foreclosure Laws .......................................................................................... 456
Minnesota Foreclosure Laws ........................................................................................ 457
Mississippi Foreclosure Laws........................................................................................ 457
Missouri Foreclosure Laws ........................................................................................... 457
Montana Foreclosure Laws .......................................................................................... 458
Nebraska Foreclosure Laws ......................................................................................... 458
Nevada Foreclosure Laws ............................................................................................ 458
New Hampshire Foreclosure Laws ................................................................................ 459
New Jersey Foreclosure Laws ...................................................................................... 459
New Mexico Foreclosure Laws ...................................................................................... 459
New York Foreclosure Laws ......................................................................................... 460
North Carolina Foreclosure Laws .................................................................................. 460
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North Dakota Foreclosure Laws.................................................................................... 461

Ohio Foreclosure Laws ................................................................................................ 461
Oklahoma Foreclosure Laws ........................................................................................ 461
Oregon Foreclosure Laws ............................................................................................ 462
Pennsylvania Foreclosure Laws .................................................................................... 462
Rhode Island Foreclosure Laws .................................................................................... 462
South Carolina Foreclosure Laws .................................................................................. 463
South Dakota Foreclosure Laws ................................................................................... 463
Tennessee Foreclosure Laws ....................................................................................... 463
Texas Foreclosure Laws .............................................................................................. 464
Utah Foreclosure Laws ................................................................................................ 464
Vermont Foreclosure Laws .......................................................................................... 465
Strict Foreclosure ...................................................................................................... 465
Virginia Foreclosure Laws ............................................................................................ 465
Washington DC Foreclosure Laws ................................................................................. 466
Washington Foreclosure Laws ...................................................................................... 466
West Virginia Foreclosure Laws .................................................................................... 467
Wisconsin Foreclosure Laws ........................................................................................ 467
Wyoming Foreclosure Laws ......................................................................................... 467
INDEX ......................................................................................................................... 469
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Disclaimers
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These materials are protected by copyright laws but can only be prevented by your integrity, ethics and morals.
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Introduction
I wanted to take a few minutes to say Thank You, Thank You, Thank You for
making an investment in the Filthy Riches Course and your future. Throughout
the pages of this course, as well as the audio training and video training, you will
find extremely valuable information. I want you to take it, use it and refer to it
over and over again. What I want to do within this course is teach you what we
do and how we do it. The good thing about my course is it is not complicated or
difficult to set up.
Hopefully, this is not the first course you have invested in and hopefully, it will
not be the last. I personally have over 300 courses and seminars under my belt
and I continue to invest in education every year. In addition to the money you
spent, you have chosen to spend some of your valuable time with me and I sincerely appreciate that. With each course I invest in, if I learn one thing that I did
not already know, I feel I have received my moneys worth. Within this course
you will likely find some things with which you are already familiar; however, you
will also find unique strategies, processes, procedures and tools that you have
never used before but will now have access to in helping you automate your real
estate investing business and reaching your investing goals. I specifically designed it to work for the beginner, as well as, the seasoned investor.
When you first get started in Real Estate, what do you have a lot of?
Enthusiasm! But what do you lack? Knowledge! After about six months
you have a lot of what? Knowledge! But what is gone? The Enthusiasm!
I want to challenge you to not lose your enthusiasm for Real Estate investing.
Please learn to do it the right way by starting slow and starting small. You can
buy a multi-unit apartment complex, commercial Real Estate, or land development, but it is all going to start with that first house. Sureyou might be able to
buy a hundred-unit apartment complex to start out with, but I venture to say
that most investors started with a single family home or duplex. So please, start
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from where you are right now, get involved, make a commitment and go out
there and start buying and selling some properties so you can create your own
Filthy Riches!
Remember that real estate is nothing more than a sales business. There are
three parts to any sales business. Number one - you prospect. You prospect for
leads every day and the more leads you have, the better leads you will have,
which will enable you to go to the second part.
Number two - present, which basically means that you are negotiating and selling
the seller on accepting your offer. The better you get at each one of them, the
more properties you will ultimately buy.
Number three - close.
By the way, if you are not receiving emails from me on a weekly basis, please
take a few minutes right now to contact us to let us know. You can send an email
to CustomerService@LarryGoins.com and simply state that you own Filthy Riches
and are not receiving emails from me and we will put you in the database as an
owner of the course. Please provide all of your contact information including your
address, phone and email address. We want to make sure that you receive valuable updates and additional information as we release it.
Thank you!
Larry Goins
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CHAPTER ONE
Goal Setting
I want to ask you two questions. One, do you have a Will? And two, do you have
written goals for the next one, three, five and ten years? If you answered yes to
the first question but no to the second, you are planning more for your death
than you are while you are here. Think about it. I want to challenge you to start
setting some goals, but remember - if a goal is not in writing, it is simply a conversation. It must be in writing and it must have a deadline. Here are a few
guidelines for setting goals. Oh, by the way... you need a Will also.
Goals Must Be Specific
I want you to be specific and include details but start rough. When you start
rough for example, you want a Mercedes. You do not have to get into the details
about what color, what options, that sort of thing, just write it down. Make your
list huge, what kind of home do you want, what do you want for your familycollege education, spend more time, travel, anything you can think of. You
can come back later and prioritize them and set them up as to what you want in
one month, three months, six months, twelve months, then three, five, ten,
twenty, thirty year goals. The more goals you have, the happier you will be, the
longer you will live, and the more prosperous youll be.
Goals Must Be Believable
Remember this, your goals must be believable, by you, or you will not pay the
price. They must be believable, they must be just out of your reach, but you
must know you can reach them, if you really strive to do it.
Goals Must Be Measurable
You cant set a goal to be financially independent. Theres no way you can measure that. You need to set a goal for the amount of income you want per month,
per year and the amount of equity that you want in properties one, three, five,
ten and twenty years. It must be measurable. That way you can break it down to
what I call reduce it to the ridiculous. If you know you want to earn $100,000 a
year, you know thats $8,333 per month. One of the things I have learned is,
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successful people set their goals quickly and they make adjustments as they go
along. Just like successful people make decisions quickly, they do not vacillate in
indecision or, what I sometimes call, get marred up in a funk of negativity.
Goals Must Be Congruent
Your goals must also be congruent with your actions. You cannot set a goal to
work harder, longer hours AND a goal to spend more time with your family.
Those are not congruent. They must be congruent with your actions.
Visualize What You Want
Another good thing that will help you with your goals is to visualize what you
want. If you see yourself as already having achieved the goal, you will fake out
your mind and your mind sees the goal as already having been achieved. It is
called fake it til you make it. I used to do this all of the time. Just take a minute or two each day and think about life as it is with your goals already
accomplished. Its really easy when you get used to it.
Work Your Goals
The next thing you want to do is work your goals, work on the priority that
moves you closer to your goals every day.
803-831-0056.
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Number Your Goals and Have a Why

Number your goals in the order of importance. Not only is the goal important but
so is the reason. Sure, you want a car, but why do you want the car? Sure you
want more money, but why do you want money? You want to be able to spend
more time with your family, you want to be able to travel, you want to buy a
Mercedes, and you want to have an ocean front condo or send your children to
the best college. Whatever it is, the reason must be there. The reason is more
important than the goal itself.
Review, Monitor and Make Adjustments
Another thing you need to do is review, monitor and make adjustments on your
goals. You have to be flexible. Some things are not going to happen, you have to
face that; but you need to continuously strive to get better every day. If you will
work harder on yourself than you do on your job, then you will always be growing. Remember that last sentence and write it down as it is worth repeating.
The Goals Must Have a Deadline
As I mentioned first, your goals must have a deadline. A goal without a deadline
is just a conversation. When beginning to set your goals, I want you to set your
goals in four basic areas:
Financial
You will set goals based on income, equity or net worth and cash flow. All of
these are financial goals.
Fitness
This is your health. If you dont feel good, chances are that you are not working
at your maximum capacity. So, I want you to set some fitness goals to stay
healthy. Remember an apple a day? What if that is right and you are not doing
it? Start small though, you dont try to tackle all of these at once; but you need
to be healthy not only for you but for your family as well.
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Family
Set family goals. What is an example of a family goal? Maybe you want to take
four vacations a year. Maybe you want to visit a new state three times a year or
five times a year. Maybe you want to go see the grandparents two or three times
a year; maybe not. Anyway, you get the point.
Faith
You need to set some spiritual goals, some faith goals. I am not going to get into
a lot of detail about that but it will help you along your way.
Remember, if you slip in one area of your goals, you are probably slipping in
some other areas. Another thing I want you to think about is the people you associate with. Take a minute and think about this. If you think about your ten
closest friends annual salary and divide it by ten, then that is pretty close to
what you make. Im not telling you to get rid of your friends, all I am saying is
whom you associate with, is who you are like, so please keep that in mind. Dont
get rid of your friends, just get some more that are where YOU want to be financially. Most of the people I hang out with now, myself included, all make over
$500,000.00 a year. That just blows me away. I never imagined I could make
that kind of money.well, I guess I could, as we are talking about goal setting
and visualization, arent we?
In setting your goals, as I mentioned before, I want you to reduce everything
down to the ridiculous. In other words, for example, if you want to make
$100,000 a year, you would break it down like this. $100,000 divided by fifty
weeks per year (that leaves two weeks for vacations), is $2,000 per week and if
you work an average of forty hours per week that is $50.00 per hour. Take
$50.00 per hour times forty hours per week, times fifty working weeks in a year
and that will give you $100,000. The goal here, then, is not to do any task during
your forty-hour work week that is going to yield you less than $50.00 per hour
results. Focus on your high priority, high pay off task. Do not be doing trivial
things yourself if it is something you can pass off to somebody else.
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CHAPTER 2
What is Filthy Riches?
Filthy Riches is a concept of buying and selling distressed, low-end, and cheap
properties that virtually no one else wants (which can be done in any state) and
then selling them with a low down payment and carrying the financing for the
buyer.
Filthy Riches is the name I have created for the concept that Ive known about
for a long time. It is something that Ive researched, studied and started doing a
lot more of myself. Especially with the market the way it is right now.
The problem with the concept was the way everyone else was doing it. They were
spending way too much time and losing way too much money.
Ive now come up with a specific system on my own that I have put together
through trial and error over the years on how to maximize your profits and totally
eliminate the risk.
The best part is that anyone, no matter what their personal financial situation is,
can get started in just a few days without any cash, credit or experience. It is also a system that is not intimidating at all, as you will see.
The neatest thing about this system as you will see is that you are going to find a
lot of these properties through Realtors and most will be bank-owned properties.
With the bank owned properties, they all negotiate the same way. There are no
emotions involved, you dont have to worry about someone backing out of a deal,
its a small deal and easy to do. That doesnt mean you will not be buying some
for sale by owners or other sellers that have their properties listed with Realtors.
The potential profit on this is HUGE! First of all, its a very easy program to work.
There are thousands of properties out there especially in todays market that are
cheap, been on the market for long periods of time type properties. Most buyers
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arent buying them, the sellers and/or Realtors are not getting many offers on
them. Just because they are cheap little houses, there is not as big of a market
for them as a median priced home or higher.
Why These Properties Are Available
As you know, especially in todays market, there are many properties on the
market. There are a lot of properties that the Realtors cant sell; many of them,
because they dont want to sell them due to the condition that they are in and/or
because of the low price. These properties are the cheap properties that Realtors
cant get a whole lot of commission on and there really arent a whole lot of
buyers out there that want these properties, other than a few local handymen,
investors or landlords. Most investors want the better properties, the higher end
properties, at least median priced properties or better that are easier to sell because they can be repaired to look nice and they are in nicer neighborhoods.
The other reason that they dont sell very well is that they all need at least some
work to move into or rent out and the reason they dont sell is that it is typically
difficult to get financing on these low priced fixer uppers. That is, of course,
unless you use hard money or private money. There again, this would only apply
to investors looking to rehab a property to flip or rent out, as most hard money
lenders do not lend to people who will be moving into the property.
This system allows you to buy and then sell these kinds of properties very quickly
by selling them with a low down payment and carrying the mortgage or selling on
a land contract, sometimes called a contract for deed.
Lets Get Specific
So what I am talking about here is looking for properties that are listed for
$50,000 or less. It doesnt matter what state they are in, although you do want
to stay out of the depressed areas. I used to tell people to stay out of Detroit,
Cleveland, Youngstown and Gary, Indiana. However, the markets have changed
in those areas and there are good investments there, as well, as long as you do
your due diligence.
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Also, at this price you arent going to be buying in the Bay area of California either where the prices still look like phone numbers.
I do want to say here that although you can do this in any state, I want you to
start in your own state and even in your own city, if you can. If you dont live in
an area that you can do this in, as mentioned above, then you can start in another area. The only reason I mentioned starting in your own area is it increases the
chances that you will actually take action if you can go see the property. If not, it
is still ok; you will just have to start in an area outside of where you live.
Once you have decided on an area and youve found your properties, all listed
under $50,000, in the area you want to search in, then youll use the analyzer to
determine what your offer should be. Now your offer will usually be somewhere
between 20% - 50% of asking price. Now every offer will not be within that
range every time but this is a good rule of thumb and a place to start.
Now, I know what you are thinking. How can I make an offer at approximately
20% - 50% of the asking price? Will they hang up on me? Will they laugh at me?
You have to remember, sometimes its just as important for the seller to get
needed cash or for a bank to get the property off of their books and close the file
as it is to get the highest amount of money for the property.
As you will see from listening to the live calls I have recorded for you while
making these kinds of offers, no, they will not hang up on you or laugh at you.
Will you get some Realtors that just do not want to work with you or that say
your offer is ridiculous? Yes, you will; however, the better you get at negotiating,
the more Realtors you will find that will be willing to work with you and submit
your offers. It is all about how you present your offers. Now, I have stated that
you will offer between 20% - 50% of the asking price; however, there will be
exceptions to this, as you will learn. That will just come with experience after
buying a few of these types of properties.
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The main thing is that you do not want to pay more than around $5,000 total for
a Filthy Riches property. However, if the property is already listed at $6,000 it
doesnt mean that you will offer $5,000 and get it. That is probably not a good
property to buy anyway. There is a reason they are only asking $6,000 for it so I
would pass on this one.
Now you arent going to pay exactly $5,000 for every property. Some you will
pay less and some you will pay more; however, I want to use the $5,000 example throughout this course as a guide, as that should be a good average of what
you could pay. You may even pay a little more for most properties depending on
where you live and thats ok.
Doublewide Mobile Homes
You can even pay a lot more and still make money but when you do they need to
be nicer houses in nicer areas, in much better shape than a $5,000 house would
be. In addition to the low priced cheap houses, I also do a lot of deals where I am
buying houses for $20,000 - $45,000 and I am still making good money on them.
But I wouldn't necessarily consider them Filthy Riches type houses. In fact, they
are usually doublewide mobile homes on their own lot. So I am buying the home
and land.
A typical deal would be where we pick it up for $30,000 and sell it for $69,900
and get around $5,000 down payment. We then finance the balance for 10 - 20
years and can either sell the note or keep the note. In fact, it is very easy to buy
them in small towns and rural areas and find buyers for them. Just make sure
you are buying the home and the land that it is sitting on. Also make sure that
you are buying one that is not too old. You should stay in the late 90s to 2000s.
When we do these deals, we typically sell the notes at a 12% - 15% yield making
$19,000 - $28,000 cash up front. Not bad for a doublewide mobile home in a
small town, huh? The key is to buy nice homes that are ready to move into. Once
again, I would not consider this a Filthy Riches model but you can still do it and
make good money.
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You want to search for 3-bedroom, 2-bath mobile homes built after 1995 and
listed for $70,000 or less. Then you can use the spreadsheet analyzer to see how
much you can pay for it.
Below is a listing from our website and then a picture of one of our recent deals
so you can see what a typical doublewide mobile home deal with land looks like.
Notice the graphics on the picture. We do this in all of our pictures so they can
call or go to the website right away and they know the property has seller
financing. Good tip, huh?
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Singlewide Mobile Homes in Parks

I have also bought single-wide mobile homes in parks for anywhere from $500 $10,000. For most of them, I will pay somewhere between $1,000 - $3,000.
These are great little deals to put in your retirement account. You can buy one for
$1,000 and sell it for $5,000 and get $500 down and have a nice payment
coming in for the next 3-5 years or more. The only difference is that a mobile
home has a title and not a deed so you will have to put a lien on the title to
secure your loan. Any car dealer or mobile home dealer can help you if you need
help. Another thing to remember is that you must get the parks approval before
you buy one and it is important to make sure your buyer gets approved as a park
tenant before you sell them the mobile home. These deals are known as Lonnie
Deals named after Lonnie Scruggs who wrote a book called Deals On Wheels.
To get these deals, first find a park in your area and contact the owner or
manager. Let them know that you finance mobile homes. Ask them if they ever
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have any residents that need to sell their home and you would be willing to buy it
for cash, then owner finance it to a new resident. Most parks do not want you to
rent it out as they only want owner occupants but once you let them know you
are the lender, not a landlord, most are ok with it.
You can also put out signs in the park saying that you want to buy a mobile home
for cash. Don't say you buy mobile homes. Instead, say that you are looking for a
mobile home to buy. You want to keep a low profile and look as if you want to
buy one for yourself, especially if the park also buys homes from the residents,
as well. You don't want them to think you are competing with them.
You can also buy these and sell them on Craigslist. Just set up a www.IFTTT.com
notification to be notified if any listings go on Craigslist with the keywords mobile home.
I have included here some Craigslist listings of these homes for sale. The first ad
would be one that you would run. The second one is to show you the kinds of
deals that are available if you just look.
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Typical Deal
Throughout this course, I will use the example of buying the property for $5,000
and selling it for $30,000 with seller financing although, as mentioned before, in
reality you will be paying more or less depending on the property. Also you may
sell it for a little less or more, depending on the deal. I will also use throughout
this course, selling the property with $2,000 down and financing $28,000 at 9%
for 10 years but also remember that not every deal will be these exact numbers.
I just want you to get the grasp of the concept then you will be able to adjust
your prices and terms, as needed.
Why This Works so Well
The reason this works so well on these cheap properties is because of the huge
spreads we can get. For example, we are buying a house for $5,000 and selling it
with financing for $30,000, which is six times what we paid for it. Well, that
would be very difficult to do with a $50,000 house or a $100,000 house.
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If we bought a house for $50,000 and sold it for six times what we paid for it
then we would have to sell it for $300,000! There is no way to do that. If we paid
$100,000 then we would have to sell it at $600,000! This is why I like to stick to
the cheap, low-end houses.
Also, by working in this price range, we are well diversified. In other words, if a
deal goes bad (and they will) then you dont have all of your money or credit tied
up into one deal (if you use any of your own credit or cash in the first place).
Below are samples of the types of properties you will be looking for when doing
your online searches.
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The above pictures are actual samples of the types of properties for which you
will be looking.
803-831-0056.
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Here are the types of properties you will stay away from
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Now, as I mentioned, these pictures represent the types of properties you will
want to stay away from. It may sound too simplistic based on the pictures but
you want properties that appear to be livable or at least close to livable. See, we
want properties that someone can move into with a little work or that the beginner investor can do a little work on and then rent out.
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We dont want properties with structural damage, fire damage, water damage or
properties that have been gutted down to the stud walls. These would just take
too much work to get them livable and would be too intimidating for the buyer.
Structuring the Sale
When we sell the property we will sell it with a low down payment and finance
the balance. This is what makes these properties so easy to sell. A typical
property that you buy for $5,000 will go right back on the market for around
$30,000 with $2,000 down and you can finance the balance of $28,000 for 10
years at 9% interest and the payment will be $354.69 a month.
Now almost anyone can afford a $400 a month payment and if they are serious
about becoming a homeowner then they can find the $2,000.
You can change the terms to fit your buyer, especially if they have more cash
with a little less credit or maybe have decent credit but not quite $2,000 to put
down. You may have them put $1,000 down and finance the balance for 7 years
with a higher payment. This will even give you a higher yield on your investment.
Sometimes you will be able to get a larger down payment. For example, if you
sell the property on eBay where the bidders are bidding on the down payment
then sometimes it may go for $3,000, $4,000 or even $5,000 or more. Then you
have nothing in the property. This is great for you and it is also a good deal for
the buyer because they got to buy a property that YOU negotiated a steep
discount on and they didnt have to qualify to get a loan. If the buyer is an
investor, even better because they now have become an instant property owner
without qualifying for a loan and can fix it up and rent it out for a positive cash
flow. This is a win-win for everyone!
I have included in the course a Deal Analyzer that will do all of the calculating for
you. This will make it very easy to make your offers and see how much you will
make on the property when you buy and sell it.
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How Much Money Will I Make?

This is the best part of the Filthy Riches System. As mentioned in the course title,
yes, you can make as much or more money on a $5,000 house no one else wants
as you can on a $50,000 or even $100,000 house.
Lets take a look. Say you buy a property for $5,000. Then you sell it as
described previously for $30,000 with $2,000 down and $354.69 a month for 120
months, which is 10 years at 9% interest.
Now you have $3,000 invested in the property ($5,000 - $2,000 down payment).
You have a $28,000 note and the buyer is making payments to you of $354.69 a
month. The first year you will have collected $4,256.31. Wow, thats more than
you have invested in the entire property! Your first years return is 141.88%.
Thats over 100% in the first year alone. Do you see why I like this system so
well?
Now, lets say you keep the property for the entire 120 months or 10 years. Over
the entire 10 years you will have collected a total of $42,563.06. Now subtract
your initial $3,000 investment and you have made a total profit of $39,563.06!
Yes, that is more than most investors make on a $50,000 or even a $100,000
property. Yes, I know you have to collect the payments for 10 years; however, a
lot of the properties will pay off before the 10 years. I left the closing cost out in
the example to keep it simple.
Some of the buyers will refinance the property to pay you off. This is great
because it triggers the discount which means you now get paid in full at the full
face value of the note even though all you have invested in the whole deal is
$3,000. Now this does not happen often because of the low values of the
properties and the credit of the buyers, but when it does happen, it is great.
Your goal should be to keep the note. After all, why would you want to sell a note
that you are making over 100% on? So no matter how tempted you are to sell
the note, if there is any way at all to keep the note you will want to do that. Even
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if you have to borrow against it, as we will discuss later. There is also another
way to get your profit immediately as we will see below.
Get Your Profit Immediately
If you would like to have your profit right now instead of waiting for a year, or
even 10 years, you can always sell the note. Now that you have a note and
mortgage or deed of trust (depending on the state the property is in) with a principal balance of $28,000 at 9% with 120 months of payments at $354.69, there
are a couple of things you can do with that note.
You can keep it and collect the payments on it for the next 120 months as
mentioned above, or you can sell that note for cash right now. If you do sell it,
you will have to take a discount.
With a $28,000 note from a borrower who has a credit score of between 500 or
600, you may only get $17,000 out of that note especially if its brand new with
no seasoning. You may only get $15,000 out of it, but if you were to season
that note, in other words, if you collect 6 months worth of payments and they
paid on time, then you should be able to sell that note at a much lower discount
which means a higher dollar amount. The reason is that now the borrower or
mortgagor has a track record for paying on time, which makes the note more
valuable.
For example, say if you sell it right away, and you get $15,000, well, you only
have $3000 in it, so you are still going to make $12,000 on the deal if you sell it
right away. However, if you season that note for about 6 months, you would be
able to sell that note at a much lower discount which means a higher amount.
You may get $20,000 for it and if you only have $3000 in it, then not only do you
get the yield that youve collected on the payments for 6 months, but youre also
making about $17,000 when you sell the note.
All of this is based on the yield or interest that the note buyer will be receiving.
The more you discount the note, meaning the less you will take, means a higher
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yield for the note buyer. Note sellers want to take the least amount of discount
possible and the note buyers want the biggest discount possible to increase their
yield.
Extreme Yields for the Note Buyer
Even though the interest rate on the $28,000 note will be 9%, if a note buyer
pays $20,000 for the note, their yield or interest earned will be 17.56% or almost
18% yield on their money. If you were to sell the note to a note buyer for
$17,000, the note buyers yield would be 22.29%. Even if you sold it for $15,000,
which means you would still make $12,000 ($15,000 minus $3,000 you have in
it), the note buyers yield would be 26.26%! At these kinds of yields, it is not
difficult to find a note buyer willing to buy the note from you and collect the
payments from the borrower.
Can you believe it? You bought and sold this property, never looked at it, sold the
note to a note buyer that will make a 25% plus yield and you still made $12,000!
All this on a $5,000 house! Is that great or what? Now the yields on these low
price houses will be higher than a typical note because on a lower priced house,
the risk will be a little higher. Thats just the way it is. So when selling lower
priced houses, you will sell them at a higher yield than a house you sold for
$69,900 or $89,900 or so.
The good news is that, when you are selling notes on higher priced houses, you
can get more money for them because you can sell them at a lower yield. I am
selling notes on higher priced properties at 12% - 15% yield.
The analyzer included in the course will figure the yields for you so you do not
have to worry about how to use a financial calculator.
Have Your Cake and Eat It Too
Another thing you can do is sell a partial of the note. What this means is that if
you have a 10-year note, you may want to only sell the first 5 years of payments
and keep the last 5 years of payments. If you sell the first 5 years, you may get
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$10,000, $12,000 or even $15,000 for it, especially if you season the note for at
least 6 months.
Notice how you can get almost as much by selling the first 5 years as you can by
selling the entire note. Thats because of the time value of money. A monthly
income stream is worth a lot more right now than it is if it doesnt start until 5
years from now. Thats why you can sell a note for more money (with less of a
discount) when the term is shorter rather than longer. Please keep this in mind
when structuring your notes with your buyers. In other words, you may have a
buyer that says they cant afford the payments on your 10 year note and you
may be tempted to structure the note for 20 or even 30 years; however, you will
not get much money for it if you decide to sell the note. The reason is that it
takes much longer to get the money back on a 30 year note than it does on a 10year note, therefore you will get much less for the note when you try to sell it.
803-831-0056.
Also remember, if you sell only 5 years worth of payments, you dont even start
getting paid on your last 5 years until the sixth year. But you could sell the first 5
years and keep the last 5 years as sort of a retirement plan. Or you could contact
the person you sold the first 5 years to and if the borrower is still paying on time
then chances are they will buy the last 5 years worth of payments. You could
also sell just enough of the note to get some or all of your money back. That way
youre in the deal for no money down. You could sell just enough of it to get your
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money back, and now you have all these notes built up that you have nothing in.
If you have $3,000 invested, you could sell enough to get $6,000 or $8,000 out
of it. That way you have your cost back plus youve made a few thousand on the
deal and then you still have most of the note left to collect payments on. You
should be able to sell 2-3 years of the note to get your cost back and maybe
even make a little on the note depending on how you structure the sale.
The Downside
What is the downside? The downside is if they dont pay. If youre keeping the
note and they dont pay, then you are going to have to foreclose because you are
creating a note and a deed of trust or a mortgage (depending on the state),
which means it is a lien on the house. Which in my home state of South Carolina, PHD way of putting it is, if you dont pay, you cant stay. When you have a
mortgage on a property, if you dont pay, you cant stay. So you will have to
foreclose on them, and the foreclosure process is different in each state. You will
have an attorney and/or title company who will be doing your paperwork for you
and in my Million Dollar Rolodex and bookmarks, I will show you all the different
attorneys and title companies and how to find them. There is also a listing of all
50 states with their foreclosure process in the back of this manual.
If it looks like they cant make the payments anymore and need to move out and
they have no liens on the property, sometimes its just easier to just pay them
$1,000 to move out and sign a deed back to you. If they know they arent going
to be able to pay you, they know they are going to lose the deal and they know
they are going to have to move, you could pay them $1,000, then they could
move out very quickly. Then you can find another buyer and start all over.
The other thing you could do - and youd have to check with your local attorney
to make sure this is legal in your state - but you could get them to sign a deed in
lieu of foreclosure when you initially make them the loan and sell them the
property. If you do that, you have the attorney hold it in escrow and then the attorney will simply file that deed and then deed the property back over to you.
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Now there are a couple of caveats here. If the person has liens and judgments
against them, then those will have to be paid off or you will have to go through
the foreclosure process to get a clean title back to the property. Thats why its
always important to do a title search or have your attorney or title company do a
title search anytime you get ready to file a foreclosure. Thats extremely
important.
The second caveat is that, if the borrower disputes the foreclosure and challenges
you filing the pre-signed deed in lieu of foreclosure, the judge may throw out that
deed stating that it is a stale document and was signed under different
circumstances.
Another option is if you sold it on whats called a Land Contract or Contract for
Deed. You may be able to just get them to sign a cancellation document and then
you do not have to go through the foreclosure process at all. This is because in a
Land Contract the deed stays in the sellers name until the loan is paid in full. I
sell a lot of my properties on land contract, especially the nicer ones on which I
do not mind keeping the deed in my name until they pay me off. On the very
cheap low-end properties that I do not want kept in my name, I sell on a
mortgage or deed of trust, depending on the state they are in.
Now, having shown you the options for foreclosing and/or getting them out of the
property, I also want you to think about this. Lets say they pay you for a year
then stop. Maybe they lost their job or had an illness. Well, if they have made
their payments for a year already, then you already have ALL of your money
back and then some. I would suggest that you try to work with them, if you can,
by not foreclosing. What I mean by that is they may tell you that they just need
a little time with a reduced payment or maybe a couple months of a payment
moratorium to get caught up on everything. In my opinion, if they paid you for a
year (+ / -) and then stopped, there is a good reason. Remember that bad things
happen to good people. And if you already have all or most of your money back
that you have invested in the property, then you can be flexible and lower their
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payments for a few months or give them a few months to start making payments
again. But remember, when a borrower gets used to making no payments, it is
more difficult to get them to start making payments again, so I would have them
make some kind of payment even if it is small. See, when you do not owe anything on the property and you are making these kinds of returns, it allows you to
be flexible with your borrower. This is a win-win situation for everyone. It prevents you from having to file foreclosure and pay the attorney fees and resell the
property and it will also make your borrower love you and tell everyone what you
did for them. So I would use foreclosure as a last resort.
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CHAPTER 3
Where to Find Filthy Riches Properties
There are many different ways to find these properties. You can go through all of
the usual ways everyone else finds properties; however, I want to focus on a few
of the most profitable and fastest ways.
1: Vacant Houses: I know its kind of simple, but as you ride around, always be
looking for the dirt cheap, low-end houses that look like they are vacant. I have
found some of my best deals this way. The typical deal is that someone owns a
house they have either inherited or it used to be a rental but they just havent
fixed it up to rent out again. Then you come along and offer them a few thousand
dollars to get it off their back, so to speak.
If you cant find the owner of a vacant house, there are several things you may
be able to do. If you really want to find out who the owner of a property is, as a
last resort, take one of your for sale by owner signs, put it in the yard with your
number on it and invariably within a few days, the owner will find you and find
out why you have a sign in their yard.
Here is the second one. If you still cant find the owner, look up all of the owners
on the street at the county website and then get their contact information from
the people-finder websites in the bookmarks and then call all of the neighbors to
see what they know about the owner of the vacant property. You can also simply
stop by and talk to the neighbors.
Here is the third. If you know the owners name, but you cant find the actual
owner, then you can contact a credit-reporting agency and buy what is called a
credit header. It looks like a credit report on the person and includes employment
information, home address and even phone numbers on file. In fact, it includes
everything a regular credit report has except the actual credit. To find one, just
do a Google search for the words credit header. Or you could simply pay for an
online background check.
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Filthy Riches FSBO Form/Script
Name
Spouse
Property Address
Phone # (
City
-
Work # (
Email Address
State
-
Spouse Work # (
Zip
)
Fax #
May We Call You At Work? Yes No Best Time To Call: AM
Afternoon
Evening
How Did You Find Out About Us?

Type of Home: Brick Wood Frame DW SW Year Built?
Style of Home?
Tax Value?
# of BR
Sq. Ft.
# of BA
Recent Improvements?
Repairs Needed?
How Much $ ?
Years Owned?
Approx. Value
How do you know?
How Acquired?
1st Mortgage Bal.
Rate
Payment
How Far Behind?
2nd Mortgage Bal.
Rate
Payment
Paid To
Paid To
How Far Behind?
Are you in foreclosure? Y N When is foreclosure date?
Any Other Liens?
The name the house is in?

Anyone else making decisions?
Who?
Why are you selling?

What will you do if you dont sell?
How quick do you want to sell?
What else should I be asking?
Are there any other problems with the house?
What will you do with the money?
Do you have any other property to sell?
How long has it been for sale?
Had any offers?
How much?
Why didnt you take it?

Listed with Realtor?
Vacant?
Rent Amount?
How much?
How Long?
Rented?
Tenants Current?
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Least Amount You Can Take By Friday
1st x
Date
2nd x
Date
3rd x
Date
4th x
Date
5th x
Date
After the questions: Let me tell you a little about what we do. We buy XX houses a month and
we pay cash and can close in about a week if that best suits you. We buy the low-end houses that
are very difficult for most people to sell because they need work and are difficult for the average
person to get financing on them. So that leaves you trying to sell a low priced house in need of
repairs to an all cash buyer which is very difficult. The advantage of selling your home to
someone like us whether it is me or any other investor is that we can close fast and we pay all
cash. We cant pay very much for these houses and in fact we usually pay around $5,000-$6,000
for them and we buy a lot at that. I can put up 100% deposit if needed and I dont need an
inspection or appraisal, which makes a fast and easy closing for you. All I need are some pictures
to see the condition of the property.
Is that something that you think you could work with? It will always be no.
How close could you come?
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2: Realtors: This is where I find a lot of my properties. You want to search the
Realtors website for properties under $50,000, then call the listing agent and go
through the script and then make the offer based on the analyzer. Then always
tell the Realtor to put you on their email notification list to get more properties
listed below $50,000. Now you have the Realtors MLS sending you properties daily that meet these criteria. I have included a group for Realtors in your bookmarks.
Now you may be thinking, Why would the Realtors want to be bothered with a
cheap $5,000 house? After all, at a 6% commission they would only make $300,
right? And the listing agent and buyers agent would have to split that. Wrong!
The Realtors usually have a minimum commission built into each listing
agreement. Especially the bank owned properties. I have found that on the Filthy
Riches types of properties, the Realtor is going to make around $1,500 + / -.
Although we are still buying properties for $5,000, we are also buying houses for
$10,000-$15,000 or more, as well. We are just selling them for more money.
As I have mentioned, we find a lot of our properties from Realtors. Although
there are many sources, as you will see, I have just found that when dealing with
Realtors and the bank owned properties, I tend to get more deals and close them
much faster. Below is the script that you can use when making offers with Realtors.
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Realtor Script for Calling on a Listing
Hi, my name is
and I was calling about the property at
address. Could I speak with Mr. X (this listing agent?)

(If Not here) Oh, and I dont have their cell number with me right now? (Then
they will give it to you.)
(Listing Agent on phone now)
Hi, my name is
and I saw your listing at
address. Could you tell me a little about it?

(Ask the following questions in a conversational manner)
#BR
#BA
Is It Vacant?
Sq. Ft.
Age
Is It Bank Owned?
How much work does it need? (Just a Ballpark)

How much would it rent for? (Just a Ballpark)
Would this be a good rental or is it better suited as retail property?
What would it appraise for after repairs? (Just a Ballpark)
Have you had any offers on this house?
How long has it been on the market?
Im an Investor and we buy the cheap, low-end properties that no one else wants
and can pay cash and close very fast. I dont need an inspection period or an appraisal either so we can close pretty fast. Based on what you have told me, it
looks like I need to be around
Do you think we should make an offer on this house?
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(If they say yes) Lets make an offer on this house. Lets make an all cash offer
of $
. Do you need to submit the offer in writing or do you want to just
talk to the seller first?

(If in writing) The buyer is going to be
. We can actually put up a
100% deposit. Just fax me the contract and I will sign it and send you a check.
Do you have anything else I need to be looking at?
Give them your contact information and always write your phone number and
name in the corner of the offer. By the way, do you mind if I get your email address so we can stay in touch and I can buy some more property from you?
(They will always give it to you)
Thanks a lot and I look forward to working with you. Have a great day.
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How to Find the Best REO Realtors

This is an awesome idea to find out who the REO Realtors are in your area. These
are the Realtors that work directly with the banks or asset managers who have
taken property by foreclosure. Ok, here is what you do. You simply ask one of
your Realtors to pull up online and email to you or print you a list of the
properties that have already sold with the keywords of REO, Bank-Owned, Seller
Addendum Required and Foreclosure. Then you contact the listing agent of these
properties, as they are the ones that work with the banks and asset managers
getting all of the foreclosure listings. Get on their email list, put them on yours,
visit their website and add it to your bookmarks and make some offers through
them! www.Realtor.com is probably the best site to find listed properties.
3: Bank Owned REOs: Now we also find a lot of properties on the banks REO
websites. They typically list the Realtors contact information so you will contact
the Realtor to make the offer. I like looking on the bank REO sites because sometimes a property will be listed there before the Realtor has it listed on the MLS or
their own website. Its a good way to get a jump on other buyers before too
many people know about the property. There is a list of these banks in your
bookmarks.
4: Free Classified Sites: This is a great way to search for properties, as well
as, place your own ad to get people to call or email you. Just search for certain
keywords like handyman special, fixer upper, cheap, cash, divorce, transferred,
motivated, reduced, must sell, abandoned, foreclosure, REO, seller addendum
required, etc., then you can also place your own ad with similar text. Heres a
sample ad you could place:
I buy dirt-cheap fixer upper, handyman specials below $50,000. Quick cash!
Quick closing! Any condition, anywhere! www.LarryBuysHouses.com. 855-LarryBuys.
In your Million Dollar Rolodex - aka bookmarks - are the best free classified sites
on which to search and run ads.
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5: eBay:
eBay is a great place to find deals but you have to be careful and
search the ads very carefully. Just go to realestate.eBay.com and search for keywords handyman special, fixer upper, cheap, cash and others previously listed.
Also, be careful as some ads are selling the property with owner financing and
you are just bidding on the down payment. I will show you how to sell your properties this way a little later. You also want to make sure that if you are buying a
property on eBay that you get a general warranty deed. If they are just giving
you a quit claim deed, it usually means the property was a bank-owned property
and the seller bought it in a bulk sale so there may still be back taxes owed on
the property. There may also be code violations or title problems, as well. Just
make sure if you buy a property on eBay that you can get title insurance and verify that there are no outstanding taxes owed on the property. For that matter
make sure you always get title insurance.
6: Houses for Sale Sites: Although this is similar to the free classified sites, it
is different in that all of these sites are real estate specific. You can go to these
sites and search for properties, as well as, run your own ads. I have included in
your bookmarks a group for these sites.
7: Auctions: There is a folder in your bookmarks for Auctions. There are online
auctions and offline auctions. Also, I want to suggest that you find out who all the
local auction companies are, get on their physical mailing list, as well as, their
email list and you want to call them on a regular basis. Send them your business
card, send them a flyer, let them know what you do and search their website often for properties that may be coming up for auction. You will also want to attend
auctions to be able to build your buyers list. Many people at real estate auctions
are investors so just take your business card and give it out to everyone there
and also get other investors cards, as well, and tell them that you also have
properties available to investors. There are also many government auctions
available. I have included in your bookmarks a section to help you find these, as
well.
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803-831-0056.
8: Code Enforcement:
Another good source is Code Enforcement. I want to
suggest, in your county and in your surrounding counties, that you find out who
the Building Inspector or Minimum Housing Inspectors or Code Enforcement
Officers are. Get their contact information, their phone and their email. But if you
stay in touch with these people, just go visit them, find out if they have any
properties with code violations on them. They may not be able to get in touch
with the owner or cannot get the owner to fix up the property. I have had them
just bring me in their office, open up the door, pull open the files, and tell me
about different properties on which they either cannot find the owner or cannot
get the owner to fix up the property. Remember that this is public information.
Anything that the government has like that is public information.
Dont just limit yourself to one county. Check around and get to know the
Building Inspectors. Some of the best deals that we have purchased have been
through Building Inspectors this way.
The script below can be used when calling code enforcement offices or when you
get a call from a code enforcement office about your bandit signs being put up
illegally.
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Code Enforcement Script

Hi, my name is Larry Goins with Neighborhood Housing Group, LLC here in
Charlotte. How have you been? (How have you been? implies that they know
you. This almost forces them to be nice to you so they do not embarrass
themselves and by the time they realize they do not know you then you have
already built a rapport with them anyway. See how easy this is?)
I wanted to give you a quick call to remind you that we are still buying houses.
Do you have any properties that are currently under code enforcement and you
either cant get the owner to make the repairs or cant find the owner?
Well, you know that we buy properties as is and can get them off your books.
We pay cash and can close in a week or so.
Do you have anything that comes to mind that we may be able to help with?
_________
Do you keep them in files or have a list of properties under code enforcement?
_______
We work with some counties that simply email us the list. Which would be easiest
for you?__________
How often should I check back with you for an updated list?__________
Would it be easiest to call or should I email you?___________
(Get their email to keep in contact with them)
Thanks a lot and I look forward to working with you. Have a great day.
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9: Property Managers: This is a great source for Filthy Riches properties since
many of the properties that a property management company manages are the
low-end properties. There are many investors who have owned a property for a
long time and they are just tired of being in the landlord business. Contact the
property management companies in your area or where you want to buy
properties and get on their mailing list or email list to get available properties as
they become available.
10: Hard Money Lenders:
There are lots of hard money lenders that make
rehab loans to investors to buy and rehab properties. Sometimes these lenders
have to foreclose on the property so this is a chance for you to be able to buy
them at a low cash price. Just find the ones in your area and get to know them
and stay in touch so they will send you any deals they have to sell. Most also
have a website where they post their REO properties.
11: Bird Dogs: This is a great way to get a new investor to help you find deals.
A bird dog is basically a person who finds the house for you, then you do the
negotiating. You can pay them a percentage of the deal or just a lead fee
depending on your states real estate laws. The best place to find bird dogs is at
your local real estate investors association. You can also place Craigslist ads or
Bandit signs that say Real Estate Investor Seeks Apprentice with your number.
12: For Rent Signs/Ads: This is another good source for finding a dont wanter landlord. You can call on the signs on the property and also the ads, both
online and in the paper. If the ad is with a property manager then call them and
get on their list of investors to call when they have a property for sale.
Now this is one of the absolute best ways to find Filthy Riches properties. There
are many more ways to find deals; however, I only want to focus on the best,
easiest, fastest ways to find these specific types of properties so you can start
making money as soon as possible. Did you notice that most of these ways could
be done online? This is the quickest way to find deals.
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13: HUD Houses Now HUD houses are houses that had a borrower with an FHA
loan and they defaulted. I buy a LOT of HUD houses. I really like HUD because it
is all done on the computer. All bids are submitted at www.HUDHomeStore.com.
There is no getting on the phone or emailing as all bidding is done online. In fact,
I wrote a book all about buying HUD houses at deep discounts. Its called HUD
Homes Half Off. You can get a free copy by going to www.FreeHUDBook.com.
How to Find Out the Real Deal on the Neighborhood
It is important that you do not buy any Filthy Riches houses in drug-infested
areas. Now, I know just by the fact of the price range, there is a better chance
that a potential property is in a bad area than say a $100,000+ house. However,
you want to stay away from the war zones. Here is how to be able to tell what
kind of neighborhood the house is in.
First go to the Trulia website and type in the property address. Then scroll down
and look for the green map. This is also a crime map which will be able to tell you
how many crimes have been reported in the area. It is also a heat map in that
the more red you see on the map the more crime is in the area. In your
bookmarks, I have listed many other crime type websites that allow you to
determine what kind of area the house is located in.
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CHAPTER 4
Where to Get the Money to Buy the Property
One of the first things people always worry about when talking about investing in
real estate is where to get the money. Well, this is actually the best part about
the Filthy Riches System.
There are many places to get the money for these deals. Remember, we are not
talking about needing $50,000-$100,000 for a property. We are only talking
about around $5,000. With that said, there are many places to get $5,000 and I
will show you the best and easiest ways right now. I am not, however, going to
talk about partnerships, hard money loans or private money since you just need
to do one deal to have enough money to do three deals the next time. If we were
talking about needing $50,000 or more then we could talk about all of the usual
ways to fund a deal. So lets talk about some ways to get the cash for your first
deal.
Your Own Resources
I think one of the first things an investor, especially a new investor, should do is
to make a list of all of their assets and talents. This could be anything you could
trade for a property, whether tangible or intangible, like a service you could
perform. I have taken and given many things in trade for properties. When I was
in the home improvement business, I would trade labor and material on one
property for a down payment or as cash toward another property. You never
know what someone will take or give so by having a list of all of your talents and
assets, youll be ready to negotiate when the time comes.
OPM
Everyone knows that OPM stands for Other Peoples Money. This can usually be
out of reach for most people, as a lot of people do not know someone that has
$50,000 or $100,000 that could loan them money to do a deal. However, with
the Filthy Riches concept, we only need about $5,000. Im pretty sure that al-
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most everyone reading this knows at least one person that has or has access to
at least $5,000 whether it is in cash or credit that the person can access for you.
You can offer them half of the profit on the first deal. Then you dont need them
anymore.
Cash Partner
A cash partner is basically exactly what it sounds like. It is a partner that has and
will be putting up their cash to fund the deal. This could be a relative, friend, coworker at your day job, your boss at your day job or even your doctor or dentist.
You can structure the transaction and profits any way you want. You could split
50/50 or you could offer your partner the first 10-20% of the profit. You could also offer your partner a minimum of 10% return on their cash PLUS a percentage
of the profits at the end. Just remember that partners are the most expensive
way to fund your deals.
Credit Partner
A credit partner may not have any cash but they have good credit and can qualify
for a loan to fund the property. These are easier to find than cash partners. Now
Im not talking about a credit partner to go get a loan on the property, however
you can find someone that can get an unsecured loan or use a credit card to fund
a deal. Remember, we do not need much money to fund one of these deals.
Credit Cards
Using a credit card is probably one of the quickest ways to get the money needed
to do one of these deals. Many people have $5,000 or more available on credit
cards. If you dont then you may know someone who does and can get a cash
advance on the credit card and use that for your first deal. Be careful when using
someone elses money, as you dont want to have any problems if the deal goes
south.
As mentioned above, if you dont have a credit card or know anyone who does
that will let you use it then there are several websites where you can get an
unsecured business line of credit. The first site I would suggest you try is
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www.GetRealEstateFunding.com. At this site, you can apply for and possibly get
up to $150,000 in unsecured funding to do real estate deals. Imagine just how
many Filthy Riches deals you could buy and how much cash flow you could have
coming in from this one source alone.
Peer-to-Peer Lending
Peer-to-peer lending sites like www.prosper.com or www.LendingClub.com allow
people to post a listing of how much money they want to borrow and for what
purpose. You can also list reasons why you think you are a good credit risk. Then
others who visit the site will bid on loaning you the money that you need. If you
posted a listing for $5,000, you may have 100 different people bid to loan you
$50 each. Then you would make payments to Prosper.com and they distribute
the money including interest to each person who loaned you the money. In the
Million Dollar Rolodex, I have included a list of all of the peer-to-peer websites.
This is one of the easiest and fastest ways to get a quick $5,000 also.
eBay and Craigslist
One of the fastest ways to get enough money to be able to buy a Filthy Riches
property is to sell something on eBay or Craigslist. I have heard from many
students that just went around their home looking for things that had some value
but they could do without. This is a great way to get started. You will be
surprised at what people will buy on eBay and Craigslist.
Title Loan Companies
If you have a car that you own, free and clear, you can go to a title loan company
and get a loan on the title of that vehicle. You wont have to do but one or two
deals and then youll get that back and have money to continue doing deals. So
you would only need $5,000 to get started. At this point, you will only have to do
this for a month or two before you can afford to be able to do this all on your own
anytime you want to and you wont have to borrow the money. Also, there are
ways to sell these at the closing table by doing a simultaneous closing so you
have nothing invested in the deal as is described on the next page.
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Table Funding Your Seller with Your Note Buyer

You can buy and sell at the closing table when you buy and sell at the same time
and then have your note buyer fund your borrower at the closing table as well.
That way you have nothing invested in the deal. You will probably not use this
method often although you could. The reason you will probably not is that it is
more difficult to get everything set up to close on the same day and we are also
only talking about a small amount of money, usually $5,000 per house, so it
would just be easier to go ahead and buy the property then sell it and sell the
note, even if you do it all within a few days.
Approval/Proof of Funds Letter
If you would like to get a proof of funds letter, you can get one at
www.RealEstateDayFunding.com. In fact, this is not just a Proof of Funds letter,
it is a listing of all of the lenders that offer Proof of Funds letters and Transactional Funding. Now remember, unless you are buying and selling the same day,
transaction funding will not work; however, you can use the approval letter to be
able to make all cash offers, if you want.
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CHAPTER 5
Making the Offers
The great thing about the Filthy Riches concept is it allows you to buy properties
anywhere in the USA with as little work on your part as possible. We want to be
able to buy it and sell it without ever having to go look at it ourselves unless it is
close enough. We make our offers subject to several contingencies all of which
are fulfilled by the Realtor or seller if youre buying direct from the owner.
Now, we are going to be making all cash offers and close in 30 days and we
typically put up a $500 deposit. Most of our offers on these low priced properties
start out in the 25-35% of list price range. I used to start around 18-22% of list
price but have since learned that I can get just as good of a deal starting with the
higher amount. Now when starting your offer this low, they will probably counter
back, but they are supposed to counter back, thats okay. You will not typically
buy a property on the first offer. In fact, if they accept your first offer it was
probably too high anyway.
The key here is to look at all of the variables to make sure you have a house that
will work. Such as the following: It is close to livable, where it doesn't intimidate
a potential buyer, you can get a reasonable down payment based on the area, it
is not in an area where people are afraid to live and you can sell it at a price and
payment comparable to rent. When all of these things come together, then you
have an ideal Filthy Riches deal.
Now there is one more thing about which you need to be aware. Can you sell the
note at an amount that a note buyer would be willing to own the house for? In
other words, you may be able to sell the property with owner financing for
$30,000; however, would a note buyer be willing to pay you what you need to
sell the note for to make any money? This is the main reason that you need to be
buying at a deep discount. I have had students send me deals listed for $7,000
and they were buying for $5,000 and then wanted to sell the note for $15,000-
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$20,000. There is no investor that will want to pay that much for a note on that
house listed for $7,000 unless there is a very good reason it is listed for only
$7,000.
Contracts When Buying
As I mentioned before, we are typically buying the properties through a Realtor
and most will probably be bank owned properties. This doesnt mean that you
cant buy other properties or that you should not pursue other properties if you
find them that may be for sale by owner. All I am saying is that I like to go for
the low hanging fruit. Meaning that I like to get the best results with the least
amount of effort and I have found that working through Realtors to buy the bank
owned properties is the fastest and easiest way to buy these types of properties.
It is also the source where you will find the most amount of properties. Now having said this, you will obviously be using their paperwork, including the contract
prepared by the Realtor. This is actually good so now you do not have to worry
about the seller agreeing to use your own contract form. For this reason, I have
not included any contract for buying a property in this course.
If you happen to be working with a for sale by owner, then just use the same
contract agreement that the Realtor uses. Thats what I do. I do, however, take
the Realtor logo off of the agreement. This way if a seller ever says let me have
my attorney take a look at this offer then all the attorney can say is this is the
same contract that every Realtor in the state of XXXXX uses. Isnt this great?
Thats why I use the same agreement that the Realtors use. I have asked my
attorney and I dont know of any reason that you could not do this; however, you
should ask an attorney in your state or in the state where you will be buying
property, if you happen to be dealing with a for sale by owner. Using the same
agreement as the Realtor uses also keeps things simple and I like simple.
Contract Clauses When Buying
I used to have several clauses that I would put into the contract; however, after
having done many Filthy Riches deals, I don't really put any special clauses in
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anymore. Every real estate contract I have seen has an inspection period to allow
you to get out of the contract and get your deposit back in the event that you do
not want to proceed. We typically put in a 15-day due diligence period. So for
this reason I no longer add specific clauses to my Filthy Riches offers.
One thing that is important to note, however, is to always make sure that you
check to see if there are any code violations on a property. If there are, then you
need to contact the code enforcement to make sure they will allow time for the
property to be repaired and the code violations resolved.
Another thing that we used to put into the contract is to have the agent or seller
to take pictures of the property. They would take pictures of every room, all repair areas, any mechanical items, any other buildings and all four sides of the
house and a street view both ways. Now, however, we do not put this into the
contract anymore. We simply ask the Realtor to do it and if they give any
pushback then we hire someone local if the property is too far for us to visit personally. You can find people on Craigslist or from a temp agency. Another good
source is www.WeGoLook.com or www.BPOphotoFlow.com where they will go anywhere and take as many pictures as you want.
Since we mainly buy in the Carolinas, we usually have someone from our office
go look so they can also put out the marketing signs at the same time. However,
if we are buying outside of the Carolinas, then we will hire someone local to put
out our signs and take the pictures.
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803-831-0056.
Additional Due Diligence
In addition to the above items that we talked about, you should do some
additional due diligence, especially if it is your first deal or your first deal out of
your hometown. You will, however, be able to cancel the contract based on the
due diligence period so you do not need to add any additional clauses as that
would only lower the chances of getting your offer accepted. There are several
things that you can do to insure that the property is really a good deal in addition
to the pictures. Here they are:
Contractors Estimate
One of the first things you could do is to have a licensed contractor give you a
FREE estimate on how much they would charge to do the repairs. You can find
one by asking your Realtor or by looking in the Million Dollar Rolodex bookmarks
under rehab contractors. You can also find one on Craigslist, as well. We typically
do not get a rehab estimate on Filthy Riches type deals but you can if it makes
you feel better about the deal.
Property Inspection
You could have a licensed home inspector go to the property to perform an
inspection. This is great; however, you have to pay them anywhere from $175 to
$350 to perform the inspection. Even then you will not know how much money it
will take to do the repairs. Thats why I recommend having a contractor give you
a bid on making the repairs first.
Now, I do not get inspections or contractors estimates on my Filthy Riches deals
anymore as I have been doing this for a while but I would suggest to you that
you do it for your first few deals until you get comfortable with the whole
process. Or at least if you are going to buy and sell a property outside of your local area, then I would do it if I were you. There is also a group of websites you
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can use to find out the neighborhood information in your Million Dollar Rolodex aka bookmarks.
Neighborhood Analysis
Another thing you should do is to find out the amount of crime in the neighborhood and even more particularly, the specific house you are looking at buying.
The way we used to do this is to call the local police department on a nonemergency line and ask for the amount of calls they have had on the street your
property is located, the neighborhood and even to that specific house in the last
year and for what reasons. However, as previously mentioned, we now just go to
websites like Trulia, SpotCrime or CrimeReports and check for the amount of
crime in the area. All of these and more are in the Million Dollar Rolodex.
Neighborhood Comps Online
One of the first things you will want to do in doing your due diligence is to go to
some of the websites in the Million Dollar Rolodex and pull comps for the
neighborhood and the specific house. This is a good way to find out what other
houses in the area have sold for and are listed for. This will also give you an idea
of how much you would be able to sell your note for. Although notes are
discounted based on the yield, you still need to be able to justify the amount the
note buyer is paying for the note.
In your Million Dollar Rolodex, I have provided you a list of the websites you can
use to get good comps for free. As a side note, if you go to Zillow to pull comps
make sure that you use the sold comps and not the Zestimate.
Rent Comp Analysis
Another thing you should do to see if you would actually be able to sell the
property for a certain payment amount is to check the rent comps for the area.
For example, if you are trying to sell a property with a payment of $354.69 and
the rentals advertised in the area are all renting for $400-$600 a month then this
would be an easy sale. This would also be a good indication that you could sell
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the property to an investor that could fix it up and rent it out for a positive cash
flow.
This analysis can be done by simply going online to some of the rental sites in
the Million Dollar Rolodex - aka bookmarks - to check the rental rates for rental
properties in the same area as the property you are buying.
Canceling a Contract
Now if you happen to need to back out of the contract based on the due diligence
period then all you need to do is send a letter to the Realtor asking for your
return of the deposit based on the terms and conditions of the contract. I have
included a sample letter on the forms disk that you can edit as needed. A copy of
it is also below so you can see what it looks like. Most of the time a simple email
will be enough to cancel.
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Date Here
Realtor Agency (if buying from Realtor)

Realtor or Sellers Name
Address
City, State, Zip
Your Company name (if using one)

Your Name
Your Address
City, State, Zip
Re: Property Address / MLS Number (if applicable)
Dear <Name>:
After inspection of the pictures from the above referenced property, we have determined that the property does not meet our requirements. We would like to
cancel the contract per the terms and conditions of the contract.
If you have received an escrow check, please refund the deposit at your earliest
convenience to the address below.
If you have any questions, please do not hesitate to give me a call.
Sincerely,
<Your Name>
<Your Contact Info>
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CHAPTER 6
Marketing the Property
Ok, now that we have the property under contract, we have to start marketing it
right away to find a potential buyer. The first thing you will do is put out about 20
signs all over the neighborhood and around town to start generating some
interest in owner financing. This will get the phone ringing right away. Here are
some sample signs with some sample text you can use on the signs. Pick
whichever one you like best to use for yourself. If the property is listed on the
MLS just don't put a sign in the yard until you close on it. You can put them
everywhere else except in the yard of the property.
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Banners
Once you close on the property, if you do not have it sold and the property is in a
decent area, we will put up banners instead of signs. Banners get more attention
resulting in more calls. The only time you do not want to put up a banner instead
of a sign is when the property is in an area where you think the banners may get
ripped down.
803-831-0056.
When sending banners to your Realtors if they will be putting them up for you,
you need to send them everything they need to put up the banner as well. Just
go to a store like Wal-Mart and get some rope, nails, lockbox and hammers to
send it all to the Realtor so they dont have to do anything but take your package
they received in the mail to the property and put up the banner or sign and put
the lockbox on the door.
eBay
One of the ways to sell the property is to list it on eBay. Now this is not going to
be your typical listing for a cash sale. We want to list the property and have
bidders bid on the down payment. You will post your property on eBay with a
starting bid of $1. This creates a lot of interest. You also make your listing a no
reserve listing. This also creates a lot of bidding. Then in your listing you will
specify the terms and that the bidders are bidding on the down payment and not
the property itself. You will provide the terms, which may say, total price of the
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property is $30,000. You are bidding on the down payment and the seller will
finance the balance for 10 years at 9% interest rate.
Just go to www.eBay.com and go to the real estate department and search the
keywords down payment to see some listings like I am talking about. I actually
created mine by looking at some of the clauses and disclaimers in many other
ads. I would suggest that you do the same thing. In the sample deal I have
included in this course, you can see one of my actual eBay ads to get ideas for
your listing terms.
Running Online Ads
Running ads online on sites such as www.craigslist.com and www.backpage.com
is also a great way to find a local buyer. Many people who look on these sites are
looking for places to rent or buy. Also many are looking for rent to own or lease
options. This is a great way to find a buyer for your property that you will be seller financing. A simple ad like one of the ones below will work fine. Remember,
however, that you can get as fancy as you want and even post pictures of the
property if you want. After all, you do have many pictures of the property. If you
have a website, you could also add the web address, as well. Here are some
sample ads.
Handyman Special! Fixer Upper! Owner will finance with $2,000 down
and $400 a month. Call 800-555-1212
Why rent when you can own! Owner financing with $2,000 down on this
3-br, 1-ba house! Call 800-555-1212
Payments less than rent! Yes, you can become a home owner for as little
as $2,000 down and $400 a month. Call 800-555-1212
Attention Investors! Get your first fixer upper with as little as $2,000
down and $400 a month. Fix it up and rent it out! Call 800-555-1212
Notice that I didnt really put in much information about the property. I am
looking for the buyer that thinks the financing is more important than the
property itself. I also do not want anyone to eliminate themselves. I want
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everyone to call and then I will eliminate them, as needed, if they do not qualify.
In your Million Dollar Rolodex, I have included all of the classified sites to run
your ads on.
Running Local Printed Ads
Running ads in the local newspaper is a good way to generate leads, as well. You
can run them under the houses for sale or the houses for rent section. I have
generated a lot of leads and sold properties this way, especially in small towns.
Just run the same ad that is listed in the previous online ad section.
Selling to Investors
A lot of times, investors end up buying the properties. There are a lot of people
who want to become investors. There are many people that dont have credit and
cant get a hard money loan or private loan, but know how to swing a hammer
and know how to rehab properties. You could sell the property to them and let
them rent it out. That investor fixes it up and they may be able to rent it out for
$500 or $600 a month. Now you have an investor in there that is making money
on the deal, so thats one of the best loans you can have because they arent
living in the property, they are making money on the property and they are
looking at you to find them more deals like that. One of the ads in the last section is targeted to investors. Whether an investor can qualify for a loan or not
they still make good buyers even though they are paying you a lot more than you
paid for the property. They are getting a property they can hold long term and
you are getting a good buyer of your property.
What to Do If You Cant Sell the Property
It shouldnt take you more than a couple weeks to sell one of these properties.
However, if you have tried for a few weeks and you arent getting much response
with the prospects you are working with, there are still a few things you can do.
In fact, sometimes you will find out that the property you are buying needs more
work than anticipated, or you just cant find any buyers interested in the
particular area or neighborhood. Worst-case scenario you can back out of the
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contract even if it means losing your deposit. However, if you have already closed
or you decide to go ahead and close, you should look at it like this: You have
$5,000 invested in the deal, and you could put it right back on the market for the
same price that the Realtor or bank was asking for it originally. You could sell it
to another investor for $6,000, $7,000 or $10,000, which is less than what the
seller was asking through the Realtor. These properties are not hard to get rid of.
If you ever need to dump one quickly, you could dump it on eBay. Put up a listing
and list it with no reserve, and you can even start with what you have in it. If
you have $5,000 in it, start there if you want, add your pictures of the property
and write a description something like handy man special, fixer upper, cheap,
cash. If you are in desperate need to really dump it, start the pricing at $1, add
the pictures and your notes about the handyman special, fixer upper, cheap, and
watch what happens. You could set a reserve if you want or not. It is up to you.
If you dont believe me, go to www.realestate.ebay.com and do a search for the
keywords no reserve and check it out for yourself. You will see that the listings
with no reserve get lots of bids as opposed to listings that start with very high
bids. I have included a sample listing on the next page right from eBay so you
can see what other investors are selling.
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Notice from the listing above that the bidding starts at $1.00. Also notice that
with time left, there have already been 22 bids on this property. The point I want
to make is that usually the lower the starting bid, the more bids and bidders you
will get. I have also included in this course a video tutorial showing you what to
look for when buying and how to set up your listings when selling. Also on the tutorial you will see a couple of my personal listings.
Sell it to the Neighbor
Another thing you can try that has been successful if you are having trouble
selling the property is to sell it to a neighbor. I mentioned this in the bulk sales
section. Think about it, what neighbor doesnt want to own the property right
next to them so they can control what happens next door. Thats one thing I
would always do - ask the neighbors. Even if they arent interested, what neighbor doesnt want to be able to choose their neighbor? So ask them if they know
anyone who would be interested in owning the house you have.
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Answering Service/Call Capture

To save lots of time and effort, I would suggest using either an answering service
or a call capture service to handle the leads that come in to buy your property,
especially if you still have a full or part time job. The biggest difference in the two
is that with the answering service, the caller will always speak to a live person
instead of a voice mail. With call capture, the callers phone number is always
captured whether they leave a message or not. Also, with the call capture, you
can set up multiple mailboxes and give the caller options when they call. This is
great if you are buying houses, as well as, selling or renting. We currently use a
service called FreedomVoice and we also have the calls go directly into Podio,
which is our CRM (Customer Relationship Manager). By using my scripts that
have been proven over time, you will be able to spend your time on the leads
that are truly prospects and not suspects. Next are my current call capture
scripts.
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Answering Service Scripts for Buyers

Hello and thank you for calling (your company name here), how may we help
you? (Caller says they are looking to rent or buy)
Thank you for calling. How did you find out about us?
We help people become homeowners through special programs. We have first

time homebuyers, down payment and closing cost assistance, rent to own and
owner financing available. Let me go ahead and get your name and number in
case we get disconnected.
Name ________________________ Phone # _________________________
Were you calling about a specific property and if so, which one?
How many bedrooms/baths are you looking for?

Are you looking to rent or own?
Approximate payment you are looking for?
Approximate amount of down payment you have?
___________________
How do you feel your credit is?

Thank you and we will have a manager get in touch with you as soon as possible.
Have a great day.
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Call Capture Script for Buyers

Hi, this is Alyssa and thank you for calling Neighborhood Housing Group. Our
organization helps people become a homeowner through special funding
programs and seller financing. This is NOT rent to own or a lease option. You will
be a homeowner, not a tenant and we may be able to help you even if you have
been turned down for a loan by a bank.
If you would like to find out more about the properties we have in your area and
how our program works, please leave your name and number and I will return
your
call. In
the
meantime,
be
sure
to
check
out
our
website
at
www.NeighborhoodHousingGroup.org.
Because of our special funding programs, our properties are sold very fast,
so dont forget to leave your name and number and we will call you back soon.
Thanks again and have a great day!
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CHAPTER 7
Qualifying the Buyer
So, weve now bought a property for $5000 +/-, the asking price was around
$50,000 or less, and an agreement was made at around $5000 +/- and we have
pictures of it, secured the property, and the Owner Financing signs are out and
we have started our other marketing efforts mentioned above. We are now ready
to start taking calls for this property. You could put your number in all your
marketing, but you really dont want people calling you and talking to you about
whether they qualify, as thats not a good use of your time. Instead, have those
calls go to a voice mail, a call capture service or an answering service. That
service can get the answers you need to know. For example, how is your credit?
How much do you have to put down?
If they have bad credit and you dont want to let them in for the $2,000 down,
what you have to do is get them to come up with a little bit more down payment
and that will also increase your yield because youll have a lot less than the
$3,000 in the property if it was purchased for $5,000.
Now, because of Dodd Frank, we have started using a Residential Mortgage Loan
Officer (RMLO) to take the application. This takes you out of the application and
approval process. It also gives you a reason to tell the borrower, if they do not
qualify, and take the heat off of you personally. I will go into Dodd Frank more in
a later chapter.
Below are some underwriting guidelines that we have established and given to
our RMLO. It doesn't mean that we are not flexible. For example, someone may
have bad credit but they have $15,000 to put down. This is called a
compensating factor.
I have also included an Authorization to Release form you can use as well which
authorizes you to verify their employment, rent, deposits, etc.
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DTI (Debt to Income Ratio) < 43%

VOR (verification of rent) - past 12 months
VOE (verification of employment) - verbal
VOD (verification of deposit) make sure the down payment is the buyers
money
Written explanation if any BK/foreclosures in past 2 years
Written explanation or court order if any open accounts are the
responsibility of an ex-spouse, but the accounts are still tied to the
borrower's name
HOI - minimum of 6 months insurance paid in advance
Residential Mortgage Loan Officer (RMLO) Instructions:
Notify us of sub-600 credit score for review

Notify us of delinquent accounts - we will handle delinquencies on a case by
case basis, but the major thing we look for is car and rent payments on
time.
We are looking primarily for a good rental pay history and car payment history.
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Date:
Applicant: ______________________________
Address: ________________________________
_______________________________________
Re: PERSONAL FINANCIAL INFORMATION RELEASE AUTHORIZATION
To whom it may concern:
In connection with a mortgage loan application I/we have made I hereby
authorize: Brokers Mortgage Service to provide any information necessary to
obtain such financing, to the institution of their choice.
I/We hereby authorize the release of any personal or financial information
requested by: Brokers Mortgage Service with respect to my mortgage application
including but not limited to the below:
Employment and Income Verification
Checking, Savings, Money Market, or other Asset Deposits
Mortgage Balances and Payment History
Secured or Unsecured Consumer Credit and Payment History
Rental Payment History
A copy of this letter should be considered the same as the original, which is on
file with the lender.
I/We ask that you expedite this request, in that the lenders commitment is
limited in time.
________________________________
Applicant
________________________________
Applicant
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Down Payment
The more money you get down, and the less money you have in the property,
the greater your yield on the note. Say you only received $2,000 down, and now
you have a note for $28,000 that you only have $3,000 invested in and you will
receive $354.69 a month for 10 years. Do you realize that in the very first year,
you will have all of your money back that you had invested in it plus a little profit? In 12 months, youll get back $4,256.28, which is more than what you have
invested in the property to begin with. The remaining months are all pure profit!
Another thing you could do is increase the payment amount by reducing the term
in years. If you ask what is the most amount they could pay monthly and they
say $450 or $475, this may help.
Remember this, the higher the payment and the shorter the term, means the less
amount of discount that you have to take when you sell that note. So, if youre
selling a $28,000, 15-year loan at 9%, then you may have to sell that loan for
$15,000. If that same $28,000 loan was a 10-year loan, with a higher monthly
payment, you may only have to take a $5,000 or $10,000 discount, especially if
it is seasoned. So, the shorter the term, the higher amount of payment means
the less amount of discount you have to take, which means more money in your
pocket when you sell the note. But remember, your goal is to keep the note, if at
all possible.
Below is a Buyer Information Form you can use as a script to qualify your
potential buyers. Note that the form asks a lot of questions about helping them to
find more cash and co-signers. For example, if they have bad credit maybe they
have a cosigner. And if they dont have much cash maybe you could help them
get some additional cash from relatives, etc. You will also find this form on the
forms disk in the course. Here is the form.
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HOME BUYER INFORMATION
DATE
LEAD SOURCE
Borrower
Co-borrower
Address
City
Home Phone
Fax
St
Borrower Work
Email
Co-Borrower Work
Best Time to call
Call @ Work?
Rent or Own
How Long There
Can we get a good rental reference?
Zip
Other Phone #
# Bedrooms/Baths wanted
Rent $
Borrower Employer
Phone
Years
Self-employed?
Co-Borrower Employer
Phone
Years
Self-employed?
Borrower Monthly Income
Co-Borrower Income
Other Income
Total
Borrower DOB
Soc. Sec. #
Down Payment Amount
Co-Borrower DOB
Soc. Sec. #
From Where
Own Any Land? Y N
Is It Paid For? Y N
What Is Value
Is Either A Veteran? Y N
If Not What Is Loan Balance
Retirement Plan? Y N
How Much
Anything You Could Sell Or Trade For Down Payment

Anyone Who Could Co-Sign For You? Y N
Who
Anyone You Could Borrow Down Payment From? Y N
Phone
Who
How Much
Anyone Who Is a Homeowner Who Could Borrow Down Payment For You? Y N
Who
Anyone Who Has a Retirement Plan Who Could Borrow Down Payment For You? Y N
Who
CREDIT REFERENCES NOT ON CREDIT REPORT

Name
Contact
Phone
Bal
Payment
Name
Contact
Phone
Bal
Payment
Name
Contact
Phone
Bal
Payment
Name
Contact
Phone
Bal
Payment
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In addition to the Home Buyer Information Form/Script, I wanted to also share

with you the exact script that we currently use on the initial call when calling
back a potential buyer of a property. Although the script is pretty long, not all of
our Homeowner Specialists (fancy word for sales people) use it word for word.
The purpose of the script is to get them to like us and trust us and excited about
us being able to help them. We are indoctrinating them to get them to do what
we need them to do to buy a house from us. Notice that we do not talk about being investors or even a company. We are an organization that helps people become homeowners. Its almost like we are a government agency. We don't say
that but as you read the script you will see it has that feel to it. It is also on the
forms disk, as well. Here is the script.
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Owner Financing Buyer Script

Hi this is _________ with Neighborhood Housing Group and you called about
one of our properties with special financing in your area. Is this a good time to
talk? (If no, then set time and put in Podio and create task for yourself. Get an
alternate number and an email address and put in Podio. If YesGreat!)
As I mentioned, my name is
__________ and I am one of the Senior
Homeownership Specialists here at Neighborhood Housing Group. You have heard
of us and how we help people become homeowners, haven't you? (If no...Wow,
I'm surprised because we have helped a lot of people in the Carolina's.)
Do you want to become a homeowner? Great!
Well first, let me give you our organizations website as there is a lot of good
information there that will give you an idea of how our path to homeownership
program
works.
Do
you
have
a
pen
handy?
It
is
www.NeighborhoodHousingGroup.org. Remember, its .org, not .com.
Let me tell you a little about who we are and what we do, ok? We are an
organization based in the Carolina's that offers select properties to deserving
families with a reasonable down payment and the ability to pay a monthly
payment comparable to rent. Through our special funding programs, we are an
alternative to buying a home the traditional way. There is no bank qualifying
needed.
You do not need to have perfect credit and we offer payments to fit your budget.
You are not renting the property or renting to own. You are buying it. How does
that sound?
We work closely with banks, HUD and other government agencies to identify specific properties that meet our strict guidelines and make nice homes that are
ready to move into or need minimal work to move in. This way we can offer our
special funding programs and help people become a homeowner.
Why don't you tell me a little about what youre looking for? (Ask about number
of bedrooms and baths. Ask about general location.)
Tell me a little about yourself and why you think you should be a homeowner
(make them sell you.)
Why do you think we should select you over another potential applicant?
Let me ask you a question. If you qualify, and we can help you become a
homeowner, can you be a little flexible on the specific house we are able to get
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you? In other words, even if a house we have available is not the exact home you
want, would you be ok owning it for a few years to build some equity and then
you could sell it and get another house? At least you will be building equity
instead of throwing away your money on rent, right?
I'm not asking you to accept a home that you don't want. In fact, we usually
have multiple people that want each one of our homes. All I am saying is that if
you can be a little flexible then we have a better chance of helping you. Does that
make sense?
In order to qualify, you will need at least $2,500 in monthly household income
and we need to verify that you have the ability to make the monthly payments.
We do this for your protection so we know you will be able to afford the home
you want. Does this make sense? How much can you handle per month for a
monthly payment?
About how much do you have for a down payment? And where is that money
now? Assuming that you get approved and selected for a home, and the only
thing keeping you from getting the house is the amount of down payment, do
you think you may be able to come up with some additional down payment? How
much do you think you could come up with?
(If they do not have enough money, tell them that most of the properties require
around 10-15% down payment and ask if they could come up with that.)
As I mentioned, because we hand pick all of the properties for our prospective
homeowners, as you can imagine, they go very fast. So if you see a home you
are interested in, you need to act fast before it it's gone. Does that make sense?
Based on what you told me, I do have a property that just became available. If I
give you the address, how soon could you get out to look at it? Do you have a
pen handy? Write down this address. (Give address and tell them about the
property.)
Now I want you to go by and look at it and then call me to get inside. Please hurry because it will not be available long.
Here is how the process works
Once you see the house and want to apply to get it, let me know and I will send
you some preliminary paperwork to reserve the house so no one else can jump
ahead of you. This also requires a fully refundable good faith deposit of $1,000.
This shows our underwriters that you are serious about becoming a homeowner
and helps your chances of approval. Remember, the good faith deposit is fully refundable if you are not approved.
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Once I get the paperwork and deposit back, we will have our third party
underwriter contact you to start the approval process. They will take a credit application and send you some initial documentation. Remember, approval is based
in your ability to pay, not just credit.
Once they contact you, it is important that you get them all of the information
they need as soon as possible so you do not lose the property.
Be sure to let me know when you get to the house so we can get the process
started. You sound very sincere so I am going to put in a good word for you.
Thanks and I look forward to helping you.
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Showing the Property to Buyers

Lets talk about showing the property. When they call on the property, they will
probably have already seen it, or they saw one of the 20 signs and are calling to
get the address. If they haven't seen it or they have only peeked in the windows,
you can actually show it in a few different ways.
We take enough pictures so that they are really not that anxious to get inside. If
they have seen the outside and they can look into the windows and have seen
the many, many pictures that we took, they are not in too much of a hurry to get
inside. The key is to get as many pictures as possible so there is no reason for
them to need to get inside. We have even taken videos of each room and put
them together into a short 3-5 minute video of touring the house.
You can pay a Realtor $50, more or less, each time to let people in to look at it
and you pay the Realtor once you have a buyer and have closed on the transaction.
You could have the buyer call you as soon as they arrive at the house and you
could talk to them as they are looking at the property. You would give them the
combination while they are standing at the door, have them take the key out of
the lock box, unlock the door, then put the key right back in the lock box before
they even open the door. That way you could help them out and also make sure
they are putting the key right back into the box while you have them on the
phone. Its really not a big deal showing the property. Remember, these are lowend cheap houses and the buyers for these kinds of properties are not as particular as your average retail home buyer so you do not have to show the properties
very much at all to get them sold. I have found with this kind of property, the
buyer is just as motivated by the terms of seller financing as they are by the
property itself.
Selling the Property
Once you have sold them on buying the property, then you send them the offer
to purchase which is included in your course or you can use your own. Were not
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doing all the paperwork right now, just the offer to purchase. They are going to
send back the offer to purchase along with the deposit, whatever amount that
you ended up negotiating. We typically get a $1,000 deposit. We are also now
getting any financial information that our RMLO will allow us to get. This helps to
speed up the process instead of waiting on the RMLO to get it for us. We try to
get a months worth of pay stubs, two years of W2s, two years of tax returns
and a copy of their drivers license and social security card. This helps to prove
their income for their Ability to Pay, as required by Dodd Frank. There are many
apps now available that can be used on a smart phone to take pictures of the
documents to send to you. This really helps to speed up the process as we rarely
meet our buyers in person since we buy all over multiple states. In other words,
we try to get the buyer to sign the contract digitally. We use a service called
www.DocuSign.com. It is fairly simple to set up. There are other services available, as well.
As soon as you get the contract, deposit and documentation back, you are going
to send everything over to your RMLO to take the application, pull their credit
and run their debt ratio to make sure they have the Ability to Pay. You can find
an RMLO and/or learn how to find one in the RMLO and Servicers Directory included in this course as a bonus. Once the RMLO has taken the application and
sent out their required disclosures, the borrower will need to sign whats called
an Intent to Proceed. This will be in the package sent to the borrower from the
RMLO. Once that is returned, then the RMLO will send out what is now referred to
as the CD or closing document. At that point, the RMLO will let you know when
you can close the transaction.
Your attorney or title company can then print the closing documents and close
the deal for you. Now the attorney or title company can prepare the documents;
however, I will show you some services to use in the Million Dollar Rolodex so
you do not have to worry about getting the documents yourself. Also, when you
use a professional document preparation company they will make sure that they
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include any required disclosures that may be needed to stay in compliance with
any lending laws. Same goes for a local attorney or title company.
In your Million Dollar Rolodex, there are sources of signing services where you
can get them to go out and do the paperwork for you. They are notary publics
and in some states they have to be a licensed attorney, but thats why you want
to work with a title company to work with this stuff to make sure you comply with
every state law. You dont have to know what the law is; you just have to have
someone handling your closing that does.
Okay, documents are signed by the attorney or title company and they have sent
the documents back to you and now you have to set up servicing.
Now you have to set it up to start collecting payments and there are many
different ways to do this. Some people use a spreadsheet or a ledger and Im enclosing some in your course for this. Some people hire a servicing company, and
some of the servicers will do everything from getting the paperwork done to
booking it to start collecting the payments on it. There are also some servicing
companies that will buy those notes from you as well, and all this is included in
the Note Buyers Directory.
You now have a $28,000 asset that you paid $5,000 for and you took $2,000
down, so you have about $3,000 in it and now you have this $28,000 loan. You
can do many things, keep it and collect the payments, you could sell all of it, a
portion of it, or season it for 6 months and sell all or a portion.
I know some of the paperwork sounds intimidating but I can assure you that it
will be much easier than you think. Especially when you have an attorney or title
company or document prep service prepare your paperwork. They will also record
the documents as well so you dont even have to worry about doing that.
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ORIGINAL PURCHASER LICENSE ONLY! YOU DO NOT OWN THE PROGRAM, JUST
THE RIGHTS TO USE IT! COPYING, SHARING OR RESELLING IS PROHIBITED! IF
THIS MANUAL IS MISSING THE CABLE SECURITY LOCK WITH A SERIAL NUMBER
AROUND THE THREE RING BINDER THEN THIS IS A FORGED COPY OF THE
ORIGINAL FILTHY RICHES COURSE. A $10,000 REWARD IS OFFERED FOR
INFORMATION LEADING TO THE ARREST AND CONVICTION OF THE PERSON
WHO HAS UNLAWFULLY COPIED THIS MANUAL. IF YOU ARE THINKING OF
DELETING THIS WARNING AND COPYING THIS MANUAL, THIS WARNING IS
MENTIONED IN THE AUDIO OF THE COURSE ALSO. TO REPORT ANY SUSPECTED
VIOLATIONS AND TO RECEIVE AN ORIGINAL COURSE DIRECT FROM LARRY
GOINS IN EXCHANGE FOR YOUR UNLAWFUL COPY INCLUDING INFORMATION
ON WHERE YOU RECEIVED IT JUST CALL 803-831-0056.
Default
In the event of default, there are many things that you can do. You can foreclose,
do a loan modification, offer them cash for keys or give them the house. If they
get behind, I would suggest that you try to work with them by doing a loan
modification. I would use foreclosure as a last resort. After all, you are making
great returns and can afford to modify their loan. If you ever have a situation
that you can really help someone in need you will be able to give them the
house. We have given away a couple houses over the years.
If you do have to get the property back, depending on how you structured the
sale will depend on your options to get the property back. As we will discuss
later, if you have sold it on a Land Contract it can be a lot easier to get the property back and resell it without having to go through the foreclosure process.
I have included a loan modification agreement here and on the forms disk as
well.
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____________________________ [Space Above This Line For Recording Data] ____________________________
LOAN MODIFICATION AGREEMENT

(Providing for Fixed Interest Rate)
This Loan Modification Agreement (Agreement), made this ____ day of __________________, ______,
between __________________________________ (Borrower) and ___________________________________ (Lender), amends and supplements (1) the Mortgage, Deed of Trust, or Security Deed (the Security Instrument) dated
________________________________________ and recorded in Book or Liber _____________, at page(s)
_______________, of the _____________________________ Records of _________________________________
(Name of Records)
___________________________________________ and (2) the Note, bearing the same date as, and secured by, the
(County and State, or other Jurisdiction)
Security Instrument, which covers the real and personal property described in the Security Instrument and defined therein
as the Property, located at
_____________________________________________________________________________________________,
(Property Address)
the real property described being set forth as follows:

In consideration of the mutual promises and agreements exchanged, the parties hereto agree as follows
(notwithstanding anything to the contrary contained in the Note or Security Instrument):
1.
As of __________________________, the amount payable under the Note and the Security Instrument (the
Unpaid Principal Balance) is U.S. $_________________, consisting of the unpaid amount(s) loaned to
Borrower by Lender plus any interest and other amounts capitalized.
2.
Borrower promises to pay the Unpaid Principal Balance, plus interest, to the order of Lender. Interest will be
charged on the Unpaid Principal Balance at the yearly rate of ___________%, from ________________,
_____________________. Borrower promises to make monthly payments of principal and interest of U.S.
$_______________________, beginning on the ____ day of ________________, ______, and continuing
thereafter on the same day of each succeeding month until principal and interest are paid in full. The yearly rate
of ___________________% will remain in effect until principal and interest are paid in full. If on
________________________ (the Maturity Date), Borrower still owes amounts under the Note and the
Security Instrument, as amended by this Agreement, Borrower will pay these amounts in full on the Maturity Date.
3.
If all or any part of the Property or any interest in the Property is sold or transferred (or if Borrower is not a natural
person and a beneficial interest in Borrower is sold or transferred) without Lenders prior written consent, Lender
may require immediate payment in full of all sums secured by the Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a
period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all
sums secured by the Security Instrument. If Borrower fails to pay these sums prior to the expiration of this
period, Lender may invoke any remedies permitted by the Security Instrument without further notice or demand on
Borrower.
4.
Borrower also will comply with all other covenants, agreements, and requirements of the Security Instrument,
including without limitation, Borrowers covenants and agreements to make all payments of taxes, insurance
premiums, assessments, escrow items, impounds, and all other payments that Borrower is obligated to make under
the Security Instrument; however, the following terms and provisions are forever canceled, null and void, as of the
date specified in paragraph No. 1 above:
(a)
all terms and provisions of the Note and Security Instrument (if any) providing for, implementing, or
relating to, any change or adjustment in the rate of interest payable under the Note; and
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(b)
5.
all terms and provisions of any adjustable rate rider, or other instrument or document that is affixed to,
wholly or partially incorporated into, or is part of, the Note or Security Instrument and that contains any
such terms and provisions as those referred to in (a) above.
Borrower understands and agrees that:

(a)
All the rights and remedies, stipulations, and conditions contained in the Security Instrument relating to
default in the making of payments under the Security Instrument shall also apply to default in the making
of the modified payments hereunder.
(b)
All covenants, agreements, stipulations, and conditions in the Note and Security Instrument shall be and
remain in full force and effect, except as herein modified, and none of the Borrowers obligations or
liabilities under the Note and Security Instrument shall be diminished or released by any provisions
hereof, nor shall this Agreement in any way impair, diminish, or affect any of Lenders rights under or
remedies on the Note and Security Instrument, whether such rights or remedies arise thereunder or by
operation of law. Also, all rights of recourse to which Lender is presently entitled against any property or
any other persons in any way obligated for, or liable on, the Note and Security Instrument are expressly
reserved by Lender.
(c)
Nothing in this Agreement shall be understood or construed to be a satisfaction or release in whole or in

part of the Note and Security Instrument.
(d)
All costs and expenses incurred by Lender in connection with this Agreement, including recording fees,
title examination, and attorneys fees, shall be paid by the Borrower and shall be secured by the Security
Instrument, unless stipulated otherwise by Lender.
(e)
Borrower agrees to make and execute such other documents or papers as may be necessary or required to
effectuate the terms and conditions of this Agreement which, if approved and accepted by Lender, shall
bind and inure to the heirs, executors, administrators, and assigns of the Borrower.
(f)
Borrower authorizes Lender, and Lenders successors and assigns, to share Borrower information
including, but not limited to (i) name, address, and telephone number, (ii) Social Security Number,
(iii) credit score, (iv) income, (v) payment history, (vi) account balances and activity, including
information about any modification or foreclosure relief programs, with Third Parties that can assist
Lender and Borrower in obtaining a foreclosure prevention alternative, or otherwise provide support
services related to Borrowers loan. For purposes of this section, Third Parties include a counseling
agency, state or local Housing Finance Agency or similar entity, any insurer, guarantor, or servicer that
insures, guarantees, or services Borrowers loan or any other mortgage loan secured by the Property on
which Borrower is obligated, or to any companies that perform support services to them in connection
with Borrowers loan.
Borrower consents to being contacted by Lender or Third Parties concerning mortgage assistance relating
to Borrowers loan including the trial period plan to modify Borrowers loan, at any telephone number,
including mobile telephone number, or email address Borrower has provided to Lender or Third Parties.
By checking this box, Borrower also consents to being contacted by text messaging .
______________________________ (Seal)
__________________________________ (Seal)
Lender
By:
_______________________________
Borrower
__________________________________ (Seal)
Borrower
____________________________________
Date of Lenders Signature
____________________________ [Space Below This Line For Acknowledgments] _________________________
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CHAPTER 8
How to Structure the Sale
Here is the way a typical deal would be structured. Keep in mind that you can
structure it any way that you want; however, if you want to sell the note then
you will need to be careful how you structure it.
Think about this, with the amount of foreclosures out there, people are losing
their homes and there may even be tenants living near this property, maybe
even on the same street, as this property that are having to move out because
their landlord is being foreclosed on or for whatever reason. Those tenants look
down the street and see that sign for $2,000 down/$400 a month when originally
they had been paying $500, $600 or maybe even $700 a month rent to a
landlord that is losing the house because of foreclosure. And now they could own
the house for $2,000 down and $400 a month? What a deal!
We are going to sell this property for $30,000, and we typically charge 9%
interest rate. The reason we do 9% interest rate is because theres nowhere that
I know of that 9% can be considered usury, or a high cost loan. So, 9% on a
$28,000 loan (because they put $2,000 down) for 10 years, were going to do the
math and work that out to the exact payment, which turns out to be $354.69 a
month.
Below is a Conditions of Approval letter that you can send to your buyer to let
them know the exact terms that they are approved on. I want you to have this
approval however, when an RMLO takes the application, they will typically take
care of this for you.
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Conditions of Approval
8/24/16
Dear _________________________________,
Your application for purchase of the property at _________________________,

City___________________, State_________ has been approved.
Therefore, your offer to purchase is accepted, subject to the following terms and conditions:
1. Purchase Price $30,000
2. Down Payment $2,000 payable as follows
$______
due upon execution of the contract
$______
the ____ day of _____________
$______
the ____ day of _____________
These payments are in addition to the regularly scheduled monthly payments

NOTE: Failure make any payment due under the contract is grounds for termination of the purchase
agreement, eviction from the home and forfeiture of any funds paid in
3. Interest Rate: 9%
4. Number of Payments: 120 months
5. This will result in a monthly home payment of $354.69, plus taxes, insurance and escrow charges
6. You are buying the property as is where is and the seller makes no warranties or guarantees as to
the value or use of the property
7. Once the total additional $___________ down payment has been received, we will:
_______________________________________________________________________
Neighborhood Housing Group, LLC
By: __________________________
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Contracts When Selling

When we sell the property we use a very specific contract. This is not to say that
you cannot use your own or a state approved contract. We have just created our
own that we use when selling for cash or with seller financing. We also have a
Seller Financing Addendum that we include when selling with seller financing. The
goal here is to keep it simple and not overwhelm the purchaser. Now I am sure
there are many clauses that I could have added that I didnt, but remember, we
arent talking about a $100,000 house here. We are talking about a simple
$5,000 house that you purchased and are selling it by financing it for the buyer.
On the next page is a sample of my cover letter and contract, as well as, my seller finance addendum. I use these for all of my deals whether Filthy Riches cheap
houses or higher priced houses. I have also included each on the forms disk for
you to customize and edit, as you would like.
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Congratulations on Taking Your First Steps to Becoming a Homeowner!

Were excited to be able to help you realize the American Dream! The steps
below will give you an overview of the entire process, from signing the Purchase
Agreement for your new home, to moving in. The entire process can be done in
as little as two weeks and if you have any questions, your Homeowner Specialist
will be able to help.
The Homeownership Process Simplified
Review and sign the Purchase Agreement in the appropriate places to

reserve the home.
Return the Purchase Agreement as instructed and submit your earnest

money deposit ASAP. Your Purchase Agreement is not valid until we receive
the earnest money deposit, but it is fully refundable if you are not
approved.
Since we only offer our homes in as-is condition, please take the
opportunity
to
inspect
the
property
yourself
to
determine
any
improvements you would want or need to make yourself.
After we receive the signed Purchase Agreement and earnest money

deposit, our RMLO (Residential Mortgage Loan Officer) will contact you and
ask for the information below. We can typically get an answer for you
within 1-2 business days of you submitting the requested documents to the
underwriter.
1
2
3
4
5
Last 2 months of Pay Stubs

Last 2 years of Tax Returns
Last 2 Months of Bank Statements
Copy of Drivers License and Social Security Card / Passport
Copy of any of the following: Gas Bill, Electric Bill, or Cable Bill.
Once approved and if you are satisfied with the condition of your new
home, you will need to pay the rest of your down payment and admin fee,
as listed on your Purchase Agreement.
Next, a tentative closing date will be set.
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It is now time to purchase your homeowners insurance with the tentative

closing date as the effective date. Advise your insurance company to
list Neighborhood
Housing
Group,
LLC
ISAOA/ATIMA as
the
mortgagee. Please send the Declarations page and payment receipt to

closing@larrygoins.com.
The closing paperwork will be emailed to you 1-2 days before your closing
date so that you can review them prior to Closing. Closing will occur in one
of two ways: A closing Attorney or Notary will contact you to schedule a
time/place to meet and sign the closing documents. Closing docs will be
emailed to you and you will sign in front of a local Notary (you can go to
your bank or nearby UPS store). We will provide a shipping label to mail
the signed original documents back to us via UPS.
Congratulations! You are now a Home Owner and may change the locks and start
making any improvements you would like and move in!
Get $500 in grocery coupons. Just send us a short testimonial about how
Neighborhood Housing Group helped you become a homeowner. Ask your
Homeowner Specialist for more information.
Address: 4607 Charlotte Highway, Suite 1, Lake Wylie, SC 29710 |
Phone: 803-831-0056
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Seller: Neighborhood Housing Group LLC

4607 Charlotte Highway, Suite 1, Lake Wylie SC 29710
(803) 831-2875 office | (803) 831-0805 fax
CONTRACT OF SALE
This is a legally binding contract entered into this day_______________.
RECEIPT
IS
HEREBY
ACKNOWLEDGED
OF
THE
SUM
OF:
___________________________________
Dollars ($ __________)
From __________________________________________________(Buyer) as a
deposit on account of the purchase price of the following described property upon
the terms and conditions as stated herein.
DESCRIPTION OF PROPERTY: That lot, piece, or parcel of land situated in
__________________County, Address_
______________________________
City
State
Zip
.
For the PURCHASE PRICE of: ______________________Dollars ($_
________)
TERMS AND CONDITIONS OF SALE: AS IS
Buyer is responsible for paying for any appraisal associated with the
property. Appraisal Fee $_____ ________
Buyer is responsible for paying any inspection fee associated with the property. Inspection Fee $_____________
Administrative Fee $______________
Buyer cannot advertise or promote the property prior to close.
Possession of said premises will be given to purchaser at the time of
closing. Keys may or may not be transferred to buyer.
This contract is not assignable.
Taxes, rent and rent securities shall be prorated at the time of closing and
paid by the seller.
This contract is subject to a ______ day inspection period upon acceptance
of offer.
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Seller agrees to deliver premises at time of closing in an as-is condition. In case

the property is destroyed, wholly or partially, by fire or other casualty prior to
closing, Buyer or Seller shall have option for ten (10) days thereafter of
proceeding or terminating agreement.
If buyer needs financing to purchase the property, we reserve the right to
continue marketing and accept offers for the property until buyer receives a final
commitment letter with no contingencies from their lender.
Said property is being sold and purchased subject to zoning ordinances and
regulations; building restrictions; and conditions, restrictions and easements of
Public Record.
It is agreed that time is of the essence with respect to all dates specified in the
Agreement and any addenda, riders, or amendments thereto. This means that all
deadlines are intended to be strict and absolute. If the closing does not occur by
the Closing Date, the Agreement is automatically terminated and the Seller shall
retain any earnest money deposit as liquidated damages.
In the event Buyer requests an extension of the Closing Date or of the deadline
for the fulfillment of any contingency, and the Seller agrees to the extension, the
Buyer agrees to pay to the Seller a per diem penalty of the greater of $50.00 or
1/10 of 1% of the purchase price per calendar day towards Sellers carrying
costs, through and including the Closing Date specified in the written extension
agreement. The per diem amount must be deposited with the Seller at the time
any request for extension is made.
Seller agrees to deliver a good and marketable or insurable owners title to the
property above described free and clear of all encumbrances except as herein set
forth. Buyer shall pay for state and county documentary stamps and preparation
of deed. Buyer agrees to notify Seller in writing prior to closing of any defects in
title as soon as reasonably possible and if title proves to be not good and
marketable or insurable, the seller is to make title good and marketable or
Insurable and shall give reasonable time from notification so to do. The Buyer
and Seller have until ________________________to accept this Offer to
Purchase and Contract of Sale and if not returned then contract shall be null and
void and of no force and effect.
This transaction shall be closed, the balance of the moneys due shall be paid, and
all documents signed by the parties hereto on or before___________________.
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Buyer to have their funds for closing in the closing offices escrow account no
later than 48 hours before the original scheduled closing date and time. If Buyer
is at fault for not having funds sent in time Buyer is subject to a $___________
fee. The deposit is to be held by the Seller or agreed upon Escrow Company
pending closing. It is expressly agreed that upon the event of any default or
failure on the part of the Purchaser to comply with the terms and conditions of
this contract that said deposit is to be paid to Seller as liquidated damages.
The parties hereto further agree that this written contract and the attached
Addendum express the entire agreement between the parties, and that there is
no other agreement, oral or otherwise, modifying the terms hereunder.
This contract shall be binding on parties, their principles, heirs, personal
representatives, or assigns. It is agreed that the listing broker in this transaction,
if any, is _______________________________
and is being paid by
____________________ in the amount of _________, and the selling broker in
this transaction, if any, is _____________________ and is being paid by
____________________ in the amount of __________.
The undersigned jointly and severally agree to purchase and sell the
above-described property on the terms and conditions stated in the foregoing
instrument and attached addendum that must be attached and included as part
of this contract.
PURCHASER(S)
Date
SELLER(S)
Date
WITNESSES
Date
WITNESSES
Date
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Contract of Sale Addendum

Controlled Business Disclosure, Hold Harmless and
As Is Where Is Addendum
Address ______________________________________
City ______________________________State_______
Buyer is purchasing the property in its EXISTING CONDITION, WITHOUT
REPRESENTATION OR WARRANTIES OF ANY KIND OR NATURE. Buyer
acknowledges for buyer and buyers successors, heirs and assignees, that buyer
has been given ______ days to inspect and investigate the property and all
improvements thereon, either independently or through agents of buyers
choosing at buyers expense and that in purchasing the property, Buyer is not
relying on Seller or Sellers Agent, as to the condition of the property and/or any
improvements thereon, including but not necessarily limited to, ALL EXISTING
WINDOW COVERINGS, FLOOR COVERINGS, ELECTRICAL, PLUMBING, HEATING,
SEWAGE, SEPTIC, ROOF, FOUNDATION, SOILS AND GEOLOGY, LOT SIZE OR
SUITABILITY OF THE PROPERTY AND/OR ITS IMPROVEMENTS FOR PARTICULAR
PURPOSES, OR THAT THE IMPROVEMENTS ARE STRUCTURALLY SOUND AND/OR
IN COMPLIANCE WITH ANY CITY, COUNTY, STATE AND/OR FEDERAL CODES OR
ORDINANCES. Buyer also acknowledges that the Seller makes no promises,
guarantees, representations or warranties, either expressed or implied, as to the
present or future market value of the subject property, encroachments,
easements or profitability nor the presence or absence of any hazardous or toxic
substances or contamination including but not limited to: radon, lead,
electromagnetic radiation, mold, mildew, microscopic organisms, lead paint, fuel
oil, allergens or asbestos, whether known or unknown and whether or not such
defects or conditions were discoverable through inspection.
Buyer and Seller both waive the right to Sellers disclosure form, if applicable.
Seller does not warrant existing structure as to its habitability or suitability for
occupancy. BUYER(S) ASSUMES RESPONSIBILITY TO CHECK THE APPROPRIATE
PLANNING AUTHORITY FOR INTENDED USE AND HOLDS SELLER AND BROKER
HARMLESS AS TO THE SUITABILITY FOR BUYER(S) INTENDED USE.
Buyer(s) further states that they are relying solely upon their own inspections of
subject property and not upon any representation made to them by any person
whomsoever, and is purchasing the subject property in the condition in which it
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now is, without any obligation on the part of the Seller to make any changes,
alterations, repairs or future obligations of any nature whatsoever.
Any report(s) that is required by the Buyers Lender is to be the sole
responsibility of the Buyer. Buyer shall neither make nor cause to be made:
(i) invasive or destructive investigations; or (ii) inspections by any governmental
building or zoning inspector or government employee, unless required by Law.
Buyer is not allowed to perform order or otherwise cause any repair(s) and/or
work to be done on the property prior to closing.
When visiting or inspecting the property, Buyers and Buyers Representative
enter the premises at their own risk, and Seller shall not be liable for any
injuries, or damage suffered or incurred, to any Buyers or Buyers
Representatives person or personal property, as a result of such entry.
The undersigned, Buyer, acting personally and for their representatives, affiliates
and or organization if any each hereby agrees to defend, indemnify, and hold
harmless Investors Rehab, Inc., Neighborhood Housing Group, LLC,
Neighborhood Housing Properties, LLC, The Goins Group LLC, , and any parent or
affiliate and all shareholders, employees, officers and directors from and against
any and all claims, demands, suits, actions, damages, judgments, cost, charges
and expenses including, without limitation, court cost and attorneys fees, of any
nature whatsoever that any such, buyer and or their affiliate, representative or
organization may suffer, sustain or incur resulting from, arising out of or in any
way connected with any action taken by, or inaction on the part of, any buyer or
their affiliate, representative or organization in connection with this transaction.
Information given to the Buyer may not have been verified by the Seller
and is not guaranteed to be accurate. The Buyer should not rely on such
information in deciding to purchase property. It is the Buyers
responsibility to conduct his own inspections to verify any information,
including square footage, provided to him. Should the Buyer rely on
advice or representations made by Seller in deciding to purchase said
property, Buyer is doing so at his own risk.
It is the policy of the Seller to make no promises, guarantees, representations or
warranties, either expressed or implied. If any expressed or implied promises,
guarantees, representations or warranties were made, they should be
disregarded.
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Seller recommends that Purchaser obtain a survey and plat of the property.
Any loan application fees, appraisal fees, credit report fees, inspection fees,
surveys or legal fees incurred or paid for by the Purchaser are incurred or paid at
the risk of the Purchaser and may not be refundable.
Seller cannot warrant or guarantee that the property, the transaction and/or
borrower is financeable now or in the future.
Seller acknowledges they are buying or have recently bought this property in its
As Is condition without representation or warranties, and without personal
inspection, and are relying on third parties to inspect and appraise the property,
and investment as a whole.
The contract is subject to the Seller being able to acquire the property, if not
closed yet.
Buyer expressly waives the remedy of specific performance in the event seller is
unable to convey title.
Buyer waives right to record a lis pendens against the property or to record the
agreement or memorandum thereof in the real property records.
Buyer waives right to invoke any other equitable remedy that may be available
that, if invoked, would prevent the Seller from conveying the property to a third
party buyer.
Seller reserves the right to continue to offer Property for sale until this offer has
been formally accepted in writing and all contingencies removed in writing.
Buyer ACKNOWLEDGES that since the exact figures for property taxes may be
unknown at this time, we understand that the tax Prorations on the settlement
statement may be based on estimates or the prior years taxes. In the event that
taxes were paid for the preceding year on unimproved basis, the Prorations are
based on estimates for the current year. In the event that taxes for the preceding
year were paid on improved basis and the exact current tax amounts are
unavailable, Prorations are based on amounts for the preceding year. It is
understood that there WILL BE NO ADJUSTMENTS made between seller and
purchaser after closing. We do further agree that Prorations as reflected on the
attached settlement statement are acceptable, and by signature hereon each
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party agrees to hold each other harmless from any tax or other adjustments in
the future.
Inspection examinations, certifications, appraisals, research, closings, repair
estimates, repairs or other services may be performed by vendors or contractors
selected or recommended by Seller as a convenience to the parties. Buyer agrees
to hold harmless the Sellers as to the performance or non-performance and costs
of such vendors or contractors and is using such vendor or information obtained
by such vendors at their own risk.
The undersigned agrees that they have the full authority to execute this
document personally and for any organization they represent or will represent.
By signing you agree that you have read, understand and have the full power and
authority to enter into this legal agreement. If you do not understand this
document, please seek legal counsel prior to signing. The undersigned
acknowledges receipt of a copy of this document.
In the event there is any conflict between this addendum and the contract, the
terms of this addendum take precedence and shall prevail, except as otherwise
provided by applicable law.
The CLOSING OF THIS TRANSACTION shall constitute as acknowledgment by
the
Buyer(s) that THE
PREMISES
WERE
ACCEPTED
WITHOUT
REPRESENTATION OR WARRANTY OF ANY KIND OR NATURE AND IN ITS
PRESENT AS IS CONDITION BASED SOLELY ON BUYERS OWN
INSPECTION.
In the event that any provision, clause, sentence, section or other part of the
Agreement, contract or addendum is held to be invalid, illegal, inapplicable, void
or unenforceable in law to any person or circumstance, it is the intentions of the
parties that the balance of the Agreement shall nevertheless remain in full force
and effect.
PURCHASER(S)
Signature
Date
Printed Name
Signature
Date
Printed Name
Signature
Date
Printed Name
Signature
Date
Printed Name
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Land Contract Seller Financing Addendum

Seller: Neighborhood Housing Group, LLC
4607 Charlotte Highway, Suite 1, Lake Wylie SC 29710
(803) 831-2875 Office
(803) 831-0805 fax
Address
City
State
Zip
Buyer:
Address
City
State
Zip
This Addendum is attached to and made a part of the Contract of Sale between
Seller and Buyer for the property. Seller agrees to provide the Buyer with Seller
Financing in the amount set forth.
1. The Seller Financing shall be evidenced by a balance for purchase money Land
Contract Agreement on the property.
2. The Seller Financing shall bear interest prior to default at the rate of % per
annum and shall be payable as follows: monthly installments of until paid in full.
3. Seller to pay all closing cost and attorney fees.
4. Seller to pay for loan underwriting by licensed Mortgage Company to verify
buyers ability to pay as required by Dodd Frank.
5. Seller to pay for third party servicing company set up and monthly collection of
payments to insure compliance with Dodd Frank.
6. Buyer to pay seller on administrative transaction fee of which is in addition to
the down payment.
7. Buyer total ESTIMATED CLOSING FUNDS NEEDED TO CLOSE are _________.
8. Buyer to pay 1/12th of taxes and insurance with their monthly payment to
third party servicing company to insure prompt payment of such as they are due.
First year may be paid at a rate of 1/10th of the taxes and insurance. Estimated
yearly taxes are _____
.
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9. Buyer to secure and pay for prior to closing 12 months prepaid homeowners
insurance policy listing seller as loss payee. Estimated Yearly insurance premium
is _____
.
10. The buyers estimated monthly payment including principle, interest, taxes,
and insurance (PITI) _______.
IN THE EVENT OF A CONFLICT BETWEEN THIS ADDENDUM AND THE CONTRACT,
THIS ADDENDUM SHALL CONTROL EXCEPT THAT IN THE CASE OF SUCH A
CONFLICT AS TO THE DESCRIPTION OF THE PROPERTY OR THE IDENTITY OF
THE BUYER OR SELLER, THE CONTRACT SHALL CONTROL. NEIGHBORHOOD
HOUSING GROUP LLC MAKE NO REPRESENTATION AS TO THE LEGAL VALIDITY
OR ADEQUACY OF ANY PROVISION OF THIS FORM IN ANY SPECIFIC
TRANSACTION. IF YOU DO NOT UNDERSTAND THIS FORM OR FEEL THAT IT
DOES NOT PROVIDE FOR YOUR LEGAL NEEDS, YOU SHOULD CONSULT A REAL
ESTATE ATTORNEY BEFORE YOU SIGN IT.
Buyer Signature
Date
Printed Name
Buyer Signature
Date
Printed Name
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CHAPTER 9
Required Property Disclosures
There are several disclosures that you need to be aware of and provide to your
buyer when selling property. Before we get into them, I want you to also
remember to check with your local attorney or title company to see if there are
any other disclosures that may be required in your state.
Required Financing Disclosures
As for the financing disclosures, the company that is preparing your documents
can do that based on the state the property is in. Always be sure to tell them to
include any applicable disclosures that may be required such as Truth in Lending
and all RESPA documents. They are actually now called TRID documents. That
stands for Truth in Lending, RESPA Integrated Disclosures. As of this writing, it is
not required to provide financing disclosures when selling a property with seller
financing unless you fall under Dodd Frank; however, I always like to include
them or have my RMLO include them. This basically means it is not required if
you are selling to an investor. Your document preparation company can provide
them for you, if needed.
Protect Your Family from Lead in Your Home
The first disclosure I want to show you is the Lead Based Paint disclosure. This
document is actually called Protect Your Family from Lead in Your Home. This is
a federal disclosure that is required to be given to any purchaser or tenant on a
property that was built before 1978. Here is the actual document on the next
page. I have also included a digital copy on the forms disk of this and all disclosures for you to use. This is another reason I like doublewide mobile homes as I
am buying ones built in the late 90s or 2000s and no disclosure is required.
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Lead Based Paint Addendum

The next disclosure that I want to show you is the Lead Based Paint addendum
that you will give to your buyer to sign acknowledging that they have received
the Lead Based Paint brochure titled Protect Your Family from Lead in Your
Home. Here is the Addendum.
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SAMPLE FORMAT
LEAD-BASED PAINT and MOLD DISCLOSURE ADDENDUM
Property Case #
Property Address:
Lead Warning Statement

Every purchaser of any interest in residential real property on which a residential
dwelling was built prior to 1978 is notified that such property may present
exposure to lead from lead based paint that may place young children at risk of
developing lead poisoning. Lead poisoning in young children may produce
permanent
neurological
damage,
including
learning
disabilities,
reduced
intelligence quotient, behavioral problems and impaired memory. Lead poisoning

also poses a particular risk to pregnant women. The seller of any interest in
residential real property is required to provide the Purchaser with any information
on lead based paint hazards from risk assessments or inspections in the sellers
possession and notify the Purchaser of any known lead based paint hazards. A
risk assessment or inspection for possible lead based paint hazards is
recommended prior to purchase.
Sellers Disclosure
Presence of lead based and/or lead-based paint hazards (check (i) or (ii)
below):
(i)
Seller has knowledge of lead-based paint and/or lead-based paint
hazards in the housing (explain).

(ii)
Seller has no knowledge of lead-based paint and/or lead-based paint
hazards in the housing.
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Records and reports available to the seller (check (i) or (ii) below):
(i)
Seller has provided the purchaser with all available records and
reports pertaining to lead-based paint and/or lead-based paint hazards in the

housing (list all documents below).
(ii)
Seller has no reports or records pertaining to lead-based paint
and/or lead-based paint hazards.

Purchasers Acknowledgment (initial)
a.
Purchaser has received copies of all information listed above.
b.
Purchaser has received the pamphlet Protect Your Family From Lead In
Your Home.
c.
Purchaser has a 15-day contingency period from the date of its signature
below to exercise the option to conduct a lead-based paint inspection or risk
assessment at its own expense for the presence of lead-based paint and/or
lead-based paint hazards. The Purchaser may withdraw from this purchase obligation by providing written notice
to the Seller on or before this date. The
Purchaser will be entitled to a refund of earnest money if the Purchaser

obtained an independent lead-based paint inspection or risk assessment performed by a Certified Lead-Based Paint Inspector or Risk Assessor, as applicable, and the Purchaser provides the Seller with a copy of the lead-based paint
inspection or risk assessment report.
Agents Acknowledgment (initial)
d.
Selling Broker is aware of his/her responsibilities to ensure compliance

with 42 U.S.C. 4852d.
Certification of Accuracy
The following parties have reviewed the information above and certify, to the
best of their knowledge, that the information they have provided is true and
accurate.
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Seller Signature
Date
Purchaser Signature
Date
Purchaser Signature
Date
Selling Broker/Agent Signature
Date
Selling Broker/Agent Signature
Date
MOLD DISCLOSURE AND WAIVER

Printed Name(s) of Purchaser(s)
Printed Name(s) of Seller(s)
Property Address
PURCHASERS MOLD INSPECTIONS

Mold contaminants may exist in the Property of which the Seller is unaware.
These contaminants generally grow in places where there is or may have been
excessive moisture, such as where leakage may have occurred in roofs, pipes,
walls, plant pots, or where there has been flooding; these conditions may be
identified with a typical home inspection.
Seller recommends Purchaser obtain a home inspection to better determine the
condition of the property. Neither the Seller nor Broker, if any, is an expert in the
field of mold contaminants. In the event suspect mold contamination is
discovered, it is recommended that Purchasers satisfy themselves as to property
condition by having a mold inspection performed. The cost and quality of such inspections may vary. Companies able to perform appropriate inspections may be
found in the Yellow Pages or on the World Wide Web under Microbial or Mold Inspections or Environmental and Ecological Services.
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CLIENT DISCLOSURE
The Seller has recommended the client obtain a Home Inspection:
Initials
WAIVER Purchaser agrees to hold the Seller, Broker and Brokers Agent if any
harmless in the event any mold contaminants are discovered on the property.
Purchaser understands mold is a naturally occurring microbe and that
mold should pose no health threat unless concentrated at high levels in
the living environment. The Seller, Broker and the Brokers Agent if any agree
that in the event mold like contamination is discovered, this condition will be immediately reported to the client. The only way to determine if a mold like
substance is truly mold or is present at high levels is through sample collecting and analytical testing.
RECEIPT OF COPY Purchaser(s) have read this Mold Disclosure/Waiver and by
their signatures hereon acknowledge receipt of a copy thereof.
PROFESSIONAL ADVICE Purchaser(s) execute this Disclosure/Waiver with the
understanding that they should consult with a professional of their choice
regarding any questions or concerns before its execution.
LEGAL ADVICE Purchaser(s) acknowledge that this waiver does not attempt to
offer legal advice. If Purchaser(s) feel the need for legal advice, they should
consult an Attorney of their choice prior to the execution of this document.
Client
Client
Agent
Broker
Date
Date
Date
Date
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Sellers Disclosure Statement

The next document I want to give you is the Sellers Disclosure Statement which
basically acknowledges that you have never lived in the property and that the
buyer is buying as is where is. Here is the document.
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SELLERS DISCLOSURE STATEMENT
SELLER:
PROPERTY ADDRESS:
NOTICE TO BUYER: This is a disclosure of Sellers knowledge of the condition of
the property as of the date signed by Seller and is not a substitute for any
inspections or warranties that Buyer may wish to obtain. It is not a warranty of
any kind by Seller or a warranty or representation by anyone involved in the sale
of this property.
1. Sellers have owned the property for less than one year.
2. Sellers have never lived in the property.
3. Sellers can make no warranties or guarantees of any kind as to any aspect of
the propertys condition, available use or contents.
Seller:
By:
Date:
, 20
By:
Date:
, 20
RECEIPT AND ACKNOWLEDGMENT OF BUYER

I have carefully inspected the property and the surrounding area. I have
been advised to have the property examined by Professional Inspectors. I
acknowledge that seller is NOT an expert at detecting or repairing physical
defects in the property.
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I understand that unless stated otherwise in my contract with seller, the property
is being sold in its present condition only, without warranties or guarantees of
any kind by seller or any broker or agent. I state that no representations
concerning the condition of the property are being relied upon by me except as
disclosed above or stated within the sales contract.
Buyer:
By:
Date:
, 20
By:
Date:
, 20
THIS DOCUMENT HAS LEGAL SIGNIFICANCE.

IF NOT UNDERSTOOD, CONSULT AN ATTORNEY.
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Residential Property Disclosure Statement

The next document is the Residential Property Disclosure Statement which
basically acknowledges any repair areas that you may know about the property.
In this document, the seller basically checks the correct box for each item
acknowledging any repairs the seller may know of. I would suggest that you
check the box No Representation for each item. Here is the document.
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RESIDENTIAL PROPERTY DISCLOSURE STATEMENT

INSTRUCTIONS TO PROPERTY OWNERS
1.
2.
G.S. 47 E requires owners of residential real estate (single-family homes and buildings up to four dwelling units) to
furnish purchasers a property disclosure statement. This form is the only one approved for this purpose. A disclosure
statement must be furnished in connection with the sale, exchange, option and sale under a lease with option to
purchase (unless the tenant is already occupying or intends to occupy the dwelling). A disclosure statement is not
required for some transactions, including the first sale of a dwelling which has never been inhabited and transactions
of residential property made pursuant to a lease with option to purchase where the lessee occupies or intends to
occupy the dwelling. For a complete list of exemptions, see G.S. 47E-2.
You must check one of the boxes for each of the 20 questions on the reverse side of this form.
a.
If you check Yes for any question, you must describe the problem or attach a report from an engineer,
contractor, pest control operator or other expert or public agency describing it. If you attach a report, you will
not be liable for any inaccurate or incomplete information contained in it so long as you were not grossly negligent in obtaining or transmitting the information.
b.
If you check No, you are stating that you have no actual knowledge of any problem. If you check No and you
know there is a problem, you may be liable for making an intentional misstatement.
c.
If you check No Representation, you have no duty to disclose the conditions or characterizations of the
property, even if you should have known of them.
*
3.
4.
If you check Yes or No and something happens to the property to make your Statement incorrect or inaccurate (for example, the roof
begins to leak), you must promptly give the purchaser a corrected Statement or correct the problem.
If you are assisted in the sale of your property by a licensed real estate broker or salesperson, you are still
responsible for completing and delivering the Statement to the purchasers; and the broker or salesperson must
disclose any material facts about your property which they know or reasonably should know, regardless of your
responses on the Statement.
You must give the completed Statement to the purchaser no later than the time the purchaser makes an offer to
purchase your property. If you do not, the purchaser can, under certain conditions, cancel any resulting contract (See
Note to Purchasers below) You should give the purchaser a copy of the Statement containing your signature and
keep a copy signed by the purchaser for your records.
Note to Purchasers: If the owner does not give you a Residential Property Disclosure Statement by the time
you make your offer to purchase the property, you may under certain conditions cancel any resulting contract
and be entitled to a refund of any deposit monies you may have paid. To cancel the contract, you must
personally deliver or mail written notice of your decision to cancel to the owner or the owners agent within
three calendar days following your receipt of the Statement, or three calendar days following the date of the
contract, whichever occurs first. However, in no event does the Disclosure Act permit you to cancel a contract
after settlement of the transaction or (in the case of a sale or exchange) after you have occupied the
property, whichever occurs first.
5.
In the space below, type or print in ink the address of the property (sufficient to identify it) and your name. Then sign
and date.
Property Address:
Owners Name (s):
Owner(s) acknowledges having examined this Statement before signing and that all information is true and correct as of
the date signed.
Owner Signature:
Date
Owner Signature:
Date
Purchaser(s) acknowledges receipt of a copy of this disclosure statement; that they have examined it before signing; that
they understand that this is not a warranty by owner or owners agent; that it is not a substitute for any inspections they
may wish to obtain; and that the representations are made by the owner and not the owners agent(s) or subagent(s).
Purchaser(s) are encouraged to obtain their own inspection from a licensed home inspector or other professional.
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Purchaser Signature:
Date
Purchaser Signature:
Date
Property Address/Description:
[Note: In this form, property refers only to dwelling unit(s) and not sheds, detached garages or other buildings.]
Regarding the property identified above, do you know of any problem (malfunction or defect) with any of the
following:
No
Rep.
No
Yes*
1 FOUNDATION, SLAB, FIREPLACES/CHIMNEYS, FLOORS, WINDOWS (INCLUDING STORM WINDOWS

AND SCREENS), DOORS, CEILINGS, INTERIOR AND EXTERIOR WALLS, ATTACHED GARAGE, PATIO,
DECK OR OTHER STRUCTURAL COMPONENTS including any modifications to them?
a.
Siding is Masonry Wood Composition/Hardboard Vinyl Synthetic Stucco
Other
b.
Approximate age of structure?
2 ROOF (leakage or other problem)?
3 WATER SEEPAGE, LEAKAGE, DAMPNESS OR STANDING WATER in the basement, crawl space or slab?
4 ELECTRICAL SYSTEM (outlets, wiring, panel, switches, fixtures etc.)?
5 PLUMBING SYSTEM (pipes, fixtures, water heater, etc.)?
6 HEATING AND/OR AIR CONDITIONING?
a.
a.
b.
c.
Approximate age of roof covering?
Heat Source is: Furnace Heat Pump Baseboard Other

Cooling Source is: Central Forced Air Wall/Window Unit(s) Other
Fuel Source is: Electricity Natural Gas Propane Oil Other
7 WATER SUPPLY (including water quality, quantity and water pressure)?

a.
b.
Water supply is: City/County Community System Private Well Other

Water pipes are: Copper Galvanized Plastic Other Unknown
8 SEWER AND/OR SEPTIC SYSTEM?

a.
Sewage disposal system is: Septic Tank Septic Tank with Pump Community System
Connected to City /County System City/County System available Straight pipe
(wastewater does not go into a septic or other sewer system [note: use of this type of system violates state law]) Other
9 BUILT-IN APPLIANCES (RANGE/OVEN, ATTACHED MICROWAVE, HOOD/FAN, DISWASHER, DISPOSAL,

etc.)?
Also regarding the property identified above, including the lot, other improvements, and fixtures located thereon, do you know
of any:
10
PROBLEMS WITH PRESENT INFESTATION, OR DAMAGE FROM PAST INFESTATION OF WOOD DESTROYING INSECTS OR ORGANISMS which has not been repaired?
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11
PROBLEMS WITH DRAINAGE, GRADING OR SOIL STABILITY OF LOT?
12
PROBLEMS WITH OTHER SYSTEMS AND FIXTURES: CENTRAL VACUUM, POOL, HOT TUB, SPA, ATTIC FAN, EXHAUST FAN, CEILING FAN, SUMP PUMP, IRRIGATION SYSTEM, TV CABLE WIRING OR
SATELLITE DISH, OR OTHER SYSTEMS?
13
ROOM ADDITIONS OR OTHER STRUCTURAL CHANGES ?
14
ENVIRONMENTAL HAZARDS (substances, materials or products) including asbestos, formaldehyde,

radon gas, methane gas, lead-based paint, underground storage tank, or other hazardous or toxic
material (whether buried or covered), contaminated soil or water, or other environmental contamination)?
15
COMMERCIAL OR INDUSTRIAL NUISANCES (noise, odor, smoke, etc.) affecting the property?
16
VIOLATIONS OF BUILDING CODES, ZONING ORDINANCES, RESTRICTIVE COVENANTS OR OTHER

LAND-USE RESTRICTIONS?
17
UTILITY OR OTHER EASEMENTS, SHARED DRIVEWAYS, PARTY WALLS OR ENCROACHMENTS FROM
OR
ON ADJACENT PROPERTY?
18
LAWSUITS, FORECLOSURES, BANKRUPTCY, TENANCIES, JUDGMENTS, TAX LIENS, PROPOSED ASSESSMENTS, MECHANICS LIENS, MATERIALMENS LIENS, OR NOTICE FROM ANY GOVERNMENTAL
AGENCY that could affect title to the property?
19
OWNERS ASSOCIATION OR COMMON AREA EXPENSES OR ASSESSMENTS?
20
FLOOD HAZARD or that the property is in a FEDERALLY-DESIGNATED FLOOD PLAIN?
If you answered Yes to any of the above questions, please explain (Attach additional sheets, if necessary):
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Attorney/Insurance Preference
Some states allow for the buyer to be able to choose who they get their homeowners insurance through and which attorney or title company they use. Here is
a sample form that we have used.
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Attorney/Insurance Preference
I, the undersigned hereby acknowledge that I have been informed by Neighborhood Housing Group, LLC that,
although I may be required by the seller or the Lender to purchase insurance to cover the property that is
being used as security for the loan, I may purchase that insurance form the insurance company or agent of my
choice and cannot be required by the seller or lender, as a consideration of the sale or loan, to purchase or
renew any policy of insurance covering the property through any particular insurance company, agent, solicitor
or broker.
I also understand and have been advised that I may use the attorney of my choice to represent me and handle
the closing.
I hereby acknowledge receipt of a true copy of this notice on ___________________, 2016.
Buyer:
Buyer:
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Please remember to check with your local attorney or title company to make sure
that you have included any and all disclosures that may be required in the state
that you are buying the property in.
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CHAPTER 10
Selling on Land Contract
You could also sell the property by a land contract or contract for deed as some
people call it. With this, you as the seller, retain the deed to the property until it
is paid for in full. There is a document called an Installment Land Contract that
states the terms and conditions of which you will sell the property for. The seller
keeps the deed to the property until the loan is paid in full. This is a very popular
way of selling a property with seller financing. It can also make it easier to get
the property back in case of default. Some states require recording of a land contract so in order to cancel the land contract, the borrower must sign a cancellation agreement. However, if your state does not require the land contract to be
recorded, you may be able to get the property back without having to get it
signed to cancel the land contract. Also the buyer will not be able to take any tax
deductions on their tax returns unless the land contract is recorded.
Some people actually think that you can get a property back that has been sold
on Land Contract by evicting the borrower, well this is false. There is no such
thing as Land Contract eviction.
The buyer can and should still pay for taxes and insurance even if they purchased
on Land Contract. We just have them escrowed into their payment.
We currently sell more properties on land contract than a mortgage or deed of
trust. We have found the process to be simpler and quicker for the buyer and us
as well. The only thing that slows us down is typically the RMLO. If you do decide
to use the Installment Land Contract, then next is a copy although you can have
your attorney create one for you. We update ours occasionally as we find things
we want to add. I have also included a copy of ours in your forms in this course.
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Installment Land Contract
Real Estate Contract

1. Parties and Date. This Contract is entered into on _________[date], between _________, husband and wife, as "Seller" and _________, husband and
wife as "Buyers".
2. Sale and Legal Description. Seller agrees to sell to Buyers and Buyers agree
to purchase from Seller the following described real estate in _________ County,
State of _________:
[Legal Description Here]
3. Price.
(a) Buyers agree to pay:
Total Price
Less Down Payment
Less Assumed Obligation(s)
Amount Financed by Seller
(b) Payment of Amount Financed by Seller. Buyers agree to pay the sum of
$_____ as follows:
$_____ or more at buyer's option on or before the 1st day of _______ [month &
year], plus interest from closing at the rate of 10% per annum on the entire
balance thereof.
Buyers to execute Promissory Note in favor of Seller in the amount of $_____ at
10% interest only, payable monthly, on the first of each month commencing 30
days from closing.
4. Other Encumbrances Against the Property. The property is subject to
encumbrances including the following listed tenancies, easements, restrictions
and reservations in addition to the obligations assumed by Buyer.
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ANY ADDITIONAL NON-MONETARY ENCUMBRANCES ARE INCLUDED IN ADDENDUM.

5. Fulfillment Deed. Upon payment of all amounts due Seller, Seller agrees to
deliver to Buyers a Statutory Warranty Deed in fulfillment of this Contract. The
covenants of warranty in said deed shall not apply to any encumbrances assumed
by Buyer or to defects in title arising subsequent to the date of this Contract by,
through or under persons other than the Seller herein.
6. Late Charges. If any payment on the purchase price is not made within ten
(10) days after the date it is due, Buyers agree to pay a late charge equal to 5%
of the amount of such payment. Such late payment charge shall be in addition to
all other remedies available to Seller and the first amounts received from Buyers
after such late charges are due shall be applied to the late charges.
7. Possession. Buyer is entitled to possession of the property from and after the
date of this Contract.
8. Taxes, Assessments and Utility Liens. Buyers agree to pay by the date due
all taxes and assessments becoming a lien against the property after the date of
this Contract. Buyers may in good faith contest any such taxes or assessments so
long as no forfeiture or sale of the property is threatened as the result of such
contest. Buyers agree to pay when due any utility charges which may become
liens superior to Seller's interest under this Contract. If real estate taxes and
penalties are assessed against the property subsequent to date of this Contract
because of a change in use prior to the date of this Contract for Open Space,
Farm, Agricultural or Timber classifications approved by the County or because of
a Senior Citizen's declaration to Defer Property Taxes filed prior to the date of
this Contract, Buyers may demand in writing payment of such taxes and
penalties within 30 days. If payment is not made, Buyers may pay and deduct
the amount thereof.
9. Insurance. Buyers agree to keep all buildings now or hereafter erected on the
property described herein continuously insured under fire and extended coverage
policies in an amount not less than the balances owed on obligations assumed by
Buyers plus the balance due Seller, or full insurable value, whichever is lower. All
policies shall be held by the Seller and be in such companies as the Seller may
approve and have loss payable first to any holders of underlying encumbrances,
then to Seller as their interests may appear and then to Buyers, Buyers may
within 30 days after loss negotiate a contract to substantially restore the
premises to their condition before the loss. If the insurance proceeds are
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sufficient to pay the contract price for restoration or if the Buyers deposits in
escrow any deficiency with instructions to apply the funds on the restoration
contract, the property shall be restored unless the underlying encumbrances
provide otherwise. Otherwise the amount collected under any insurance policy
shall be applied upon any amounts due hereunder in such order as the Seller
shall determine. In the event of forfeiture, all rights of Buyers in insurance
policies then in force shall pass to Seller.
10. Nonpayment of Taxes, Insurance and Utilities Constituting Liens. If
Buyers fail to pay taxes or assessments, insurance premiums or utility charges
constituting liens prior to Seller's interest under this Contract, Seller may pay
such items and Buyers shall forthwith pay Seller the amount thereof plus a late
charge of 5% of the amount thereof plus any costs and attorney's fees incurred
in connection with making such payment.
11. Condition of Property. Buyers accept the property in its present condition
and acknowledges that Seller, her agents and subagents have made no
representation or warranty concerning the physical condition of the property or
the uses to which it may be put other than as set forth herein. Buyers agree to
maintain the property in such condition as complies with all applicable laws.
12. Risk of Loss. Buyers shall bear the risk of loss for destruction or
condemnation of the property. Any such loss shall not relieve Buyers from any of
Buyer's obligations pursuant to this contract.
13. Waste. Buyers shall keep the property in good repair and shall not commit
or suffer waste or willful damage to or destruction of the property. Buyers shall
not remove commercial timber without written consent of Seller.
14. Use of Property. The property is to be used for the raising of rare birds.
Any other use constitutes a breach of this contract unless agreed to in advance
writing by Seller, and may cause a forfeiture of this agreement at Seller's
election. Buyers use in violation of this use provision shall not relieve Buyers of
the obligations created herein. In the event a forfeiture action is instituted,
Buyers consent to Seller's entry on the property to take any reasonable action to
conserve soil, crops, trees and or livestock.
15. Condemnation. Seller and buyers may each appear as owners of an interest
in the property in any action concerning condemnation of any part of the
property. Buyers may within 30 days after condemnation and removal of
improvements, negotiate a contract to substantially restore the premises to their
condition before the removal. If the condemnation proceeds are sufficient to pay
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the contract price for restoration or if the Buyers deposits in escrow any
deficiency with instructions to apply the funds on the restoration contract, the
property shall be restored unless underlying encumbrances provide otherwise.
Otherwise, proceeds of the award shall be applied in payment of the balance due
on the purchase price, as Seller may direct.
16. Default. If the Buyers fail to observe or perform any term, covenant or condition of this Contract, Seller may:
(a). Suit for Installments. Sue for any delinquent periodic payment; or
(b). Specific Performance. Sue for specific performance of any Buyer's obligations
pursuant to this contract; or
(c). Forfeit Buyer's Interest. Forfeit this Contract pursuant to ________ [statute]
as it is presently enacted and may hereafter be amended. The effect of such
forfeiture includes: (i) the Buyer's rights under the Contract shall be canceled;
(ii) all sums previously paid under the Contract shall belong to and be retained by
the Seller or other person to whom paid and entitled thereto; (iii) all
improvements made to and un-harvested crops on the property shall belong to
Seller; and (iv) Buyers shall be required to surrender possession of the property
and improvements to the Seller 10 days after the forfeiture; or
(d). Acceleration of Balance Due. Give Buyers written notice demanding payment
of said delinquencies and payment of a late charge of 5% of the amount of such
delinquent payments and payment of Seller's reasonable attorney's fees and
costs incurred for services in preparing and sending such Notice and stating that
if payment pursuant to said Notice is not received within thirty (30) days after
the date said Notice is either deposited in the mail addressed to the Buyers or
personally delivered to the Buyers, the entire balance owing, including interest,
will become immediately due and payable. Seller may thereupon institute suit for
payment of such balance, interest, late charge and reasonable attorneys fees
and costs; or
(e). Judicial Foreclosure. Sue to foreclose this contract as a mortgage, in which
event Buyers may be liable for a deficiency.
17. Receiver. If Seller has instituted any proceedings specified in Paragraph 16
and Buyers is receiving rental or other income from the property, Buyers agree
that the appointment of a receiver for the property is necessary to protect
Seller's interest.
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18. Buyer's Remedy for Seller's Default. if Seller fails to observe or perform
any term, covenant or condition of this Contract, Buyers may, after 30 days written notice to Seller, institute suit for damages or specific performance unless the
breaches designated in said notice are cured.
19. Non-Waiver. Failure of either party to insist upon strict performance of the
other party's obligations hereunder shall not be construed as a waiver of strict
performance thereafter of all of the other party's obligations hereunder and shall
not prejudice any remedies as provided herein.
20. Attorneys' Fees and Costs. In the event of any breach of this Contract the
party responsible for the breach agrees to pay reasonable attorneys' fees and
costs, including costs of service of notices and title searches, incurred by the other party. The prevailing party in any suit instituted arising out of this Contract
and in any forfeiture proceedings arising out of this Contract shall be entitled to
receive reasonable attorneys' fees and costs incurred in such suit or proceedings.
21. Notices. Notices shall be either personally served or shall be sent certified
mail, return receipt requested and by regular first class mail to Buyers at
_________[address], and to Seller at _________[address] or such other
addresses as either party may specify in writing to the other party. Notices shall
be deemed given when served or mailed. Notice to Seller shall also be sent to
any institution receiving payments on the Contract.
22. Time for Performance. Time is of the essence in performance of any
obligations pursuant to this Contract.
23. Successors and Assigns. Subject to any restrictions against assignment,
the provisions of this Contract shall be binding on the heirs, successors and assigns of the Seller and the Buyers.
24. Alterations. Buyers shall not make any substantial alteration to the
improvements on the property without the prior written consent of Seller, which
consent will not be unreasonably withheld.
Seller
Buyers
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25. Due on Sale. If Buyers, without written consent of Seller, (a) conveys, (b)
sells, (c) leases, (d) assigns, (e) contracts to convey, sell, lease or assign, (f)
grants an option to buy the property, (g) permits a forfeiture or foreclosure or
trustee or sheriff's sale of any of the Buyer's interest in the property or this Contract, Seller may at any time thereafter either raise the interest rate on the balance of the purchase price or declare the entire balance of the purchase price due
and payable.
Seller
Buyers
26. Periodic Payments on Taxes and Insurance. In addition to the periodic

payments on the purchase price, Buyers agree to pay Seller such portion of the
real estate taxes and assessments and fire insurance premium as will
approximately total the amount due during the current year based on Seller's
reasonable estimate.
The payments during the current year shall be $_____ per _________[e.g.,
month]. Such "reserve" payments from Buyers shall not accrue interest. Seller
shall pay when due all real estate taxes and insurance premiums, if any, and
debit the amounts so paid to the reserve account. Buyers and Seller shall adjust
the reserve account in April of each year to reflect excess or deficit balances and
changed costs. Buyers agree to bring the reserve account balance to a minimum
of $10 at the time of adjustment.
Seller
Buyers
27. Addenda. Any addenda attached hereto are a part of this Contract.
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28. Entire Agreement. This Contract constitutes the entire agreement of the
parties and supersedes all prior agreements and understandings, written or oral.
This Contract may be amended only in writing executed by Seller and Buyers.
IN WITNESS, the parties have signed and sealed this Contract the day and year
first above written.
Seller
Witness
Buyers
Witness
Buyers
Witness
Date
Date
Date
Date
Date
Date
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Title Searches
Conducting a title search prior to transfer of real estate property involves searching for every available record or document that relates to present and prior ownership of the property in question with the goal of clearly defining the current status of the property title. In layman's terms, we want to be sure that the property
being sold truly and completely belongs to the seller and that he or she has the
legal right to transfer ownership of the property. Records searched will include
public and court records, property tax records, deeds, mortgages, wills, judgments, divorce decrees, liens, claims, and other legal proceedings or findings.
Any defects found in the title to the property, will have to be cleared or otherwise
dealt with prior to transferring ownership. If title has been searched and cleared
prior to the sale of a property, then why is there a need for title insurance? Even
the most thorough title search may fail to find certain risks, which due to their
nature, are "hidden" and not necessarily documented. These could include such
situations as:
Errors in property boundaries due to inaccurate surveys
Claims made by heretofore missing heirs
Mistakes in probating or interpreting previous wills
Legal documents executed under fraudulent power of attorney
Clerical errors in recording legal documents
False impersonations and/or forgeries
Claims not documented in the public or court records
Hidden risks such as these make title insurance a necessary and wise one-time
investment. If at some future time, a claim is made against your property due to
one of these hidden risks, your title insurance policy will cover the costs of a legal
defense. If the court upholds the claim, the policy will reimburse you for all or
part of the actual loss, depending on the value of the policy.
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In the case of refinances, most state law requires that the lender secure a
Mortgagees Policy of Title Insurance. This policy guarantees the lender that a
new mortgage will be the first and only mortgage on the property, and that all
prior mortgages and liens have been paid in full and satisfied. The person
refinancing as part of the closing costs generally pays for this policy. The attorney or title company closing your transaction will handle the title search but you
can also perform one as well, if you want. Of course your attorney, title company
or lender will not accept your search to close your property but you can get an
idea if there are any encumbrances on the property. If you are paying cash, then
you will want to buy title insurance for yourself. If you are funding the closing
with a lender, the closing agent will provide a lenders policy and offer you a policy for an additional fee. The fee is usually at a discount since they already have a
lender buying a policy also. The reason they offer you a policy is because the one
the lender buys only covers the loan and loan amount. You need one to cover
you and your purchase price. Dont worry too much about title searches and insurance, as the closing attorney or title company will take care of all of that for
you.
Title Insurance
As previously mentioned, you want to make sure that you get title insurance on
every deal that you buy. It is not expensive at all and if anything comes up in the
future as a claim on the property or title issues in the future, the title insurance
policy will cover you. Also make your buyer get it as well so then the policy will
cover them for the amount that they paid you for the property. The attorney or
title company closing the transaction can provide it for you and/or your buyer.
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803-831-0056.
Homeowners Insurance
Lets talk about insurance now. You always want to make sure your buyer gets
insurance on the property. Have them pay for it up front when you close on the
transaction and have the policy in place at the time of closing. Also, have the attorney or title company list you as the mortgage holder as loss payee so if anything happens to the property then you will be paid first from the insurance policy. We have the borrower pre-pay for 12 months of insurance prior to closing.
Escrow Their Insurance
It is very important that you escrow the insurance and have the buyer pay you
one twelfth of the insurance in with their monthly payment each month. In my
Million Dollar Rolodex, I will show you where to get these types of properties
insured and you can add it to the monthly payments. If the buyer cant afford the
insurance or you elect not to require the buyer to get insurance, then make sure
you get liability insurance and a fire policy to make sure you are protected if the
house burns down.
Liability Insurance for You
I also want you to get a good liability insurance policy for your company to
protect you in the event someone goes into one of your properties and gets hurt.
Just contact your local insurance company that you do business with and they
can help you. You should also have an umbrella policy to protect you for any
amount of a claim over your regular insurance policy. You usually get a milliondollar umbrella policy. It is only a couple hundred dollars a year but is well worth
it.
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Escrow Taxes
You also want to escrow the taxes as well, so that way, at the end of the year,
your borrower is not going to be calling you telling you that they cant pay the
taxes that are now due. So if you can and want to, you should escrow taxes as
well. Find out how much the taxes and insurance are, add that together, divide it
by twelve and thats how much you add to their monthly payment, every single
month and you put that off to the side in a separate account for their taxes and
insurance and that way they will be paying you every single month, a portion of
the taxes and insurance. If you need help, your attorney or title company will be
able to help you with this.
Now I do not always escrow taxes and insurance especially if the buyer is an
investor and has put up a good down payment. You can, however, do whatever
you want when it comes to escrowing. We now use a servicer so they take care
of all escrows for us.
Special Legislative Update

Dodd Frank Act
In 2010, Congress passed, and The President signed, the Dodd-Frank Wall Street
Reform and Consumer Protection Act. For many people, the proposed changes
were highlighted on television but only really affected the banks who have been
taking our money for years! This was created to protect consumers from Wall
Street and Lenders.
However, there are little known provisions in the bill which would limit
entrepreneurial real estate investors' very powerful resource in providing Seller
Mortgages to residential consumers.
What does this mean? According to the Federal Reserve Website:
The revisions to the regulation, which implements the Truth in Lending Act
(TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal would apply to all consumer mortgages (exThe Goins Group, LLC
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cept home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans).
Basically what it means to us as investors who are selling properties with seller
financing is that we need to qualify our buyers when we sell a property and use
all of the disclosures that any lender uses which I have always taught in this
course and always done by using www.Docmagic.com to prepare my loan
documents. The best and easiest way to do this is to simply use the same mortgage broker that you used to comply with the Safe Act and have them simply
qualify your buyer based on the chapter in this course or lender guidelines your
mortgage broker recommends.
This Act was signed into law in 2010; however, I have yet to find an attorney or
title company who is familiar with it when closing our transactions but we do always ask them to make sure that they comply with any state or federal laws pertaining to the Dodd Frank Act (and Safe Act for that matter).
It is a good idea to have guidelines for qualifying your buyer anyway as I have
discussed in this course and the RMLO can now do this for you.
The Safe Act and Dodd Frank Acts are not anything that will stop us or slow us
down in using the Filthy Riches system and method for creating wealth. Is it
something that we need to make sure that we comply with? Yes. In fact, if you
noticed in the course, I teach you to use www.Docmagic.com for all of your
documents and to have your borrower sign a Truth in Lending and Good Faith Estimate. All of these items are part of this new legislation; however, I have been
doing it all along. However, always make sure that you talk to your attorney or
title company closing your transaction to make sure you are in compliance with
these or any other rules or regulations.
We now simply use an RMLO to take the borrowers application and qualify them
and they also send out any and all disclosures that would be required and
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previously mentioned. This way you do not even need a document prep company
like www.DocMagic.com.
There is current legislation that has been introduced to Congress to amend Dodd
Frank as it pertains to seller financing. The new legislation would allow up to 24
seller financed transactions in a 12-month period of time without having to use
an RMLO. You would, however, still need to make sure your borrower has the
ability to pay and there are no balloon loans allowed. Please check the updates
page often for updates to Dodd Frank Act. The link is on your Read This First
sheet.
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CHAPTER 11
Servicing the Note
When it comes to servicing the note or collecting the monthly payments, you
have several options. You can do it manually on a ledger sheet, you can use a
spreadsheet to keep track, you can use servicing software or you can let a
servicing company do it for you. Lets take a look.
Ledger/Spreadsheet
Below is a screen shot of a ledger that you can use to collect the payments and
keep track of the balance and amount owed to you. There is also a digital version
on your forms disc.
Servicing Software
There are all kinds of servicing software available, as well. You could set it up in
QuickBooks or any other accounting software if you want. You could also use a
simple spreadsheet or keep track of the payments on a simple ledger sheet. We
use software called Loan Ledger. It is very expensive but we also use it to service
hard money loans, as well. I have included in the Million Dollar Rolodex some
companies that offer software.
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Servicing Companies
There are also companies who will service the loans for you. There are a lot of
them that will service and collect the payments each month on the loans for you.
Theyll handle the escrows, the 1099s at the end of the year, which basically
shows how much interest theyve paid on their loan that year, and in my Million
Dollar Rolodex, Im going to show you exactly who to get to service your notes if
you decide to keep them and want an outside servicer. They may charge a setup
fee and a small monthly fee, as well. I like outside servicers because they take
care of everything. Collecting the payment, late notices, making phone calls, if
necessary, to collect the payment and all accounting, as well. Some of them even
have online reporting so you can log in and see the status of your loans and the
payments collected and when. I have included in your Million Dollar Rolodex
some companies who specialize in servicing notes for small businesses. Once you
sell the loan, if you decide to sell it, you need to send a letter to the borrower
advising them where to start sending the payments. A sample letter is in the
course and a copy is on the next page. Notice that this letter below is advising
the buyer/borrower to send the payments to my company. This is because we did
not sell this note. You can edit this letter any way you want to use whether you
keep the note or sell it. Here it is:
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4607 Charlotte Highway, Suite 1, Lake Wylie, SC 29710
Phone: 803-831-0056
fax: 803-831-0805
December 18, 2016

Dear Mr. Andrew XXXXXXX:
This letter is in regards to the promissory note from the purchase of 1511
XXXXXXXX, Columbia, SC 29205 on December 18, 2016.
Please send payment of the monthly interest due in the amount of $354.69 by
the first of each month, beginning February 1, 2016 to the following address:
4607 Charlotte Hwy, Suite 1
If you should have any questions, please contact me at (803) 831-0056.
Sincerely,
Larry Goins
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Next is a checklist that we use when we buy and sell one of these properties,
then sell the note. It insures that we havent forgotten anything. I am a big fan of
checklists, especially if you have someone else helping you with these deals.
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4607 Charlotte Highway, Suite 1, Lake Wylie, SC 29710
Phone: 803-831-0056
fax: 803-831-0805
LOAN CHECKLIST FOR CLOSED LOANS

Borrower: _______________________ Closing Date: ______________
Property Address: ______________
City:________ST:___Zip: _____
___ Copy of Contract

___ Residential Property Disclosures
___ Lead-Based Paint Disclosure
___ HUD Closing Statement
___ Assignment of contract if applicable
___ Copy of code violations if applicable
___ Taxes Escrowed
___ Insurance Escrowed
___ Property Insurance in Place
___ Loan Disclosures
___ Amortization to Borrower
___ Non-Recourse Assignment Signed by Note Buyer
___ Note Buyer Agreement/Hold Harmless Signed by Note Buyer
___ Letter to Borrower that Loan is Sold & Where to Send Payments
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LOAN SOLD TO
Buyer of Loan: ________________________________
Address: ______________
City:________ST:__
_Zip: __
___
Phone: ____________________________
___ Mortgage/deed of trust sent

___ Original Assignment sent to buyer of loan
___ Copy of letter to borrower where to send payments
___ Deed in Lieu of Foreclosure if possible
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CHAPTER 12
How to Sell the Note to Institutions
If you are just getting started, then you will probably be selling your first few
notes to generate some cash. You may even decide to sell most or all of your
notes until you generate enough cash to become debt free. This is, by the way, a
great way to pay off all of your bills and become debt free in a very short period
of time. But remember, your goal should be to keep the note for the long term
cash flow and return on investment. So remember to try and find the funding to
be able to keep the note and cash flow coming in to you every month.
Anyway, if you do decide to sell your notes, you need to structure them to be
able to sell. Meaning most institutional buyers will not buy a note and mortgage
or deed of trust unless the borrower is a good credit risk and there is sufficient
equity. You can make sure the borrower is a good credit risk by checking their
credit before you let them buy the property. Your RMLO can do this. And as for
the equity portion, you can either structure two notes on the same property with
a first and a second note and mortgage or deed of trust so that you can sell the
first mortgage and keep the second. The first one may be for around 75% of the
selling price then your second one could be for the balance.
Another strategy could be to just create one note and mortgage or deed of trust
with the understanding that the institutional note buyer will only give you a
percentage of the face value, up to a certain amount of the purchase price.
In other words, you could either create one note and mortgage for $28,000
realizing that you will have to take a substantial discount to sell it or you could
create a first mortgage for $20,000 and a second mortgage for $8,000. You
would keep the second mortgage and sell the first one as it would be about 66%
of the sales price of the property thus easier to sell to an institutional buyer.
There are many note buyers that you can sell your notes to and some are the actual buyers and some are just brokers who will make a little bit on your note by
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finding a funding source to pay them for the note. I am telling you this so you
can look for the actual funding source and not the brokers. In the Million Dollar
Rolodex - aka bookmarks - I have included institutional note buyers for you to
sell your notes to. If you do decide to sell your notes, you will probably not sell
them to institutions as they want the note to be seasoned, meaning the borrower
has made 3-12 months of payments on time and they will also want an appraisal
on the property and a borrower with good credit, as previously mentioned.
Where to Find Individual Note Buyers
In addition to the institutional note buyers, you can also find individual investors
to purchase your notes. These can be anyone from a hard money lender, a private money lender or just a real estate investor who would like to get a good return on his or her money. You could also find any note buyer the same way many
investors look for private money lenders. Landlords make great note buyers because they like cash flow.
Speaking of private money lenders, the best way to find a private money lender
is to attend one of your local real estate investors association meetings and ask
who the local private money lenders are. If you cant get anyone to tell you but
you know someone who uses private money, then you can simply go to the
courthouse to find out who the lender on their mortgage or deed of trust is and
theres your private money lender. Hey, if they will loan one investor money as a
private money lender they should be willing to buy some of your notes, especially
if you can give them a better return on their money.
You can do the exact same thing using the name of self-directed IRA custodians.
For example, you look up all of the lenders with the name of Equity Trust. There
is a private lender that uses their retirement account. You can do this in many
counties to find private lenders. This is a great way to find people who are
already passive investors.
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803-831-0056.
As mentioned at the beginning, you can sell a $28,000 note to a note buyer and
you would still make a little over $12,000 profit after the sale. Next you will find
a postcard that we use to mail to self-directed IRA holders to sell our notes.
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Note Buyers Agreement/Hold Harmless

When working with private money investors you want to make sure that you only
deal with experienced investors who know what they are doing. We dont want
anyone to buy a note from us and the borrower quits paying and the investor
starts calling you asking you to buy back the loan. I have created a package of
documents that I always get any private note buyer to sign acknowledging they
know what they are doing and that I am selling the note without recourse, as we
will discuss in a minute. I want to make sure that there is no question in the
private note buyers mind about the risk and reward of buying these notes. I have
included next a copy of the documents that I have my investors sign. I have also
included copies on the forms disk for you to edit, as you like. The first document
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is my Investor Agreement for Purchase of Loans. The second one is the Hold
Harmless Agreement. This one basically says that the note buyer will not hold
you responsible for default or anything else related to the transaction. The third
agreement is my most recent agreement that has combined the loan purchase
agreement and the hold harmless agreement. I have also included verbiage
about using an RMLO and Servicer. Here they are.
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Investor Agreement for Purchase of Loans
Thank you for your interest in purchasing loans from Neighborhood Housing
Group, LLC. We only sell loans to investors that have experience and/or
knowledge in real estate and finance. By purchasing any loan, you acknowledge
and affirm that you do. All loans are assigned to the investor without recourse,
which means we will NOT buy back a loan if the borrower defaults.
We currently charge our borrowers an interest rate of 9% with no origination fee.
Most loans are written for 120 months and are fully amortized. This is subject to
change without notice. Our average loan amount is $20,000-$40,000. Our
current guidelines are for the borrower to have sufficient credit to enable them to
make the payments; however, there are no guarantees as many variables
change that we have no control over the borrowers ability or willingness to pay.
Do not buy a loan anticipating being able to refinance the borrower now or in the
future. Neither the property nor the borrower may qualify for refinancing. Only
buy a loan after performing all of the due diligence you feel necessary on the
property and borrower.
You, the investor will need to service the loan by collecting the monthly
payments until the loan is paid off, refinanced or sold. It is very important that
each monthly payment is collected and copies of the checks received are retained
in the event you decide to ever resell the loan or the borrower is able to refinance.
It is possible to invest IRA or retirement funds in these loans. This requires that
your retirement account be held with a self-directed retirement account
administrator. If you would like to learn more we can give you the names of
some independent self-directed retirement account administrators.
Investor/Purchaser Name
Investor/Purchaser Signature
Date
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Loan Purchasers Hold Harmless and Controlled Business Disclosure
The undersigned assignee acting personally and for their representatives,
affiliates and or organization if any each hereby agrees to defend, indemnify, and
hold harmless Neighborhood Housing Group, LLC, Financial Help Services, Inc.,
and any parent or affiliate and all shareholders, employees, officers and directors
from and against any and all claims, demands, suits, actions, damages,
judgments, cost, charges and expenses including, without limitation, court cost
and attorneys fees, of any nature whatsoever that any such assignee and or
their affiliate, representative or organization may suffer, sustain or incur resulting
from, arising out of or in any way connected with any action taken by, or inaction
on the part of, any assignee or their affiliate, representative or organization in
connection with purchasing notes from Neighborhood Housing Group, LLC.
Investor/Purchaser Name
Investor/Purchaser Signature
Date
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Property/Note Purchaser Agreement & Hold Harmless
Thank you for your interest in purchasing loans from Neighborhood Housing
Group, LLC and/or any of its affiliates. We only sell loans to individuals and
entities that have experience and/or knowledge in real estate and finance. By
purchasing any loan, you acknowledge and affirm that you do. All loans are
assigned to the purchaser without recourse which means we will NOT buy back
a loan if the borrower defaults.
We currently have a third party RMLO underwrite our loans to comply with Dodd
Frank. This may change if Dodd Frank is amended or abolished as it pertains to
seller financing. Although all loans are underwritten by a licensed loan originator
and the borrower has proven the ability to pay as required by Dodd Frank, there
are no guarantees as many variables change and we have no control over the
borrowers ability or willingness to pay.
We create some loans by taking back a mortgage or deed of trust and some are
sold on Land Contract. Most of our borrowers pay a reasonable down payment
and payments are set up on 120-240 months based on the borrowers ability to
pay. The current average interest rate is 8-9%. Our average loan amount is
$40,000-$80,000. All current terms, underwriting and guidelines are subject to
change without notice.
Do not buy a loan anticipating being able to refinance the borrower now or in the
future. Neither the property nor the borrower may qualify for refinancing. Only
buy a loan after performing all of the due diligence you feel necessary on the
property and borrower yourself.
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You, the purchaser will need to service the loan by collecting the monthly
payments until the loan is paid off, refinanced or sold. It is very important that
when each monthly payment is collected, copies of the checks are retained in the
event you decide to ever resell the loan or the borrower is able to refinance.
We strongly suggest using a licensed third party servicer to service the loans.
This helps insure that the servicing and collections are compliant with all current
federal and state rules, regulations and laws. We will be glad to provide a list of
servicer's however, the choice is up to you and we cannot be held liable for any
service you choose or the outcome of a servicing arrangement.
HOLD HARMLESS AGREEMENT
The undersigned assignee acting personally and for their representatives,
hold harmless Neighborhood Housing Group, LLC, Neighborhood Housing
Properties, LLC, The Goins Group, LLC, Neighborhood Housing Group, LLC, Larry
Goins, and any parent or affiliate and all shareholders, employees, officers,
directors and managing members from and against any and all claims, demands,
suits, actions, damages, judgments, cost, charges and expenses including,
without limitation, court cost and attorneys fees, of any nature whatsoever that
any such assignee and or their affiliate, representative or organization may
suffer, sustain or incur resulting from, arising out of or in any way connected with
any action taken by, or inaction on the part of, any assignee or their affiliate,
representative or organization in connection with purchasing properties, loans
and/or land contracts.
When buying real estate, mortgage loans or land contracts, like any other
venture there is a degree of risk. You could lose some or all of your money. This
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is why it is important to perform your own due diligence prior to making any purchase.
This agreement has legal ramifications and can affect your rights. If you do not
understand any of this agreement or have questions, please seek the counsel of a
competent professional prior to signing.
Purchaser Name
Purchaser Signature
Date
Purchaser Name
Purchaser Signature
Date
Entity Name
Authorized Signature
Date
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Assigning the Mortgage/Deed of Trust

When you do sell the note and mortgage or deed of trust, you do it by
assignment. This document is recorded to give notice to the world that you actually have ownership of the mortgage/deed of trust. This way, everyone knows
that you have the right to collect the payments and balance when due. Your attorney, title company or document prep company can prepare it for you. Just remember to assign it with no-recourse, as will be described next. Also remember
that your goal is to keep the note for long term wealth and cash flow if you can.
Mortgage Versus Deed of Trust
As I have mentioned throughout this course, some states use a mortgage to
secure the loan, and some use a deed of trust. The difference simply determines
the process by which any foreclosure will be handled, if ever needed. Of course
your attorney who handles the foreclosure will take care of that. I do, however,
want to list all of the states and which method they use here just for your
information. This information was received from www.DocMagic.com, one of the
document preparation companies that you can use to handle your financing
documents. They are in your Million Dollar Rolodex. Here is the listing.
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If you have sold the loan to someone else and the borrower stops making
payments, as long as you havent sold it with recourse, you will be ok. With
recourse means, if the borrower quits paying, the person you sold the loan to,
whether its a partial or a full sale, that person can come back to you and say,
this person is not paying anymore; Im looking to you to pay or to replace this
loan with another one. So you always want to sell your loans without recourse,
unless there is a specific reason that you would not.
For example: Maybe you have a lot more reserves built up or more deals in the
pipeline and you could always replace a deal. You can actually get more money
for a note you sell if you sell it with recourse but I do NOT recommend doing it.
Next is a sample deed of trust AND mortgage assignment with no recourse. I
have included both so you can see the difference as some states use a deed of
trust and some use a mortgage. There is a copy of each on the forms disk for you
to use and edit as needed.
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Land Contract
If you are selling on a land contract and you are selling the note, then you will be
assigning the land contract to your note buyer. You will also deed the property to
the note buyer, as well. You could have your attorney or title company prepare
these documents and have your land contract buyer sign them. I would also suggest deeding the property to your note buyer using a general warranty deed as
opposed to a quit claim deed. The reason for this is that anytime there is a quit
claim deed in the chain of title, it breaks the title insurance policy. Now, I am not
an attorney; however, I have been told this by an attorney.
On the next few pages are the assignments for a mortgage, deed of trust and
land contract. They are also on your forms disk.
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ASSIGNMENT OF MORTGAGE
STATE OF SOUTH CAROLINA )

COUNTY OF SPARTANBURG
FOR VALUE RECEIVED, the undersigned hereby grants, assigns and transfers
XXXXX Investment Holdings, LLC, whose address is P.O. Box 12345, Columbia,
SC 29202 all the rights, title and interest of undersigned in and to that certain
Real Estate Mortgage dated October 6, 2006, executed by Micky A. xxxxxx.
Which property has the mailing address of xxxx Jxxxxn Rd. Columbia, SC 29322.
TOGETHER with the note or notes therein described or referred to, the money
due and to become due thereon with interest, and all rights accrued or to accrue
under Real Estate Mortgage.
This assignment is made without recourse, warranty or representation.
WITNESS our hands and seals this 6th day of October, 2006.
FINANCIAL HELP SERVICES
________________________________
By: __________________________
(SEAL)
Witness #1
Its ________________________________
________________________________
Witness #2
Its ________________________________
________________________________
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ASSIGNMENT OF DEED OF TRUST

Return to:
Financial Help Services, Inc.
Prepared by:
David L. Wilson, Jr.
3911 University Parkway
Winston-Salem, NC 27106
FOR VALUE RECEIVED, the undersigned hereby grants, assigns and transfers to
XXXXX Investment Company whose address is P.O. Box xxxxx, Charlotte,
NC 28271. All beneficial interest under that certain Deed of Trust and
Promissory Note dated February 29, 2016 executed by Mario I. XXXXX to David
L. Wilson, Jr. Trustee for Financial Help Services, Inc.
Property Address: 3916 xxxxx Ave, Winston Salem, NC 27105

And recorded: February___
, 2016, in Book ___________, Page ___________
In the office of the County Recorder of Forsyth, County, North Carolina.

See Exhibit A
Dated this ___ day of ______________________, 2016.
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FINANCIAL HELP SERVICES, INC.
_________________________________________
By: Timothy L. Sykes
Its: Secretary
Loan # 444
STATE OF SOUTH CAROLINA

COUNTY OF YORK
This ___ day of ____________________, 2016, personally came before

me, the undersigned Notary Public for said County and State, who, being by me
duly sworn, says that Timothy L. Sykes is the Secretary of Financial Help
Services, Inc., a corporation, and that the said writing was signed by him/her on
behalf of said corporation by its authority duly given. And the said Secretary
acknowledged the said writing to be the act and deed of said corporation.
Witness my hand and official seal, this ____ day of ___________, 2016.
My Commission Expires: ______________

Notary Public
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CONTRACT FOR DEED NON RECOURSE FULL SALE AGREEMENT

_____________________, whose address is _______________________,
its successors or assigns, (hereinafter "PURCHASER") hereby agrees to purchase,
and ___________________, whose address is ______________________,
(hereinafter "SELLER") hereby agrees to sell the following Contract For Deed:
1. Original Payor on Contract for Deed: ___________________________,
together with all persons paying, assuming and/or guaranteeing that obligation.
2. Property Address on Contract for Deed: ___________________________.
3. Original Date of Contract for Deed: ______________________
.
4. Original Balance $___________, payable in ________ monthly installments
of $__________ with fixed rate interest at ____ %. First installment is due on
_________. Reserve Escrow Payment for Taxes and Insurance of $_______
per month.
5. Outstanding Balance of Contract for Deed as of ________ is $__________.
PURCHASE PRICE:
Purchase Price of $ ______________ is to be paid to in good and usable
funds, paid directly to the Seller on or before _______________.
Purchaser and Seller understands that in the event the Outstanding Balance of
the Contract for Deed decreases due to a payment made by the Borrower prior to
Seller receiving purchase price from Purchaser, the amount paid by Purchaser for
the purchase of the Contract for Deed may decrease by the principal portion of
the payment received. Both parties agree to an offset reimbursement as needed.
NON RECOURSE ASSIGNMENT:
Upon receipt from Purchaser to Seller the purchase price funds, Seller or Sellers
Agent will assign, transfer, set over and convey to the Purchaser, WITHOUT
RECOURSE as to the financial performance of the Borrower(s), the right to
receive the amount due and all of Seller's right, title and interest in and to the
Contract for Deed together with all of Seller's rights, claims and causes of action
which Seller has or may have against the Payor and all of Seller's right, title and
interest in and to the property which is described in the Contract for Deed, and
insurance policies and/or any other evidence of insurance (both hazard and title
insurance) in Seller's possession in regard to said property. If Original Contract
For Deed is recorded then the Assignment of Contract for Deed must also be recorded.
ORIGINAL DOCUMENTATION:
All original documentation is currently being held by seller who originated and
processed the Contract for Deed using a third party RMLO to comply with Dodd
Frank. Seller agrees to execute any and all documents necessary to effectuate
the intent and purpose of this Agreement.
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ADMINISTRATION OF CONTRACT FOR DEED:

Servicing: Purchaser understands that the Contract for Deed is currently being
serviced by a third party licensed servicer, and to allow servicer to exert
reasonable collection efforts to insure that the Payor makes timely payments due
under the Contract for Deed. Purchaser shall have the exclusive discretion to
prosecute the enforcement of the Contract for Deed and/or to otherwise realize
on the property securing the same.
CLOSING DATE:
For purposes of this Agreement, the closing date shall be the date when good and
usable funds have been received by seller pursuant to this Agreement. Once good
and usable funds have been received by Seller, an Assignment and Quit Claim
Deed from Seller to Purchaser will be prepared to transfer ownership in the
Contract for Deed to Purchaser. Servicing Accounting shall reflect the transfer
date to Purchaser as the date good and usable funds were received by Seller.
Purchaser agrees to provide any information and documentation needed to
current Servicer to establish an account to continue Servicing.
REPRESENTATIONS AND WARRANTIES:
The Seller represents and warrants to the best of our knowledge that:
A. The Contract for Deed is a result of a bonafide sale transaction secured by the
property described in the Contract for Deed, which was executed by the person
or persons whose signature or signatures appear thereon.
B. Seller is the owner and holder of all of the payee's right, title and interest in
and to the Contract for Deed, free and clear of all liens and encumbrances of any
kind whatsoever, and no prior transfer, assignment or conveyance, for security
purposes or otherwise, has been made of all or any portion of Seller's interest in
the Contract for Deed.
C. There is due and owing under the Contract for Deed an amount not less than
the Outstanding Balance as stated herein.
D. No defenses or offsets, or notices thereof, exist to the full and complete
payment and performance of the Contract for Deed, and Seller is not selling the
Contract for Deed as a result of any notification, information or knowledge of any
kind, whatsoever, that the Payor or Payor's heirs, successors and/or assigns are
unable or unwilling, for any reason, to make any future payments on the
Contract for Deed.
E. No amendments, modifications, extensions or addendums of any kind,
whatsoever, have been made to the Contract for Deed, except as disclosed
herein, and the Contract for Deed is not in default to the best of Sellers
knowledge. If any amendments, modifications, extensions or addendums have
been made to the Contract for Deed, true and correct copies have been made
available to Purchaser.
F. If the Seller is a corporation, the execution of this Agreement and the
performance of all the Seller's obligations hereunder, have been specifically
authorized by said corporation's board of directors and/or all shareholders. If the
Seller is an LLC, Trust or partnership, the execution of this Agreement and the
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authorized by said entitys Manager(s), Trustee(s), General Partner(s) and/or all
members or beneficiaries or limited partners.
G. No action or proceeding has been instituted or is threatened to restrain,
prohibit, declare invalid or seek other relief with respect to the Contract for Deed
or the transactions contemplated in this Agreement.
H. The real property has not been condemned or used in the past and is not
presently used for petroleum products, hazardous, manufacturing or growth of an
illegal substance and/or toxic waste storage.
I. The real estate, accurately described in the Contract for Deed, has legal and
actual access, and no portion thereof has been released from the lien of the
Security Instrument, except as disclosed of record.
J. The representations and warranties set forth herein shall be continuing, and
any waiver of such shall not constitute a waiver of any subsequent breach of said
representations or warranties. No waiver thereof shall be implied from any
forbearance, failure or delay and enforcement thereof. The liability of Seller in respect to any waiver or breach herein shall not be affected by the granting of extensions or the adjustment or compromise of claims by Purchaser.
Purchaser hereby represents, warrants, and covenants as of the Closing
Date and as continuing representations, warranties and covenants that
survive execution of this Agreement as follows:
A. Authorization. Purchaser is duly and legally authorized to enter into this
Agreement and has complied with any and all laws, rules, regulations, charter
provisions, bylaws and operating agreements to which it may be subject and that
the undersigned representative is authorized to act on behalf of and bind
Purchaser to the terms of this Agreement.
B. Binding Obligations. Assuming due authorization, execution and delivery by
each party hereto, this Agreement and all of the obligations of Purchaser
hereunder are the legal, valid and binding obligations of Purchaser, enforceable in
accordance with the terms of this Agreement, except as such enforcement may
be limited by bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors' rights generally and by general equity
principles (regardless of whether such enforcement is considered in a proceeding
in equity or at law).
C. Opportunity to Review Purchaser has carefully reviewed, analyzed and
considered the agreement. Purchaser has obtained, or has had the opportunity to
obtain, competent counsel from Purchasers own legal, tax, accounting, financial
and other advisers.
D. No Breach or Default. The execution and delivery of this Agreement and the
performance of its obligations hereunder by Purchaser will not conflict with any
provision of any law or regulation to which Purchaser is subject or conflict with or
result in a breach of or constitute a default under any of the terms, conditions or
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provisions of any agreement or instrument to which Purchaser is a party or by

which it is bound or any order or decree applicable to Purchaser.
E. Due Diligence. Purchaser has been urged, invited and directed to conduct
such due diligence review and analysis of the Contract for Deed document files,
and related information, together with such records as are generally available to
the public from local, county, state and federal authorities, record-keeping offices
and courts (including, without limitation, any bankruptcy courts in which any
Obligor(s), guarantor or surety, if any, may be subject to any pending
bankruptcy proceedings), as Purchaser deems necessary, proper, or appropriate
in order to make a complete informed decision with respect to the purchase and
acquisition of the Contract for Deed. Purchaser has also had the opportunity to
review, analyze, perform due diligence and research the underlying Contract for
Deed, borrower and subject real property and is satisfied with all of their findings
to proceed with this Purchase Agreement at their own risk.
F. No Sale of Securities. The transactions contemplated by this Agreement are
not intended in any way to constitute the sale of a "security" or "securities"
within the meaning of any applicable securities laws, and none of the
representations, warranties or agreements of Purchaser shall create any
inference that the transactions involve any "security" or "securities."
G. Enforcement/Legal Actions. Purchaser agrees and represents that
Purchaser shall not institute any enforcement or legal action or proceeding in the
name of Seller, or any subsidiary thereof, or make reference to any of the
foregoing entities in any correspondence to or discussion with any particular
Obligor regarding enforcement or collection of the Contract for Deed except to
identify the origination of the Contract for Deed. Purchaser also warrants and
covenants not to take any enforcement action against any Obligor that would be
commercially unreasonable or create any liability for Seller. Purchaser shall not
misrepresent, mislead, deceive, or otherwise fail to adequately disclose to any
particular Obligor or guarantor the identity of Purchaser as the owner of the
Contract for Deed. Seller shall have the right to seek the entry of an order by a
court of competent jurisdiction enjoining any violation hereof.
H. Compliance. Purchaser agrees to abide by all applicable legal requirements of
federal, state and local governments or agencies in respect to the Contract for
Deed, including but not limited to, the Real Estate Settlement Procedures Act,
TRID, the Fair Debt Collection Practices Act, the Federal Consumer Credit
Protection Act ("Truth-In-Lending") and Regulation Z issued thereunder, the
Federal Equal Credit Opportunity Act and Regulation B issued thereunder, and
any other applicable Federal law or regulation or any applicable State law or
regulation.
I. Risk Factors. Purchaser acknowledges, understands and agrees that the
acquisition of the Contract for Deed involves a high degree of risk and is suitable
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only for persons or entities of sophistication and substantial financial means that
have no need for liquidity and who can hold the Contract for Deed indefinitely
and/or bear the partial or entire loss of value. Purchaser represents and warrants
that it has read and understood the following specific risks (which list is not
exclusive or exhaustive) associated with the purchase of the Contract for Deed
subject to this Agreement, and that it has been given the opportunity to ask
questions or make inquiries with respect to the same:
1. Illiquid Financial Instrument. There is no publicly-traded market for the
Contract for Deeds. Contract for Deeds are not convertible into cash or any cash
equivalent and there is no ascertainable or readily-accessible exchange for their
purchase and sale. Accordingly, there may be no manner to recoup your
investment in the Contract for Deed or to mitigate the risk of loss after you
purchase them.
2. No Guaranty of Payment or Performance by Underlying Debtor. The
value of the Contract for Deed depends on the willingness of the underlying
borrower to make payment. There is no guarantee that the borrower will honor
his/her obligations under the Contract for Deed. If the borrower fails to make
payment under the Contract for Deed, this may cause the value of the Contract
for Deed to decline and/or eliminate any value in the Contract for Deed.
3. Collateral is of Speculative Value. At origination, the Contract for Deed was
secured by seller owned real estate. However, the value of the property is
uncertain. Insufficient value in the underlying real property may negatively affect
the value of the Contract for Deed, including eliminating any value in the
Contract for Deed.
4. Foreclosure is a Lengthy, Expensive Process with No Guarantees as to
Outcome. In the event that a borrower does not perform under the Contract for
Deed, the Contract for Deed owner may be able to initiate foreclosure
proceedings. However, foreclosure is a lengthy, expensive process that varies by
state and requires significant transactional expense, including attorneys' fees.
There is no guarantee that initiating foreclosure will result in any value to the
Contract for Deed holder. Certainly, electing foreclosure as a remedy may
negatively affect the value of the Contract for Deed, including eliminating any
value in the Contract for Deed.
5. Macroeconomic Risk. The value of the Contract for Deed may be significantly
affected by factors outside the control of the Contract for Deed holder or the borrower. Trends in the macro-economy, including financial, legal, and
regulatory, may negatively and materially impact the value of the Contract for Deed
and the remedies available to the Contract for Deed holder in securing rights
against the borrower and/or the underlying collateral.
6. Risk of Total Loss. The presence of the foregoing risk factors, which are not
intended to be exhaustive in addressing the risks inherent in an investment in the
Contract for Deed, means that the Contract for Deed you are purchasing may
ultimately have no value whatsoever. Accordingly, you must consider the
possibility in making this investment that the value of your financial investment
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may ultimately be zero or, indeed, that purchasing the Contract for Deed may actually result in losses beyond the amount of your original investment
GOVERNING STATE:
This Agreement shall inure to the benefit of and be binding upon the heirs,
successors, representatives and assigns of the parties hereto.
In the event any term or provision of this Agreement is found to be
unenforceable or unlawful for any reason, the remainder shall be carried into
effect as though the unenforceable portion was stricken here from.
This Agreement shall be deemed to be made and performed in the State of South
Carolina and shall be governed by and construed in accordance with the laws of
that State.
NOTICES:
All notices which may be required under this Agreement shall be delivered
personally or mailed first class certified, return receipt requested, with postage
prepaid, to the last address given in writing by one party to the other, and shall
be deemed given when delivered personally or, if mailed, on the date of the deposit thereof in the United States mail.
DISCLAIMER:
The parties hereto acknowledge that the Purchaser is NOT an agent, affiliate or
client of the Seller; nor does the Purchaser have any fiduciary obligation to the
Seller. The Seller also has no fiduciary obligation to the purchaser. The Purchaser
is acting as an experienced independent investor and/or dealer in this
transaction, and has performed any and all due diligence they desire prior to the
signing of this agreement and/or completing this transaction. The Seller disclaims
any representative relationship and disclaims any interest in the Purchasers profit or lack thereof.
HOLD HARMLESS AGREEMENT:
The undersigned Purchaser acting personally and for their representatives,
hold harmless Neighborhood Housing Group, LLC, Neighborhood Housing
Properties, LLC, The Goins Group, LLC, Neighborhood Housing Group, LLC, Larry
Goins, and any parent or affiliate and all shareholders, employees, officers,
directors, independent contractors and managing members from and against any
and all claims, demands, suits, actions, damages, judgments, cost, charges and
expenses including, without limitation, court cost and attorneys fees, of any
nature whatsoever that any such assignee and or their affiliate, representative or
organization may suffer, sustain or incur resulting from, arising out of or in any
way connected with any action taken by, or inaction on the part of, any assignee
or their affiliate, representative or organization in connection with purchasing
properties, loans and/or land contracts.
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When buying real estate, mortgage loans or land contracts, like any other
venture there is a degree of risk. You could lose some or all of your money. This
is why it is important to perform your own due diligence prior to making any purchase.
This agreement has legal ramifications and can affect your rights. If you do not
understand any of this agreement or have questions, please seek the counsel of a
competent professional prior to signing.
ENTIRE AGREEMENT:
This Agreement and all Addendums hereto, if any, represent the entire
agreement of the parties and supersede and replace all prior understandings
and/or agreements, whether written or verbal. Any amendments hereto shall be
in writing and executed by both parties. The terms, provisions, representations
and warranties contained herein shall not merge in, but shall survive, the closing
of the transaction.
Print Individual Purchaser Name
Individual Purchase Signature
Date
Print Individual Purchaser Name
Individual Purchase Signature
Date
Purchaser Entity Name Printed
Print Authorized Person Title
Purchaser Entity Authorized Signature
Date
Purchaser Entity Name Printed
Purchaser Entity Authorized Signature
Date
Seller Entity Name Printed
Seller Entity Authorized Signature
Date
(SEAL)
(SEAL)
(SEAL)
(SEAL)
(SEAL)
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Partial Assignments
In the event that you decide to just assign a part of the note and mortgage or
deed of trust or land contract as we previously discussed, next is the correct assignment where you can designate the number of payments that you are assigning. When assigning a note, you will want your attorney or title company to take
care of this for you to make sure it is done correctly. This is another good thing
about using a third party servicer. They can also keep track of when the payments revert back to you when selling a partial.
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STATE OF SOUTH CAROLINA )

)
COUNTY OF SUMTER
ASSIGNMENT OF MORTGAGE
FOR VALUE RECEIVED, the undersigned hereby grants, assigns and transfers Equity Trust Company Custodian FBO Don OXXXXX IRA, whose address is 225
Burns Road Elyria, Ohio 44035 all the rights, title and interest of
undersigned in and to that certain Real Estate Mortgage dated February 15, 2016 executed by Mark XXXXXXX.
Which property has the mailing address of 340 XXXXX Drive Sumter, SC 29150.
TOGETHER with the note or notes therein described or referred to, the money
due and to become due thereon with interest, and all rights accrued or to accrue
under Real Estate Mortgage.
This Assignment shall pertain only to the next ______ monthly payments due on
the said Promissory Note and Mortgage, in the amount of $_______ each,
beginning with the payment due on ______ , 20____ , and ending with the
payment due on _______ , 20 ____, inclusive. After receipt of the payment due
on ____ , 20____by the Assignee, the interest of the Assignee in the said Note
and Mortgage shall cease, and the Assignor shall become immediately vested
with the complete ownership of the residual portions of said Note and Mortgage.
By its acceptance of this Partial Assignment, the Assignee agrees to execute any
reasonably required assignment instruments back to the order of the Assignor, as
may be required to effect full ownership of the residual interest in the Assignor
herein, after the installment payment has been received by the Assignee.
In the event of a prepayment or foreclosure of the Note and Mortgage, certain
adjustments may be required among the parties pursuant to a Partial Note
Purchase Agreement dated____
, 20___, and incorporated herein by
reference.
WITNESS our hands and seals this 15th day of February, 2016.
FINANCIAL HELP SERVICES
By: _________________________
Witness #1
Its ___________________________
Witness #2
Its ___________________________
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)
)
COUNTY OF YORK
PROBATE
On February 15, 2016, before me, the undersigned, a Notary Public in and for the
said County and State, personally appeared ______________________ to me
personally known, or identified, who, being duly sworn by me, did say that (s)he
is the __________________ of the entity named herein which executed the
within instrument; that said instrument was signed and sealed on behalf of said
entity pursuant to his/her authority and that (s)he acknowledges said instrument
to be the free act and deed of said entity.
_____________________________(SEAL)
Notary Public for South Carolina
My commission expires:
____________________.
(Official Seal)
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On the next page is the partial assignment of deed of trust.
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ASSIGNMENT OF DEED OF TRUST
Return to:
Financial Help Services, Inc.
Prepared by:
David L. Wilson, Jr.
3911 University Parkway
Winston-Salem, NC 27106
FOR VALUE RECEIVED, the undersigned hereby grants, assigns and transfers to
XXXXX Investment Company whose address is P.O. Box xxxxx Charlotte,
NC 28271. All beneficial interest under that certain Deed of Trust and
Promissory Note dated February 29, 2016 executed by Mario I. XXXXX to David
L. Wilson, Jr. Trustee for Financial Help Services, Inc.
Property Address: 3916 xxxxx Avenue, Winston Salem, NC 27105
This Assignment shall pertain only to the next ______ monthly payments due on
the said Promissory Note and Mortgage, in the amount of $_______ each,
beginning with the payment due on ______ , 20____ , and ending with the
payment due on _______ , 20 ____, inclusive. After receipt of the payment due
on ____ , 20____by the Assignee, the interest of the Assignee in the said Note
and Mortgage shall cease, and the Assignor shall become immediately vested
with the complete ownership of the residual portions of said Note and Mortgage.
By its acceptance of this Partial Assignment, the Assignee agrees to execute any
reasonably required assignment instruments back to the order of the Assignor, as
may be required to effect full ownership of the residual interest in the Assignor
herein, after the installment payment has been received by the Assignee.
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In the event of a prepayment or foreclosure of the Note and Mortgage, certain adjustments may be required among the parties pursuant to a Partial Note
Purchase Agreement dated____ , 20___, and incorporated herein by reference.
And recorded February___ , 2016, in Book ___________, Page ___________
In the office of the County Recorder of Forsyth, County, North Carolina.
See Exhibit A
Dated this ___ day of ______________________, 2016.
FINANCIAL HELP SERVICES, INC.
_________________________________________
By: Timothy L. Sykes
Its: Secretary
Loan # 444

COUNTY OF YORK
This ___ day of ____________________, 2016, personally came before
me, the undersigned Notary Public for said County and State, who, being by me
duly sworn, says that Timothy L. Sykes is the Secretary of Financial Help Services, Inc., a corporation, and that the said writing was signed by him/her on behalf of said corporation by its authority duly given. And the said Secretary
acknowledged the said writing to be the act and deed of said corporation.
Witness my hand and official seal, this ____ day of ____________, 2016.
My Commission Expires: _______________
__________________
Notary Public
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CONTRACT FOR DEED NON RECOURSE

PARTIAL SALE AGREEMENT
____________________*, whose address is ______________________*,
its successors or assigns, (hereinafter "PURCHASER") hereby agrees to purchase,
and _________________* whose address is _____________________ _*
(hereinafter "SELLER") the following described Receivable:
RECEIVABLE (Described):
A. Type of Security Instrument: _____________*
1. Original Payor on Security Instrument:
___________________________*, together with all persons paying, assuming and/or guaranteeing that obligation.
2. Original Payee on Security Instrument:
___________________________*, together with all successors and assigns
thereof.
3. Original Date of Security Instrument ______________________*
4. Security Instrument Recording Information ([If Security Instrument is
unrecorded, attach complete copy as Exhibit A; check Line 1 below.] Complete
Copy Attached Hereto as Exhibit A for reference and hereby incorporated herein.
[As a condition to closing this transaction, the ORIGINAL Security Instrument
MUST BE RECORDED.]
a. Recording Date: ___________*
b. Number: ___________*
c. Book/Volume _____* Page: _____*
d. County: ____________*
e. State: ______*
5. Lien Position: ________*
B. Outstanding Balance of Receivable:
Balance of $_________* from _________*, payable in monthly installments
of $_________* with interest at ___* %. Installment is due on __________*
Reserve Escrow Payment $_____ * per month.
CONTINGENCIES:
On or before the closing of this transaction or as otherwise agreed to by the
parties, and as a condition to closing the purchase of the Receivable, Seller
agrees to execute and deliver all documents necessary to effectuate the intent
and purpose of this Agreement.
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Document: Mortgages and Deeds of Trust

The Original Promissory Note;
All Original Endorsements, if any, of the Promissory Note;
Along/Endorsement of Promissory Note to Purchaser;
Copy of the recorded Deed of Trust or Mortgage;
An Assignment of the Deed of Trust or Mortgage to Purchaser;
Other Applicable Documents such as modifications, Closing Statements, Original
Title Policy, Insurance
OR
FOR CONTRACT FOR DEEDS
The Original Contract for Deed;
Along if Applicable;
All Assignments of Contract for Deed;
Assignment of Contract for Deed to Purchaser;
Special Warranty Deed to Purchase;
Other Applicable Documents such as modifications, Closing Statements, Original
Title Policy, Insurance
PURCHASE PRICE: $ ______________* Payable as follows:
A. $________* to be paid to the third party closing agent or servicer upon closing this transaction and
B. $________* to be paid to _______________, representing closing fees;
Seller understands that in the event the Outstanding Balance of the Receivable
decreases due to a payment made by the Borrower prior to the closing of the
transaction referred to herein, the amount paid by Purchaser for the purchase of
the foregoing Receivable may decrease by the full payment amount of the principal reduction prior to closing.
Seller understands and agrees that following the closing of this transaction,
underlying encumbrances, if any, may at the Purchaser's option be paid in full or
may be paid pursuant to the terms and conditions of said encumbrance.
______
* (List Encumbrances here)
DEFINITIONS:
As used herein, these terms have the following meanings:
A. ADDITIONAL EXPENSES: Any and all of the reasonable expenses incurred by
the Purchaser in connection with this Agreement subsequent to the date the
assignment of the Security Instrument is recorded, including without limitation,
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advances on superior liens and encumbrances, costs, disbursements, title and

appraisal fees, attorney fees, taxes, insurance premiums, repairs, maintenance
expenses, late charges and real estate commissions together with interest
thereon at the rate as specified in the Security Instrument from the date said
expense was incurred.
B. AMOUNT PURCHASED: The Net Sum at the Purchasers rate of ___* %,
together with interest at the rate set forth in the Receivable together with penalties and late charges provided therein incurred by the Payor and any Additional
Expenses incurred by Purchaser.
C. DEFAULT: Failure of the Payor to perform pursuant to the terms and conditions
of the Receivable.
D. NET SUM: The principal sum of $_______* (Attached Exhibit B), the partial
balance, received and retained by Purchaser. (Note: Partial Purchase Price, Number of Payments, Payment Amount, & Investor Yield)
ASSIGNMENT:
A. Seller does hereby assign, transfer, set over and convey to the Purchaser,
without recourse as to the financial performance of the mortgagor(s), the right to
receive the Amount Purchased and all of Seller's right, title and interest in and to
the Receivable together with all of Seller's rights, claims and causes of action
which Seller has or may have against the Payor and all of Seller's right, title and
interest in and to the property which is described in the Receivable (to be
reassigned as provided for herein), and insurance policies and/or any other
evidence of insurance (both hazard and title insurance) in Seller's possession in
regard to said property.
Assuming that Payor pays all installments due under the Receivable on a timely
basis with no prepayments and is not otherwise in Default, and that there are no
Additional Expenses, Purchaser shall receive the Amount Purchased in the form of
____* installments of $______* each, beginning ______________*.
B. Only after the Purchaser has received the Amount Purchased shall Seller be
entitled to receive the remaining proceeds due under the Receivable.
C. Seller agrees to execute any and all documents necessary to effectuate the intent and purpose of this Agreement, including without limitation, recordable and
non-recordable assignment forms and note endorsements and a recordable Request for Notice. Seller shall deliver possession of any and all original documents
(original note, deed of trust, mortgage, land sale contract or other evidence of
indebtedness given in connection with the Receivable originally set forth above),
to _________________Third Party Closing Agent, Servicer or document custodi-
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an on or before closing date of this transaction or as otherwise agreed by the

parties in writing. For purposes of this Agreement, the closing date shall be the
date when funds have been disbursed pursuant to this Agreement.
REPRESENTATIONS AND WARRANTIES:
The Seller represents and warrants to the best of our knowledge that:
A. The Receivable is a result of a bonafide sale of or a loan transaction secured
by the property described in the Receivable, which was executed by the person
or persons whose signature or signatures appear thereon.
B. Seller is the owner and holder of all of the payee's right, title and interest in
and to the Receivable, free and clear of all liens and encumbrances of any kind
whatsoever, and no prior transfer, assignment or conveyance, for security
purposes or otherwise, has been made of all or any portion of Seller's interest in
the Receivable, except as otherwise disclosed herein.
C. There is due and owing under the Receivable an amount not less than the Outstanding Balance as stated herein.
D. No defenses or offsets, or notices thereof, exist to the full and complete
payment and performance of the Receivable, and Seller is not selling the
Receivable as a result of any notification, information or knowledge of any kind,
whatsoever, that the Payor or Payor's heirs, successors and/or assigns are unable
or unwilling, for any reason, to make any future payments on the Receivable.
E. No amendments, modifications, extensions or addendums of any kind,
whatsoever, have been made to the Receivable or to the Security Instrument
given in connection therewith, except as disclosed herein, and the Receivable is
not in default to the best of Sellers knowledge. If any amendments,
modifications, extensions or addendums have been made to the Receivable, true
and correct copies have been made available to Purchase in the due diligence file
and are hereto attached hereto and incorporated herein by this reference.
F. If the Seller is a corporation, the execution of this Agreement and the
authorized by said corporation's board of directors and/or all shareholders. If the
Seller is an LLC, Trust or partnership, the execution of this Agreement and the
authorized by said entitys Manager(s), Trustee(s), General Partner(s) and/or all
members or beneficiaries or limited partners.
G. No action or proceeding has been instituted or is threatened to restrain,
prohibit, declare invalid or seek other relief with respect to the Receivable or the
transactions contemplated in this Agreement.
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H. To the best of the Seller's knowledge, the real property described in the
Receivable has no asbestos used as a building material, and said real property
has not been used in the past and is not presently used for asbestos storage. The
real property has not been condemned or used in the past and is not presently
used for petroleum products, hazardous, manufacturing or growth of an illegal
substance and/or toxic waste storage.
I. The real estate, accurately described in the Security Instrument, has legal and
actual access, and no portion thereof has been released from the lien of the
Security Instrument, except as disclosed of record.
J. The representations and warranties set forth herein shall be continuing, and
any waiver of such shall not constitute a waiver of any subsequent breach of said
representations or warranties. No waiver thereof shall be implied from any
forbearance, failure or delay and enforcement thereof. The liability of Seller in
respect to any waiver or breach herein shall not be affected by the granting of
extensions or the adjustment or compromise of claims by Purchaser.
Purchaser hereby represents, warrants, and covenants as of the Closing
Date and as continuing representations, warranties and covenants that
survive execution of this Agreement as follows:
A. Authorization. Purchaser is duly and legally authorized to enter into this
Agreement and has complied with any and all laws, rules, regulations, charter
provisions, bylaws and operating agreements to which it may be subject and that
the undersigned representative is authorized to act on behalf of and bind
Purchaser to the terms of this Agreement.
B. Binding Obligations. Assuming due authorization, execution and delivery by
each party hereto, this Agreement and all of the obligations of Purchaser hereunder are the legal, valid and binding obligations of Purchaser, enforceable in
accordance with the terms of this Agreement, except as such enforcement may
be limited by bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors' rights generally and by general equity
principles (regardless of whether such enforcement is considered in a proceeding
in equity or at law).
C. Opportunity to Review Purchaser has carefully reviewed, analyzed and
considered the agreement. Purchaser has obtained, or has had the opportunity to
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obtain, competent counsel from Purchasers own legal, tax, accounting, financial
and other advisers.
D. No Breach or Default. The execution and delivery of this Agreement and the
performance of its obligations hereunder by Purchaser will not conflict with any
provision of any law or regulation to which Purchaser is subject or conflict with or
result in a breach of or constitute a default under any of the terms, conditions or
provisions of any agreement or instrument to which Purchaser is a party or by
which it is bound or any order or decree applicable to Purchaser.
E. Due Diligence. Purchaser has been urged, invited and directed to conduct
such due diligence review and analysis of the Mortgage Loans documents files,
and related information, together with such records as are generally available to
the public from local, county, state and federal authorities, record-keeping offices
and courts (including, without limitation, any bankruptcy courts in which any
Obligor(s), guarantor or surety, if any, may be subject to any pending
bankruptcy proceedings), as Purchaser deems necessary, proper, or appropriate
in order to make a complete informed decision with respect to the purchase and
acquisition of the Mortgage Loans.
F. No Sale of Securities. The transactions contemplated by this Agreement are
not intended in any way to constitute the sale of a "security" or "securities"
within the meaning of any applicable securities laws, and none of the
representations, warranties or agreements of Purchaser shall create any
inference that the transactions involve any "security" or "securities."
G. Enforcement/Legal Actions. Purchaser agrees and represents that
Purchaser shall not institute any enforcement or legal action or proceeding in the
name of Seller, or any subsidiary thereof, or make reference to any of the
foregoing entities in any correspondence to or discussion with any particular
Obligor regarding enforcement or collection of the Mortgage Loans except to
identify the origination of the Mortgage Loans. Purchaser also warrants and
covenants not to take any enforcement action against any Obligor that would be
commercially unreasonable or create any liability for Seller. Purchaser shall not
misrepresent, mislead, deceive, or otherwise fail to adequately disclose to any
particular Obligor or guarantor the identity of Purchaser as the owner of the
Mortgage Loans. Seller shall have the right to seek the entry of an order by a
court of competent jurisdiction enjoining any violation hereof.
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H. Compliance. Purchaser agrees to abide by all applicable legal requirements of

federal, state and local governments or agencies in respect to the Mortgage
Loans, including but not limited to, the Real Estate Settlement Procedures Act,
the Fair Debt Collection Practices Act, the Federal Consumer Credit Protection Act
("Truth-In-Lending") and Regulation Z issued thereunder, the Federal Equal
Credit Opportunity Act and Regulation B issued thereunder, and any other
applicable Federal law or regulation or any applicable State law or regulation.
I. Risk Factors. Purchaser acknowledges, understands and agrees that the
acquisition of the Mortgage Loans involves a high degree of risk and is suitable
only for persons or entities of sophistication and substantial financial means that
have no need for liquidity and who can hold the Mortgage Loans indefinitely
and/or bear the partial or entire loss of value. Purchaser represents and warrants
that it has read and understood the following specific risks (which list is not
exclusive or exhaustive) associated with the purchase of the Mortgage Loans subject to this Agreement, and that it has been given the opportunity to ask questions or make inquiries with respect to the same:
1.
Illiquid Financial Instrument. There is no publicly-traded market for the
Mortgage Loans. The Mortgage Loans are not convertible into cash or any cash
equivalent and there is no ascertainable or readily-accessible exchange for their
purchase and sale. Accordingly, there may be no manner to recoup your investment in the Mortgage Loans or to mitigate the risk of loss after you purchase
them.
2. No Guaranty of Payment or Performance by Underlying Debtor. The
value of the Mortgage Loans depends on the willingness of the underlying
borrower to make payment. There is no guarantee that the borrower will honor
his/her obligations under the Mortgage Loans. If the borrower fails to make payment under the Mortgage Loans, this may cause the value of the Mortgage Loans
to decline and/or eliminate any value in the Mortgage Loans.
3. Collateral is of Speculative Value. At origination, the Mortgage Loans were
secured by a first mortgage in borrower-owned real estate. However, the value of
the property is uncertain. Insufficient value in the underlying real property may
negatively affect the value of the Mortgage Loans, including eliminating any value
in the Mortgage Loans.
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4. Foreclosure is a Lengthy, Expensive Process with No Guarantees as to

Outcome. In the event that a borrower does not perform under a Mortgage
Loan, the Mortgage Loan owner may be able to initiate foreclosure proceedings.
However, foreclosure is a lengthy, expensive process that varies by state and requires significant transactional expense, including attorneys' fees. There is no
guarantee that initiating foreclosure will result in any value to the Mortgage Loan
holder. Certainly, electing foreclosure as a remedy may negatively affect the value of the Mortgage Loans, including eliminating any value in the Mortgage Loans.
5. Macroeconomic Risk. The value of the Mortgage Loans may be significantly
affected by factors outside the control of the Mortgage Loan holder or the
borrower. Trends in the macro-economy, including financial, legal, and
regulatory, may negatively and materially impact the value of the Mortgage
Loans and the remedies available to the Mortgage Loan holder in securing rights
against the borrower and/or the underlying collateral.
6. Risk of Total Loss. The presence of the foregoing risk factors, which are not
intended to be exhaustive in addressing the risks inherent in an investment in the
Mortgage Loans, means that the Mortgage Loans you are purchasing may
ultimately have no value whatsoever. Accordingly, you must consider the
possibility in making this investment that the value of your financial investment
may ultimately be zero or, indeed, that purchasing the Mortgage Loans may
actually result in losses beyond the amount of your original investment.
ADMINISTRATION OF RECEIVABLE:
A. Servicing: Purchaser agrees to have loan receivable during the period of assignment to Purchaser serviced with _________ ____________________*
(licensed servicer), only, and to exert reasonable collection efforts to insure
that the Payor makes timely payments due under the Receivable. Purchaser shall
have the exclusive discretion to prosecute the enforcement of the Receivable
and/or to otherwise realize on the property securing the same. Originals cannot
be released by Servicer or Document Custodian at any time without prior written
consent of the both parties. Purchase and Seller will receive notice of any and all
delinquency, tax default and/or foreclosure proceedings. Servicing may not be
moved to another company without prior written consent of Seller. Purchaser and
Seller will receive notice of any and all delinquency, tax default and/or
foreclosure proceedings.
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B. Prepayments: In the event of a total prepayment of the Receivable, Purchaser

shall be entitled to receive the unpaid balance of the Amount Purchased. The remainder shall be paid to the Seller. Escrow and/or Servicing agent shall accept
any partial prepayments and shall deliver such partial prepayments to Purchaser,
who shall apply them to the amount purchased or partial entitlement which will
then be Re-Amortized at the Investors yield.
C. Request For Notice: To provide the Seller with additional notice in the event of
a subsequent default on the Receivable, Seller shall execute a Request for Notice
which Purchaser shall cause to be recorded concurrently with the Assignment
referred to herein.
D. Right to encumber or reassign: Purchaser agrees not to encumber, pledge,
hypothecate or assign the Note and Mortgage during the period it administers
same.
SELLER'S OPTION TO REPURCHASE:
A. DEFAULT:
1. OPTION TO PURCHASE PRIOR TO REPOSSESSION:
In the event of a Default on the Receivable, other than set forth above, which
continues for a period of sixty (60) days, Purchaser at his own expense may
proceed with foreclosure, accept a Deed in Lieu of Foreclosure or initiate legal
proceedings against the Payor to collect the amounts owing pursuant to the
Receivable. Seller upon 15 days written notice of such Default issued by
Purchaser, shall have the option to repurchase the Receivable by paying to
Purchaser, the remaining balance of the Amount Purchased then due Purchaser.
Seller acknowledges that the Seller has no right or obligation to assume
the payment of the Receivable transferred pursuant to this Agreement.
Seller agrees that Purchaser's acceptance of any monthly installments
from the Seller will be at Purchaser's sole option and for the sole
purpose of accommodating Seller's need for time to arrange financing of
Seller's repurchase of Purchaser's interest in the Receivable. Purchaser
reserves the right to refuse to accept any installment tendered by Seller
without notice to Seller whether or not Purchaser has previously
accepted one or more installments from Seller.
2. OPTION TO REPURCHASE AFTER REPOSSESSION:
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In the event that the Purchaser completes a foreclosure or otherwise obtains title
to the property described in the Receivable, Purchaser agrees to give Seller
written notice that the property has been repossessed. At the time of
repossession, Seller shall have the option to purchase the property from
Purchaser within sixty (60) days of Purchasers notice to Seller of the
repossession of the property by paying to Purchaser the remaining balance of the
Amount Purchased then due Purchaser. The proceeds of any subsequent resale of
the property shall be allocated as follows:
i. Reimbursement of all additional expenses incurred by Purchaser;
ii. To the Purchaser, all additional expenses incurred by Purchaser, in acquiring,
maintaining and reselling the property, Interest Paid @ Note Rate;
iii. To the repayment to Purchaser of Purchaser's balance of the Amount
Purchased hereunder;
iv. The remainder, if any, shall be paid to Seller. Seller understands that the
property might not sell for a sufficient price to make Seller whole.
3. REQUEST FOR NOTICE:
To provide the Seller with additional notice in the event of a subsequent default
on Receivable, Seller shall execute a Request for Notice which Purchaser shall
cause to be recorded concurrently with the Assignment referred to herein.
TERMINATION OF AGREEMENT:
A. This Agreement shall terminate at such time as Purchaser has received the total Amount Purchased. Thirty (30) days prior to unamortized balance being collected by Purchaser, Purchaser shall assign to Seller all then remaining right, title
and interest in the Receivable and shall execute such documents and instruments
as may be necessary to affect such assignment and terminate Purchaser's interest as a matter of record. Upon said assignment, all liability of the Purchaser in
regard to the Receivable or in regard to any obligations owed the Seller shall
cease.
B. Notwithstanding any other term or provision in this Agreement, the Seller may
terminate this agreement at any time by paying to the Purchase the amount then
owed on the unpaid partial balance of the Amount Purchased then due Purchaser
as of the date of said repurchase.
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SELLER DISCLOSURE AND ACKNOWLEDGMENT:

A. Seller acknowledges that Seller has had an adequate time to read and
understand this Agreement and has done so, and that no oral representations or
agreements have been made by the Seller.
B. Seller further acknowledges that Seller's right to any retained installments due
under the Receivable are subject to the terms of this Agreement, and that this is
not a loan or loan-type transaction.
C. This Agreement shall inure to the benefit of and be binding upon the heirs,
successors, representatives and assigns of the parties hereto.
D. In the event any term or provision of this Agreement is found to be
unenforceable or unlawful for any reason, the remainder shall be carried into
effect as though the unenforceable portion was stricken herefrom.
E. This Agreement shall be deemed to be made and performed in the State of
__________* and shall be governed by and construed in accordance with the
laws of that State.
Settlement:
Neither Seller nor Purchaser shall settle any claims, or satisfy the balance due on
the defaulted Note and Mortgage, unless either the unpaid balance due and
owing is received or the other party has consented in writing to such settlement
or satisfaction; provided, however, the Purchaser shall have the right at all times
to accept a Deed in Lieu of Foreclosure.
NOTICES:
All notices which may be required under this Agreement shall be delivered
personally or mailed first class certified, return receipt requested, with postage
prepaid, to the last address given in writing by one party to the other, and shall
be deemed given when delivered personally or, if mailed, on the date of the
deposit thereof in the United States mail.
DISCLAIMER:
The parties hereto acknowledge that the Purchaser is NOT an agent of the Seller;
nor does the Purchaser have any fiduciary obligation to the Seller. The Purchaser
is acting as an independent investor and/or dealer in this transaction, with the
expectation of profit; the Seller disclaims any representative relationship and disclaims any interest in the Purchasers profit.
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MERGER:
This Agreement and all Addendums hereto, if any, represent the entire
agreement of the parties and supersede and replace all prior understandings
and/or agreements, whether written or oral. Any amendments hereto shall be in
writing and executed by both parties. The terms, provisions, representations and
warranties contained herein shall not merge in, but shall survive, the closing of
the transaction.
Dated: ________________
SELLER:
By:
Its:
PURCHASER:
By:
Its
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Borrow the Money Instead of Selling the Note

As I have mentioned many times in this course, your goal should be to keep the
notes. Well, I understand that you may not have enough money to be able to
keep the notes so instead of selling them you could borrow against them and still
be able to keep them. If you would like to simply find a private money lender to
loan you the money, then you could pledge the note and mortgage or deed of
trust or land contract. Here is the way that it works. Say you just sold a property
for $30,000 and received the usual $2,000 down. Now you have a note and
mortgage or deed of trust for $28,000 at 9% interest for 120 months (10 years)
with a payment of $354.69. Well, instead of selling the note outright you could
simply borrow money from your private money lender at a much lower rate of interest which means you still own the note but you are personally liable for the
payments to your private investor. Instead of assigning the note and mortgage or
deed of trust or land contract to the investor, you would pledge it as security for
the money you are borrowing from the private lender. This is a good way to
make a spread on the interest rate. It also allows you to pay back the investor in
a short time frame and keep most of the remaining payments. Next is a sample
letter you can use to attract private money lenders.
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803-831-0056
Fax 803-831-0805
www.PrivateInvestorsOnly.com
June 8, 2016
Dear Potential Note Buyer,

We currently have several receivable financing opportunities available in
our seller financed portfolio. These homes are located in various states and were
purchased by Neighborhood Housing Group, LLC. and sold to either owner
occupants or investors with a small down payment and seller financing. Each
home was sold as is with the buyer to make any repairs needed. Our buying
criteria is to purchase properties that need some rehab but will be in move in
condition with a little work done by the buyer.
Our policy is to borrow our costs and some profit from each transaction, using our accounts receivable from our buyers as collateral. We collect the payments from our buyers and are responsible for our payment to you, regardless
whether or not we get paid, and once your loan is repaid, our account(s) are released back to us. Our investors favor this arrangement. As we retain the residuals of our contracts, it provides them with the knowledge that we dont get paid
until they do. Please call for complete details.
Below is a sample of how a transaction would work:
Reference
125 Oak St. Loan
PMT
$
900
Rate
27,280
12%
Number of Payments
PV
36
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At 12%, with payments of $900 per month, this loan will amortize in 36
months.
Please call if you are interested as these are usually picked up pretty quick.
Should that happen, we are always happy to put our investors on our call first
list when they let us know they have funds to place.
I look forward to visiting with you.
Sincerely,
Larry Goins,
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The neat thing about borrowing the money from your private lender instead of
selling the note as I mentioned above, is that you still get to keep the note and
collect the total payments. If the borrower defaults, then you will still be obligated to pay your private lender since you just borrowed the money instead of selling the note. The good thing is that you can just resell the property to another
buyer and start collecting payments from the new buyer.
If you have sold the property using a land contract, instead of using a collateral
assignment, you can just have your private lender put a mortgage on the
property itself as long as your land contract agreement allows you to mortgage
the property once you have sold it on a land contract. Ask your attorney or title
company to insure you can do this before selling the property or note.
Now this is a great way to get the spreads on the interest rate and still keep the
note. Next is a sample cover letter, promissory note and collateral assignment
that go to your private money lender.
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803-831-0056
June 8, 2016
Mr. Bob Johnson

Bob Johnson Investment Company, Inc.
PO Box 555
Las Vegas, Nevada 89109
RE: $9,500 Loan to Neighborhood Housing Group, LLC
Dear Bob,
Here is the paperwork for the Loan made to Investors rehab, Inc. Interest
starts June 15th and the first payment is due to you on the 15th of July.
Also included for your records are a copy of the promissory note and
collateral assignment.
Thanks for your business.
Sincerely,
Larry Goins,
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Promissory Note
After date, hereinafter set forth, for value received, Neighborhood Housing
Group, LLC. promises to pay to the order of Bob Johnson Investment Company,
Inc. PO Box 555 Las Vegas, Nevada 89109, or at such other location as the
holder may direct, the sum of NINE THOUSAND FIVE HUNDRED AND NO/100
Dollars ($9,500.00) in the manner following, that is to say: THREE HUNDRED
AND NO/100 Dollars ($300.00) or more on the 15th day of July, 2016, and
THREE HUNDRED AND NO/100 Dollars ($300.00) or more on the 15th day of
each and every month thereafter, until the entire balance with the interest
thereon, as hereinafter set forth, shall have been fully paid.
The said monthly installments of $300.00 shall include interest from June 15th,
2016, on said principal amount and/or on the unpaid balance thereof at the rate
of TEN per centum (10%) per annum, and when said installments are paid they
shall be apportioned between interest and principal, and applied to regularly
scheduled installments in the order in which the same were due and shall be
credited as though the payments were made on their respective due dates unless
otherwise indicated by the maker The maker reserves the right to pay two or
more installments at any time without penalty or to prepay any principal owed
without penalty or additional interest.
Security for this promissory note is provided by a Collateral Assignment of
accounts receivable of even date herewith. Other collateral may be substituted
from time to time as required to maintain security equal to or greater than the
outstanding note balance.
The maker agrees, in the case of default of the payment of any said installments,
when, by the terms hereof, the same shall fall due, that such installments shall
bear interest from the date of their respective maturities until paid at the rate of
10% per annum. A late fee of $25 shall be due on any payment that is made
more than ten days after its due date The maker further agrees that if anyone of
said installments or any interest due thereon is not paid within fifteen days after
its due date, the holder of this note, at its option, may declare the whole of the
principal sum then remaining unpaid, together with the interest that shall have
accrued thereon, to be immediately due and payable without notice or demand.
The makers, endorsers, and sureties hereof hereby severally waive protest,
demand, notice of dishonor, presentment. and notice of protest in case this note,
or any installment due hereunder is not paid at maturity, and agree that after
maturity of this obligation or any installment thereof: the time of making
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payment of the same may be extended without prejudice to the holder and
without releasing any maker, endorser or surety hereof.
And the maker agrees to pay, in addition to all other sums due hereunder, all
costs and expenses of collection of this note and/or enforcing the same including
a reasonable attorney's fee should this note be placed in the hands of an attorney
for collection and/or enforcement, or is collected or enforced through bankruptcy,
probate, or other judicial proceedings.
MAKER
By:
____________________________________
President
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Collateral Assignment
For value received, Neighborhood Housing Group, LLC. (the Assignor), does
hereby assign to Bob Johnson Investment Company, Inc. PO Box 555 Las Vegas,
Nevada 89109 (the Assignee), all its interest in the accounts receivable consisting
of a note and deed of trust/mortgage secured by the property at
__________________________
City_________ State_____ Zip________
as security only for the repayment of a Promissory Note of even date herewith.
Terms of the account receivable are as follows.
Original Date of Loan: June 5, 2016
Principal Balance : $28,000
Interest Rate: 9%
Months: 120
Payment : $354.69
Mortgagor: Jim Smith
The above terms are for the security instrument and NOT the promissory note for
assignee.
The total balance of all the accounts set forth in the above references security
instruments shall exceed the outstanding balance of the promissory note at all
times. The Assignor may substitute accounts receivables from time to time in order to maintain this minimum requirement.
The accounts hereby assigned are assigned as collateral security for a loan and
they are not to be deemed sold to the Assignee
The Assignor represents and warrants as follows:
(a) Each of the accounts hereby assigned as collateral security is genuine, valid, and represents an existing claim arising out of a home sale to the account debtor.
(b) The amounts of the accounts stated herein are true balances now due and
owing, and the accounts are not subject to any defense, setoff,
counterclaim, or claim of any substance or nature whatsoever.
(c) The Assignor is the true and sole owner of the accounts; that the accounts
are not subject to any senior security interests and are free and clear of
any and all senior liens or encumbrances.
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(d) The Assignor shall not, until such time as all of the terms of the
promissory note are met, subject the accounts to any security interests or
other lien or encumbrance.
In witness thereof, Assignor has signed and sealed this instrument on
______________, 2016
By:
__________________________________
President
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CHAPTER 13
Property Analysis with the Filthy Riches Analyzer
I have included in your course what I call the Filthy Riches Analyzer. The Filthy
Riches Analyzer will not only help you determine how much to pay for the
properties but it will also show you how much money you will make on the
property based on how much you can sell the note for, the terms of the sale and
the down payment. You can access our online analyzer, which also includes a
video tutorial of how to use it, by going to www.filthyriches.com/analyzer. On the
next page is a screen shot of the analyzer.
In addition to the Filthy Riches analyzer, I have included on your forms disc another spreadsheet analyzer that we use for higher priced properties to analyze for
seller financing. The spreadsheet analyzer will help you determine exactly how
much you can pay for a property based on the rent comps and monthly payment.
Please use the spreadsheet analyzer when analyzing a property that you will be
paying between $20,000 and $40,000 and selling with seller financing. The
analyzer will help you to determine how much you can pay for the property. You
still need to be able to sell the house for at least 3 times what you are paying for
it to make the numbers work. Just remember, on the higher priced properties,
you will have a little better of a buyer as far as servicing goes but the profits and
margins are smaller.
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Million Dollar Rolodex aka Bookmarks

I have mentioned my Million Dollar Rolodex throughout this course. I have
provided the Rolodex as a set of bookmarks that you can import right into your
browser whether you use Internet Explorer, Firefox, Chrome, Safari or any other
browser.
The bookmarks in the Filthy Riches course will provide you with all of the contacts
you need to run your Filthy Riches business. I have included next the entire list of
all of the different groups of products and services that are included in the Million
Dollar Rolodex bookmarks. You will find them on the forms disk included in this
course. If you are having trouble importing your bookmarks or would just rather
use our online version, I have created a special page where I have placed all of
the
bookmarks
for
you
to
access.
Just
go
to
this
website:
www.filthyriches.com/bookmarks
803-831-0056.
How to Use Tabbed Browsing to Search in Half the Time
Tabbed browsing basically means that you do not have to open up a whole separate window for every website that you go to. You are able to open up a group of
tabs so they all load at the same time. This saves a tremendous amount of time
and in this home-study course, I have included a complete set of bookmarks that
can be customized to your local market.
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You can import the bookmarks that I have included on the forms disc CD-ROM for
you. Once you do that then you can just go to each section and find your local
access websites for each set of groups.
In the actual bookmarks, I take you directly to the exact page you need to go to
instead of having to look throughout the entire site to find the specific page you
are looking for.
Please remember that many websites change their web page locations and sometimes you will go to a dead link. If that happens, simply go to the home page by
looking at the webpage listed in the address bar. From there you can locate the
page you are looking for and then bookmark it. If you are having trouble importing your bookmarks or would just rather use our online version, I have created a
special page where I have placed all of the bookmarks for you to access. Just go
to www.filthyriches.com/bookmarks. You can simply import them from there or
just go to the sites you want to use and bookmark them one at a time. Just so
you know, I do update the bookmarks on a regular basis so you can rest assured
that the one on the webpage previously listed will have the most current version.
Filthy Riches Million Dollar Rolodex Bookmarks
Accountants
Answering Services/Call Capture Services
Appraisal/Comparable Sale Sources
Attorneys
Auctions
Bandit Signs
Bank Owned Properties
Business Referral Services
County GIS Sites
Directory for Code Enforcement Offices
Email Marketing Groups
FREE Classified Ads
FREE Credit Reports
Home Inspectors
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Houses for Sale

Incorporating Your Business
List Your House for Rent
Mortgage Buyers
Mortgage Servicing Companies
Mortgage Servicing Software
Neighborhood Resources
Outsource Labor
People Finder
Private Money Sites
Property Insurance
Property Preservation
Real Estate Law
Real Estate Training
Realtors
Rehab Contractors
REIA Clubs
Self-Directed IRA's
Social Networking Sites
Title Companies
Unsecured Lines of Credit
Virtual Closing Coordinators
Wholesalers
Process and Procedure Checklist
Next you will find a complete checklist of every process and procedure for completing a Filthy Riches transaction. As you will see, it is very simple to do. Just
follow the checklist and you should be able to complete your first transaction
safely and without risk. Here is the list.
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Below you will find our entire check list to guide you through this
process.
___ Identify Property
- Is it a marketable property listed for $50,000 or less
- Does the property have any curb appeal
- Would you spend YOUR money on this deal
- Make sure it is not in need of total rehab
___ Price Negotiation
- Start at 18-22% of the asking price with your offer
- Pay around $5,000
___ Contract to Buy
- Subject to pictures and approval
- Subject to signs in window and lockbox
- Subject to verification of no code violations
- The more deposit you put up the stronger the offer
- The shorter time to close the stronger the offer
___ Market the Property
- Post on the free classified sites
- Post on Yahoo and other groups
- Take calls from the potential buyers
- Pull credit on the buyers
___ Contract to Sell
- Is buyer pre-qualified enough for you
- Send them the contract to send back signed with the down payment
- Send to RMLO to get approved
___ Schedule Closings
- Send out finance docs to have signed and sent back
- Set up the borrower to start collecting payments
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CHAPTER 14
Using Your IRA
Yes, you can use your IRA or any type of tax advantage account to fund your
deals but there are some restrictions on this. First, you have to have your account with a self-directed custodian like Equity Trust, Camaplan or Quest IRA.
You can find them in my Million Dollar Rolodex bookmarks or you can go to
www.TrustETC.com for Equity Trust or go to www.Camaplan.com to find Camaplan or www.QuestIRA.com to find Quest IRA. I have had self-directed IRAs and
other tax advantage accounts for years. Once you set up an account and either
transfer an existing IRA to them or fund a new one then you can start using the
money in the IRA to buy properties. Remember that when buying real estate with
your self-directed IRA, you cannot have a mortgage on it unless it is a nonrecourse loan. These are very difficult to get so here is how we use our IRA to
buy property. The good news is that you do not need much money to get started.
In fact, you can start with a very small amount of money and increase it in a very
short time to be able to have enough money to buy a Filthy Riches property outright. Here are some of the ways you can get started with a small amount of
money and grow it fast to be able to buy a property for cash.
If you have a very small amount of money to start with, you can grow it very
fast. I would start with wholesaling some median priced properties. Now there
are many different ways to buy and sell a property so here are the best and fastest ways to get started. First, you can use it when buying with an option. You
simply write on the contract Equity Trust FBO Your name as the buyer or one
optioning the property. In fact, the IRA custodian will show you what to do. Then
your IRA will send the funds to the sellers attorney or whoever is holding the option money. Then when you sell the option to another investor and collect your
fee, it goes right back into your IRA totally tax deferred or tax free depending on
whether you have a traditional IRA or a Roth IRA. This works great if you only
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have a small amount of money in your IRA and this is also a great way to build
your IRA fast.
Here is another way to buy in your IRA. If you are buying a property you can
assign, and do not have to close, you buy it in the name of your IRA and then assign the contract to another investor. The money you used for a deposit comes
from the IRA, and the money you make when you assign it, goes back into your
IRA as well. This is a great way to take a small amount of money and build it to a
large IRA account.
Here is another great idea to grow your IRA very fast. As you start buying more
and more houses, I would suggest that for every five to ten houses you buy, you
buy one in your IRA to grow it fast. This is very easy to do, and since you are already buying property anyway, you just switch the name of who you are buying
it from into your IRA FBO [your name here]. (FBO stands for; For The Benefit
Of.)
Think about thisonce you get going, you could open up an education IRA for
your kids, a SIMPLE IRA for your business and even a solo 401k or HSA. Now if
your children are old enough, you could actually put them on the payroll and fund
an IRA for them and use it also. If you use a Roth IRA, then you will never pay
taxes on the money coming out of the IRA when you start taking it out. Is this
great or what? Now can you see how you could really fund your kids college and
be ready for retirement, as well? See your CPA for more info on this.
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CHAPTER 15
Buying in Bulk Direct from the Banks
Lets talk about buying bulk properties. There are bulk REO lenders and they sell
packages of properties. Some have 10, 20, 30, 100 properties or more in them,
with some even having up to 500 properties in them. The problem with buying
packages like this is that number one; youre buying them sight unseen. Youre
not going to know very much about the property before you buy it. You may not
even get any photos of them. Sometimes you may think you bought a house and
you have someone go look and there is just a vacant lot there. It doesnt happen
very often but it does happen.
Heres the other thing, if you commit to buy a package and you dont follow
through, they will never sell you another package again. Thats why it is
extremely important that if you tell the banker or lender that you are going to
buy a package, you will follow through.
Having said that, heres another downside of the packages. A lot of times it can
take a while to get the actual title or deed to the property and that is very
important. You need to be working with somebody with a staff or that you know
who the lender is so that you can be working to get your deed to the property
because the longer you have that $5,000 tied up in the property, the longer it will
take you to get it on the market and get it sold. So you want to make sure that
you can get clear title or clear deed to the property within a certain amount of
time.
Another downside is that a lot of times there are back taxes owed on the
property and you dont know how much it is unless you go through each and every one of them and contact the county tax assessors office, which you can do by
going to www.NACO.org (national association of counties). You click on find a
county then click on the state that the property is in, and you can find the counties website from there and find out the back taxes owed by looking up the prop-
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erty. Not every county is online though. It depends on the county and state, but
the phone number will be on the website and you can just call them. Most counties, however, are now online.
This is the reason that the banks give you a quitclaim deed instead of a general
warranty deed. This way they can transfer title without paying anything that may
be owed on the property like taxes or utility liens.
So if there are back taxes owed, then you have to add that to the cost of the
property. If you pay $5,000 for a property, which by the way, if youre buying in
bulk, youre probably not going to be paying $5,000, you will be paying
$2,500-$3,500, maybe $5,000, but typically youll get a little better price on a
property if you do that. However, with the bulk properties, you can make it up in
numbers.
Another item in bulk sales that you need to look for is utilities that are still owed
on the property. In some states the utilities that are owed on the property will
transfer to the new owner. So it is important with bulk sales to verify this with all
of the utilities that service the property.
803-831-0056.
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How Much Can You Make Buying Bulk

Lets see how buying a package of houses may work. Lets say that you buy 10
properties in bulk for $50,000. I want you to at least count on one - maybe two of them being such bad dogs with fleas that you have to practically give it away.
Say you are buying 10 properties at a bulk sale, probably one of them, and youll
have to send somebody out, but in your course in the Million Dollar Rolodex I
have a list of sources that you can use to go out and inspect the property, secure
the property, board it up, put your sign in and put the lock box on it for you.
They will take the pictures for you while they are there, because you dont get
the pictures up front by doing the bulk purchases. So you have the service go out
and do that. (Remember, none of this applies when buying one at a time through
the Realtors, just the bulk sales.)
Some of them are going to be so bad, as I mentioned that you are going to
almost give them away, but you will still put your sign in the yard, but realize
that this one may not be able to sell, but when the phone starts ringing, you are
going to try to turn these into a cash sale. This person might be a neighbor and
you could even look up on the internet to see who the neighbors are around this
property. Maybe the next door neighbor would want to buy this, even if you have
$5,000 in it, they might offer you $2,000 or $4,000 for it because it is an eyesore
and they just want to tear it down and clear the lot so that it doesnt depreciate
their house any longer. So you might not make a return, but at least if you sell it
for $2,000-$3,000 or so, youve gotten rid of it.
You could also just donate that kind of property to a nonprofit in the area and
take a tax write off.
So if you sold one for $2,000, now you have $48,000 in 9 houses and you can
put your attention into them, the ones that will bring you the money. You are going to now get your signs out on those properties, put them on Craigslist, put
your lockbox on the door and then do the same thing, sell them and create the
notes. If you get a call on a property saying, I wouldnt pay $400 a month in this
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neighborhood or no, we dont have $2,000 to put down, then you know that
youll have to be a bit more flexible on this particular property. You might even
let somebody in for $500 down, but at least you know you are in an area where
that is going to be a problem property. You may have to adjust your down payment, your pricing and your payment on that particular property if you get a lot
of negative feedback about the neighborhood or property itself.
At the end of the deal, you know that with one of the properties, you got a dog
with fleas, you couldnt hardly give it away and had to sell it for $2,000, then you
have another one where you had to take $500 to $250 down or no money down
just because they offered to clean it up or something. Maybe you are charging
$250 a month instead because of the circumstances. You might even be able to
sell that note at fifty cents on the dollar if its a $28,000 note, maybe you can get
$10,000. As long as you can get a little bit of money out of that one, thats okay,
take your money and move on. You can never make a mistake by making a profit
regardless of the amount.
Say you have eight notes left now at $28,000. That is $232,000 in total notes
that you have left. So now you can sell enough of them to get your money back
and keep the rest for the income, or you can sell them all or even sell maybe the
first five years of each one of them. You have many options.
If you sold each one of them at a 30% yield and received $15,000 for each one,
you still received a total of $120,000 minus what you paid for the properties, including any back taxes, etc. So you can still make a lot of money buying in bulk
but just keep in mind that it is a little different than buying individual properties
as there is more work and risk.
The good thing about buying in bulk is that you will typically get better deals up
front; there is usually no negotiating on the packages as they have already priced
them to move very fast. Also you can get started with a lot of properties very
fast.
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Where Do These Bulk Sales Come From?

The reason some banks sell properties in bulk is that they are usually the
properties that they couldnt sell through a Realtor as no one bid on them or they
couldnt get them sold. Also sometimes they may have fire damage, title issues,
back taxes, etc. so they just want to move them fast without having to clean all
those issues up.
I personally like to find the properties listed with the Realtors that may have
been on the market for a while and maybe they have already had a few price
drops. Then I make very low offers to them to get the property. I dont always
get them but I get a lot. These are the same properties that the bank is probably
considering putting into a bulk package to sell with other properties they couldnt
sell through the Realtors. The good news is when you buy it through the Realtor,
individually instead of a bulk sale, the bank has to pay any back taxes and give
you a clear title to the property eliminating many of the risks of buying in bulk.
You can make a lot of money buying in bulk but just remember that there will be
many surprises and not all of the properties will work out. As long as you know
that going in and you are ok with it then there is no reason not to buy some bulk
packages if you want to.
Using Auto Responders to Stay in Constant Contact!
An auto responder is just what it sounds like. It is software that automatically
responds to email that is sent to you or sent out when someone goes into your
database. It can be set up as a single email response or multiple responses delivered at various intervals. The neat thing is its all automatic once you set it up.
You can set up a response to an inquiry from your website or set up a response
from someone who sends you an email while you are out of town. Everyone has
received email from an auto responder. Have you ever purchased a product
online and immediately you received a thank you email or an email with a link
to download a product? These are all examples of auto responders. An auto
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responder is a Seller Who Never Sleeps An auto responder is the cheapest Personal Assistant you will ever hire
1. Your auto responder, combined with savvy marketing, is the speediest
way to immediately boost business!
2. Email auto responders are a time saving tool that sends your selling
message out automatically at standard intervals.
3. An auto responder is an immense time saver.
4. An auto responder turns website visitors or prospects into buyers
5. Auto responders make the difference between having a real estate
business that works hard for you and you constantly having to work hard
for your real estate business
Now, how do we use them in real estate investing? Lets take a look at three
ways. We have included samples of the ones we send out for each in your course
to make it easy for you. Now, even though I have already written the auto
responder text for you, it will take you about an hour to set up yours and
customize them but once they are set up you can go for years without having to
do anything else. Think about this, how many investors do you think are
following up with every Realtor, investor and first time home buyer every week?
Another important thing I want to mention is that a lot of investors, especially
new investors, do not like to talk to the seller or Realtor. Using our system, we
have many deals where we talk to the seller or Realtor only once and then the
rest of the negotiating is done by email. Is this great or what? Now you can set
up these auto responders to go out in any number of different ways. You may
want the first one to go out immediately. Then the second one to go out seven
days later and then the next one to go out seven days later, then the rest to go
out monthly. This is the way we typically do it.
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1: Realtors: Every time we talk to a Realtor about a house, we ask them if we

can email them when we are looking for a property in a particular area or price
range. We then set up a series of emails that go out to the Realtor every week
for weeks, then monthly for twelve months. Here are the Realtor auto responders:
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Filthy Riches Realtor Auto Responder #1

Dear <Realtors name here>,
I enjoyed talking to you about the property.
As we discussed, we buy houses and pay cash and can close very fast. We look
for the low-end properties that are listed for $50,000 or less. We cant pay a lot
for them; however, we do not need any inspection or appraisal and we are usually ready to close before the bank or seller is. All we have to do is to get the seller
to accept our offer. Once we purchase a property we usually sell it will seller financing to a first time homebuyer or investor who will fix it up and rent it out.
We buy most of our properties from Realtors and most of them are bank owned.
That doesnt mean that we are not looking for other sellers properties as well.
Please take a minute the see if there are any other properties you can think we
need to make an offer on that are listed for $50,000 or less. Also, if you have an
automatic email notification list could you put me on the list to get properties
sent to me that are listed for $50,000 or less? They also need to have at least
three bedrooms and a minimum of 900 square feet.
We are also looking for another good attorney to work with in the area. Do you
have any that you like to work with? We need someone that we can make a part
of our team so we can send them business on a consistent basis. If you have
someone in mind, please let us know. We really appreciate this.
The Realtors we work with on a regular basis love us because we do what we say
we are going to do. We are very easy to work with and we will not waste your
time as we know and understand that no one gets paid until the deal closes.
I can assure you that closing a transaction with us will be the easiest deal you
ever closed because as I mentioned before we do not need an inspection or
appraisal and we are usually ready to close before the seller is. Thanks for being
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a vital part of our team and we look forward to working with you and making
money together.
Thank You,
(Your name here)
(Your phone number here)
(Your fax number here)
(Your email address here)
(Your website here)
(Your slogan or motto here)
This email is for the use of its intended recipient only. The information contained
in the message is strictly confidential. If you have received this message in error,
please notify the sender immediately by email and delete all copies of the message. The individual sending this email is not a licensed attorney or accountant.
Before making any decisions using information contained in this email, phone
conversations, our websites, or any other form of communication you should receive advice from your licensed professional. All information is subject to verification, errors and omissions. All properties remain available until we receive a
signed offer to purchase and the accompanying deposit.
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We spoke about a week ago and I just wanted to follow up to see if you had any
more properties that we need to make an offer on today.
As you may recall, we buy properties every month and we pay cash and can
close fast. We are looking for more properties in your area and have funds that
we need to invest this month. Please let me know if you have anything we should
take a look at or anything that you are having trouble selling. We may be able to
help.
You may recall that we look for the low-end properties that are listed for $50,000
or less, have at least three bedrooms and 900 square feet or more. As I
mentioned before, we cant pay a lot for them but we do not need an inspection
or appraisal and can close very fast. We then sell the properties with seller
financing and a low down payment to a first time homebuyer or investor.
I also wanted to ask if you ever have buyers that have down payment money but
may not be able to qualify for a loan because of the minimum loan amounts on
these low priced properties, the condition of the property or because of their
credit. If you have any of these buyers, whether they are investors or first time
home buyers, I would be glad to split the down payment with you 50/50 if you
tell them about one of my seller financed houses and they purchase it. In fact,
some of the Realtors we work with have made a lot of money selling houses to
us, then providing a buyer who has a down payment to purchase the property
from us with seller financing.
In fact, you may already be working with some buyers that we could work
together on. If you are please let us know as it is a great way for you as the
Realtor to get paid twice on the same house. Once when you sell it to us at a discount, then a second time when you sell it to your buyer with a down payment
and we finance the balance.
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Also, let us know if you see any properties that we need to make an offer on
today.
Thanks for being a vital part of our team and we look forward to working with
you more.
Thank You,
(Your name here)
(Your website here)
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We spoke a couple weeks ago and I just wanted to follow up to see if you had
any more properties that we need to make an offer on today.
As you may recall, we buy properties every month and we usually pay cash and
can close fast. We are looking for more properties in your area. We have funds
that we need to invest this month. Please let me know if you have anything we
should take a look at or anything that you are having trouble selling.
If you have a problem property that just cant get sold, please let us know.
Thanks for being a vital part of our team and we look forward to working with
you more.
Thank You,
(Your name here)
(Your website here)
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Filthy Riches Realtor Auto Responder #4-12

How have you been? We spoke a while back about some properties. I hope things
are going well.
I wanted to let you know that we are still buying a lot of properties and are
looking to get our numbers up even more. Do you have any properties we need
to make an offer on today? If so, please contact me at the numbers or email
below. Could you also ask around the office to see if any other agents have any
properties we could buy today?
I also wanted to remind you and ask if you have any buyers that have down
payment money but may not be able to qualify for a loan because of the
minimum loan amounts on these low priced properties, the condition of the property or because of their credit. If you have any of these buyers, whether they are
investors or first time home buyers, I would be glad to split the down payment
with you 50/50 if you tell them about one of my seller financed houses and they
purchase it. In fact, some of the Realtors we work with have made a lot of money
selling houses to us, then providing a buyer who has a down payment to purchase the property from us with seller financing.
Please let me know if you find anything that we need to make an offer on today,
as we are very easy to work with look forward to making money together.
Thanks again for being a vital part of our team and we look forward to working
with you even more.
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Thank You,
(Your name here)
(Your website here)
803-831-0056.
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2: FIRST TIME HOME BUYERS: We also use them to keep in touch with first
time home buyers who might have called us on a house we have already sold or
maybe they were qualified for our financing but we are still looking for a house
for them. This is a great way to keep in touch with them so they dont go
shopping with someone else. You can also send custom emails with specific properties and even links to your website (if you have one) to view the properties. In
our twelve months of auto responder text, you will continue marketing to the retail buyer until they buy from you. Here are the first time home buyer auto responders:
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Filthy Riches First Time Home Buyer Auto Responder #1

Dear <tenant/buyer name here>,
I enjoyed talking to you about helping you to become a homeowner. I wish you
the best in being able to realize the American dream! Please do not hesitate to
contact me if I can help you.
As I may have mentioned, we have special programs to help people become
homeowners. We have First Time Home Buyers programs, Down Payment
Assistance programs, Closing Cost Assistance programs, Lease Option
programs, Rent to Own programs and Seller Financing programs. The best
part is the fact that the monthly payments are usually less than you would pay to
rent the same house!
As you can see we have a lot of options when it comes to helping you realize the
American Dream. We are not Realtors or real estate agents. We are investors
that are in the business of purchasing distressed property from banks, estates
and individuals that have unfortunately found themselves in a situation where
they need to sell their property fast. Once the property is acquired we then sell it
to a first time homebuyer or investor with one of our financing options and a low
down payment for the buyer. Of course the more down payment you have, the
lower your payment will be and the sooner your new home will be paid in full. In
fact, none of our financing programs are for more than 10 years. This means
when we help you become a homeowner, you will have no mortgage payments
after 10 years. Is that great or what?
We also depend highly on referrals. Many of the buyers of our homes are
referrals from other happy customers. If we help you to become a homeowner,
then you will tell your friends and relatives.
Because we have so many special funding programs to help become a
homeowner, our homes sell very fast. Please stay in contact with us weekly to
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see what we have available now and in the near future. We look forward to
serving you.
Thank You,
(Your name here)
(Your website here)
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I enjoyed talking to you last week about helping you to become a homeowner. I
wish you the best in being able to realize the American dream!
As I mentioned before we have special programs to help people become
part is the fact that the monthly payments are usually than you would pay to rent
the same house!
Have you checked with us lately to see the homes we have available? You can
visit our website or contact us direct at the number below. The homes sell very
fast so it is important to check with us weekly until we find the right home for
you.
If you find a home on your own that you would like to look at and you would like
to see if the home fits into one of our programs, please feel free to contact us
direct and we can get all of the details of the property and see if it will work in
our program for you. We may be able to purchase the property for all cash then
offer it to you through one of our special funding programs.
As I mentioned before, we depend highly on referrals. Many of the buyers of our
homes are referrals from other happy customers. If we help you to become a
homeowner, then you will tell your friends and relatives. Who do you know now
that would also like to become a homeowner? There may be someone at work,
Church or place of worship, in your current neighborhood or maybe even a friend
or relative. Please let us know and we promise to give them the same quality of
service as we have with you.
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Please stay in contact with us weekly to see what we have available now and in
the near future. We look forward to serving you.
Thank You,
(Your name here)
(Your website here)
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We spoke a couple of weeks ago and have been corresponding by email about
your journey into home ownership. How are things going? Have you checked with
us for our current inventory of homes that qualify for our special funding
programs? You can visit our website or contact us direct at the office number
below.
part is the fact that the monthly payments are usually less than you would pay to
rent the same house!
When you start working with us to help you become a homeowner you had better
start packing. We work very hard to be able to help you get the funding you need
with payments that will fit your budget.
As I mentioned before, if you find a home on your own that you would like to
look at and you would like to see if the home fits into one of our programs please
feel free to contact us direct and we can get all of the details of the property and
see if it will work in our program for you. We may be able to purchase the
property for all cash then offer it to you through one of our special seller
financing programs with a low down payment.
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the near future. We look forward to serving you.
Thank You,
(Your name here)
(Your website here)
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Filthy Riches First Time Home Buyer Auto Responder #4-12

Hi, we spoke a while back. I hope things have been going well with the house
hunting. Is there anything we can do to help you realize the American Dream?
Have you checked our current inventory on the website or contacted us? Many of
our homes do not make it to the website as they sell so fast so you might want to
give us a call to see if we have a property you can qualify for right now!
part is the fact that the monthly payments are usually than you would pay to rent
the same house!
If you find a home on your own that you would like to look at and you would like
to see if the home fits into one of our programs, please feel free to contact us
direct and we can get all of the details of the property and see if it will work in
our program for you. We may be able to purchase the property for all cash then
offer it to you through one of our special seller financing programs.
the near future. We look forward to continue to serve you.
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Thank You,
(Your name here)
(Your website here)
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3: INVESTORS: Every time an investor calls you about a property you have or if
you call an investor about a house, you should add them to your database and
subscribe them to an investor auto responder. I have provided a series of auto
responders to go out for you.
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Filthy Riches Investor Auto Responder #1

The auto responders for buyers and sellers and to find note buyers.
Dear <investors name here>,
I enjoyed talking to you about investing in real estate and look forward to
working with you in the future. Please do not hesitate to contact me if I can help
you whether buying or selling.
As I mentioned we buy houses. We pay cash and can close in about a week if
that best suits you. Please keep me in mind if you get a good wholesale deal that
you need to sell fast.
We are looking for another good attorney or title company to help us with our
closings. Do you know of anyone you like to use? If so please let me know.
We also wholesale houses to other investors. Our inventory changes very fast because of the prices we are able to sell our properties for. If you are looking for
more property to invest in please let me know.
Thank You,
(Your name here)
(Your website here)
please notify the sender immediately by email and delete all copies of the mes-
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sage. The individual sending this email is not a licensed attorney or accountant.
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We spoke about a week ago. How have you been? As we discussed, we offer
properties to new and experienced investors at wholesale prices. I wanted to let
you know that we also offer properties to investors with seller financing. This
means that you can purchase a property from us with a small down payment and
we will finance the balance, which allows you to make the necessary repairs and
then rent out the property with a positive cash flow all without have.
I also wanted to ask you if you know of a good appraiser we could send some
business to. We are always looking for more quality people to work with so I
thought I would ask. If you have a good one you like working with please let me
know. I would also be glad to share any information on any contacts I have as
well.
As I mentioned we are also investors and we buy houses every month. We pay
cash and can close in about a week. Please let us know if you have anything we
need to take a look at.
Thank You,
(Your name here)
(Your website here)
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please notify the sender immediately by email and delete all copies of the
message. The individual sending this email is not a licensed attorney or
accountant. Before making any decisions using information contained in this
email, phone conversations, our websites, or any other form of communication
you should receive advice from your licensed professional. All information is
subject to verification, errors and omissions. All properties remain available until
we receive a signed offer to purchase and the accompanying deposit.
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Dear <investors name
We spoke a couple of weeks ago about investing. I just wanted to follow up to
see how we may be able to work together. As I mentioned, we are investors and
we buy houses every month. We pay cash and can close in about a week if that
suits you best.
We are also looking for another attorney or title company. Do you have any that
you like to work with? We need someone that we can make a part of our team so
we can send them business on a consistent basis. If you have one in mind,
please let us know.
You may also remember that we also sell houses to investors with seller
financing. Which means you can buy a house from us with a low down payment
and we will finance it with payments typically less than rent. That way you could
buy it without having to qualify for a bank loan and still rent it out at a positive
cash flow.
As I also mentioned before, we wholesale houses to other investors. Our
inventory changes very fast because of the prices we are able to sell at. If you
are looking for more property to invest in, please let me know.
Thank You,
(Your name here)
(Your website here)
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email, phone conversations, our websites, or any other form of communication
you should receive advice from your licensed professional. All information is
subject to verification, errors and omissions. All properties remain available until
we receive a signed offer to purchase and the accompanying deposit.
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We spoke a few of weeks ago about real estate investing. How have you been? I
just wanted to follow up to see if you had any property for sale or were
interested in buying more properties.
By the way, do you have any rehab contractors that you like to use? We need
another one or two to work on the properties we are buying in the area. They
must do quality work at reasonable prices. We really appreciate your help with
this.
are looking for more property to invest in please let me know.
Dont forget that we also sell houses to investors with seller financing. Our
properties go very fast so please keep in touch with us to see what we have
available.
I look forward to working with you.
Thank You,
(Your name here)
(Your website here)
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Filthy Riches Investor Auto Responder #5-12

We spoke a while back about investing. I just wanted to follow up to see how we
may be able to work together. As I mentioned, we are investors and we buy
houses every month. We pay cash and can close in about a week if that suits you
best.
You may also remember that we also sell houses to investors with seller
financing. Which means you can buy a house from us with a low down payment
and we will finance it with payments typically less than rent. That way you could
buy it without having to qualify for a bank loan and still rent it out at a positive
cash flow.
are looking for more property to invest in please let me know.
Thank You,
(Your name here)
(Your website here)
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803-831-0056.
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SAMPLE EMAIL SIGNATURE AND DISCLAIMER

Thank You,
(Your name here)
(Your website here)
email, our websites, teleconferences or any other form of communication you
should receive advice from your licensed professional. All information is subject
to verification, errors and omissions.
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CHAPTER 16
Hiring Others to Do the Work
There are several different ways to have others do the work for you. I will
describe each one of them below.
Hiring a Closing Coordinator
There are closing services that work primarily with Realtors helping them close
their transactions; however, you can use them for your Filthy Riches property
transactions as well. When working with the Realtors, the closing coordinator
does everything from ordering title searches, surveys, inspections, payoffs, loan
documents, and basically anything needed to close the transactions.
When using them for your transactions, you can have them work with the buyer,
the seller and your note buyer to coordinate the entire transaction so you can
have most of the transaction done for you without doing any work. Just give
them the checklist we were shown previously in the course.
Hiring Virtual Assistants
There has been a lot of talk about using virtual assistants in our business and in
fact lots of types of businesses in the last couple years. A virtual assistant is
simply someone who does tasks for you that does not work from your location. It
could be a secretary, sales person, graphics designer, telemarketer, etc. The neat
thing about using virtual assistants is that you do not need any office location for
them to go to. There are now even websites that you can go to and hire them. In
fact, some of the websites not only list the people looking for work but they also
list their skills and they may have even taken tests at the website and been
graded on their skills in certain areas.
For example, if you go to www.upwork.com you can search for a virtual assistant
in the Philippines that has customer service or telemarketing skills and will work
for between $1 and $3 per hour. Then you hire them to make calls to Realtors
about their listings. Just give your virtual assistant the script included in this
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course. That way you are not wasting your time. Think about it. For only $40 to
$120 a week you can have a full time person taking and making all of your calls
or whatever else you want them to do. The reason you want to choose a virtual
assistant from the Philippines is that they speak very clear English and they have
great work ethic, not to mention the fact that they will work for you very
inexpensively. However, if you find one that you like, I would suggest that you
pay them a little more than they are requiring to keep them happy and from
looking for another job. I have included in your Million Dollar Rolodex bookmarks
a group for outsourced labor to find your own virtual assistants.
Hiring Others in House to Help You Buy More Houses
This is the section that I am really excited about. In developing my systems, I
have always tried to think of things from the next level and being able to take
myself out of the process. For example: If I am the only one identifying, making
offers, contracting and buying and selling houses, then there are only a certain
number of houses that I can buy, right? Every time I would run into a task or
challenge, I would figure out a way to automate or systemize the task and make
it teachable, which is why you are actually reading this.
The most important thing that I can stress to you when hiring people to work in
your investment business is to find honest, ethical and moral people so that you
dont have to worry about them building your business, contacts and funding
sources, only to go out on their own and become your direct competition. The
best way I can think of to do this is to have a conversation up front about the
bigger picture. Everyone has plans, goals and dreams. They just dont know how
to go about achieving them. Most of all, people have a benevolent side and have
something they either want to start or support. Whether it is helping homeless
children or battered wives, I am sure there is something. You need to find out
what this is for each potential employee. You never know, it may be something
that you will want to support. The next important thing I want to stress is to
make sure you personally know all of the processes and procedures of buying
and selling property before trying to hire someone to work for you. The worse
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thing that could happen is that the person you hire knows more than you. Also,
no matter how successful you become and no matter how many people you hire,
it is very important that you continue to sign off on any upcoming closings.
When hiring someone please make sure that you know all of your states rules,
regulations and requirements for hiring and paying employees. This includes
reporting and paying taxes as well. If you are thinking about hiring people as
independent contractors just make sure that you know the laws and the IRS rules
and test for determining whether or not a person is considered an employee or
an independent contractor. The IRS has a 20-rule test and you can find it at
www.IRS.gov.
Proposed Compensation and Requirements
Job Description
Acquisitions: To use the Filthy Riches training to make offers and acquire
properties and follow guidelines as may be outlined or changed.
Homeowner Specialist: To use the Filthy Riches training to sell properties and
follow guidelines as may be outlined or changed.
Commission Pay Rate
Acquisitions gets 10% of the net profit the company makes on any property they
acquire. Homeowner Specialist also make 10% of the net profit the company
makes on any property they acquire. This keeps it simple.
Each new employee has 60 days to close their first transaction.
Goals: Make a minimum of 10 offers a day.
30 Days: 1 property under contract.
60 Days: 3 under contract total and 1 closing.
90 Days: 5 under contract total and 2 total closings.
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Next, I have placed our employment application. Remember this is a generic application so please be sure to check with your states requirements to make sure
you are following all of the current laws and regulations.
The best part about this business is that it is flexible. You can be working a full
time job and hire people to do this for you with the scripts, the rolodex and
everything Ive given you right here in this course. You dont even have to do this
yourself, as you could teach a spouse, a partner, a teenager or even hire a virtual
assistant in the Philippines for $1.00-$2.00 an hour to search for every property
for $50,000 or less and have them start out by offering 20-30%, all cash with the
clauses I gave you earlier, in the contract. You could give them an additional
$100 for every deal they got for you that you closed. You could also have them
take the calls for you from the prospective buyers, as well. In the Million Dollar
Rolodex, you will find all of the websites to help you find virtual assistants. Ill
give you everything youll need to build your very own dream team to find people
to do this for you so you dont have to.
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PLEASE PRINT ALL INFORMATION REQUESTED EXCEPT SIGNATURE

APPLICATION FOR EMPLOYMENT
APPLICANTS MAY BE TESTED FOR ILLEGAL DRUGS
DATE
PLEASE COMPLETE PAGES 1-5.

Name
Last
First
Middle
Maiden
Present address
Number
Street
How long
Telephone (
City
State Zip
Social Security No. ____ ____ _____
If under 18, please list age

Days/hours available to work
Position applied for (1)
No Pref ___ Thur
and salary desired (2)
Mon ______ Fri
(Be specific)
Tue ______ Sat

Wed ______ Sun
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How many hours can you work weekly? _______ Can you work nights?
Employment desired
FULL-TIME ONLY PART-TIME ONLY FULL- OR PART-TIME
When available for work?
TYPE OF
SCHOOL
NAME OF
SCHOOL
LOCATION
(Complete
mailing address)
NUMBER OF YEARS MAJOR & DECOMPLETED

GREE
High School
College
Bus. Or Trade
School
Professional
School
HAVE YOU EVER BEEN CONVICTED OF A CRIME?
No
Yes
If yes, explain number of conviction(s), nature of offense(s) leading to conviction(s),

how recently such offense(s) was/were committed, sentence(s) imposed, and type(s)
of rehabilitation.
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Employment Application Form
PLEASE PRINT ALL INFORMATION REQUESTED

EXCEPT SIGNATURE
MILITARY
Yes No
HAVE YOU EVER BEEN IN THE ARMED FORCES?
Yes No
ARE YOU NOW A MEMBER OF THE NATIONAL GUARD?
Specialty _________________________ Date Entered ___________ Discharge Date
Work
Experience
__
Please list your work experience for the past five years beginning with your
most recent job held.
If you were self-employed, give firm name. Attach additional sheets if necessary.
Name of employer
Address
Name of last
supervisor
City, State, Zip Code

Phone number
Employment
dates
Pay or salary
From
Start
To
Final
Your last job title
Reason for leaving (be specific)
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List the jobs you held, duties performed, skills used or learned, advancements or promotions while you worked at this company.
Name of employer
Address
Name of last
supervisor

Phone number
Employment
dates
Pay or salary
From
Start
To
Final
Your Last Job Title

List the jobs you held, duties performed, skills used or learned, advancements or promotions while you worked at this company.
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PLEASE PRINT ALL INFORMATION REQUESTED EXCEPT SIGNATURE
Work experience
Please list your work experience for the past five years beginning with
your most recent job held.
If you were self-employed, give firm name. Attach additional sheets if
necessary.
Name of employer
Address
Name of
last supervisor

Phone number
Employment dates
Pay or
salary
From
Start
To
Final
Your last job title

List the jobs you held, duties performed, skills used or learned, advancements
or promotions while you worked at this company.
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Name of employer
Address
Name of
last supervisor

Phone number
Employment dates
Pay or
salary
From
Start
To
Final
Your last job title

List the jobs you held, duties performed, skills used or learned, advancements
or promotions while you worked at this company.
May we contact your present employer?
Yes No
Did you complete this application yourself
Yes No
If not, who did? ___________________________________________________
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PLEASE PRINT ALL INFORMATION

REQUESTED EXCEPT SIGNATURE
POST-EMPLOYMENT INFORMATION FORM

TO BE COMPLETED AFTER EMPLOYEE HAS BEEN HIRED
Height ______ ft. ______ in.
Married Yes
No
Full name of spouse
Weight __________
If married, how long? _____
Birth date _______________
Single Separated
Divorced
Widowed
__________________________ Occupation _________________________________
Name of company ____________________________ Telephone (
PERSON TO BE NOTIFIED IN CASE OF EMERGENCY
Name ______________________________________ Telephone (
Address ____________________________________ Relationship ________________________________
NAME
RELATIONSHIP
BIRTH DATE
SSN
TO BE COMPLETED
BY EMPLOYER
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Date of employment ______________ Job title _________________ Dept. _________________________
Location ________________________ Rate of pay _______________
Full-time Part-time Salaried
Applicants signature acknowledging above information ___________________________________________
Drug test confirmation number ________________________
Name of person verifying information _________________________________________________________
Name of person authorizing employment ______________________________________________________

803-831-0056.
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CHAPTER 17
Sample Deal
I wanted to include some documents from an actual transaction from beginning
to end so you can see everything that is involved. This deal is one that was listed
for $18,900 and had already been reduced a couple of times. I called the Realtor
and made the first offer of $4,877. You can listen to the recording on the live
phone calls. The Realtor called me back about a week later to tell me that the
bank made a counter offer of $15,000. Unfortunately, I did not get to record that
call. On that call, I countered back at $7,500. The Realtor called me back the
next day to tell me that the bank made another counter offer of $9,000. I then
accepted their counter offer with the idea that I would negotiate a better price
once I received all of the pictures. I call this technique getting them in the glue.
What I mean by this is I now have the property under contract and they are anticipating a closing. I will then go back and try to get a better deal on the property once I receive the pictures from the Realtor.
The first document on the following page is the listing that I found on the REO
website www.Ocwen.com.
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The next document you will see is the actual offer that the Realtor sent to me to
sign and send back. Notice that I wrote in my clauses. Now in this course I talk
about three clauses. I have included the exact same three clauses; however, in
this contract I just wrote them in a little different way so it ended up being a total
of four clauses but they are still the same as I mentioned in this course. In this
offer, I just separated the part providing of the pictures and approval of the
pictures so it ended up being two separate clauses for that one item. There is no
particular reason I did it that way, as it was just the way I wrote it at the time.
Here is the contract document for $9,000.
As previously mentioned, I no longer add these three clauses in my offers. I
simply use the 15-day inspection period.
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That is the complete contract for $9,000.

Pictures of the Property
Next, once I sent back the signed contract, the Realtor went out and took many
pictures of the property. Below are the pictures that the Realtor sent to me by
email.
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As you can see from the pictures, this property needs some work; however, it is
not a total dump. With a little work someone can move right in.
803-831-0056.
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Running the Comps

As mentioned before, you can run some comps on the websites I give you in the
Million Dollar Rolodex. Below are some screen shots from the results of my
comps that I ran on this property.
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Tax Assessors Report

I also looked up the property at the county website to see the tax value and
other information. Here is the screen shot from the tax assessors office.
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Renegotiating the Discount

As I mentioned before, I wanted to go ahead and get the property under contract
at the $9,000 price, then try to get a better price once I received the pictures.
That is exactly what I did.
Now, I have it under contract for $9,000; however, as you can see from the last
two pictures there is some work to be done in the den and the sunroom.
Once I received the pictures, I emailed the Realtor and told him based on the
additional work we thought that it needed, we need to cancel our bid or get the
price lowered to $6,000. Now I did this thinking that they would split the
difference between the $9,000 it is under contract for and the $6,000 I asked for
and come back to me and say they would take $7,500. However, they accepted
my renegotiated price of $6,000. I think one of the reasons they took it was I
suggested to the Realtor that he send the seller all of the pictures that he sent to
me. I think this helped get the lower offer accepted.
803-831-0056.
You will see below the new contract that he sent to me after I renegotiated a better price of $6,000. If you didnt notice, the renegotiated price of $6,000 represents an additional 30% discount from my already discounted price of $9,000. I
am ending up paying just under 32% of their listing price.
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803-831-0056.
Closing Documents
Next are the actual closing documents that the attorney emailed to me and I
signed them and sent them back by FedEx. He actually sent me two packages
and I am including both here for you. Some had the same documents in them.
You will notice that the bank in this case actually netted less than $1,000 on this
property.
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803-831-0056.
Second Set of Closing Docs Sent

On the next page is the second set of closing documents the attorney sent to me.
Some are the same and some are different.
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House Pictures with Banner and Lock Box

On the next page is an actual picture of a property with our sign on the property.
Notice on this one we have a banner instead of a sign in the window. If the property is in an area where we feel someone will not take down the banner, as I
mentioned before, then we will use banners. The reason is that a banner draws
much more attention to the property therefore we get more calls. Here are the
pictures.
803-831-0056.
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eBay ad
Below is the text from the auction we placed on eBay. We placed the listing on
eBay to end on Sunday. We actually ran a 10-day auction starting on Thursday
so we would have the benefit of two Sundays. Remember, Sundays are the best
days to end auctions, as there are more people on eBay on Sunday than any other day. You can also watch the video tutorial of me going through the actual ad
about an hour before the listing ended so you can see the way the listing looked
online. I wanted to show you a deal I did on eBay although most of the properties sell from the Craigslist ads and signs that we put out. Here is the text from
the actual eBay auction.
ATTRACTIVE 3-BEDROOM, 1.5-BATH IN BIRMINGHAM, ALABAMA
SOLD IN 1997 FOR $52,000
TAX VALUE $39,900
BIDDING STARTS AT $1
EXCELLENT OPPORTUNITY TO OWN FOR LESS THAN RENT OR
EXCELLENT INVESTMENT AS STRONG RENTAL PROPERTY WITH GREAT CASH
FLOW POTENTIAL!!
THIS IS A NO RESERVE AUCTION!!
THERE ARE NO LIENS OR BACK TAXES ON THIS PROPERTY
Terms of Auction
Please Read the Terms CAREFULLY!
THIS PROPERTY IS BEING OFFERED WITH LOW DOWN PAYMENT AND OWNER
FINANCING!
HERE ARE THE TERMS!
>>>>>> Bid is not the sales price <<<<<<<
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You are bidding on the down payment. The purchase price is $30,000.
I will finance the balance for 120 months (10 years) at 9% interest.
Example: If you bid $1000 down, I will finance the balance of $29,000 at 9%
interest for 10 years with a payment of $354.69.
At this low payment, you could rent this out for a positive cash flow or move in
with a payment cheaper than rent.
Credit cards and/or PayPal accepted for down payment if needed.
If you have wanted to get into real estate without huge renovations or qualifying
for bank loans, then this is your chance.
Transfer will be by warranty deed.
Title insurance is available.
I will pay for all closing costs.
There are no liens or back taxes owed.
BUY WITH CONFIDENCE

PLEASE READ ENTIRE LISTING BEFORE BIDDING
About Birmingham, Alabama
The City of Birmingham, Alabama, is a municipal corporation under the laws of
the State of Alabama. Birmingham is the largest city in the state with a
population currently estimated at 242,820, and a metro population of 1,079,089.
Nestled at the foothills of the Appalachian Mountains at the cross-section of two
major railroads, the city was once the primary industrial center of the southern
United States. At the height of the nation's manufacturing age, the city grew so
fast in population; it was called the "Magic City." Today, Birmingham has
transformed itself into a medical research, banking and service-based economy,
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making it one of the nation's most livable cities with a vibrant downtown, a
burgeoning loft community, a world-class culinary scene and more green space
per capita than any other city in the nation!
Birmingham also boasts 99 historic neighborhoods and is often referred to as the
cradle of the American Civil Rights Movement. The average (high) temperature in
the city is 65; the average low is 51. The city is centrally located in the
southeast and easily accessible to major hubs in the region
Birmingham Stats:
* Ranks 13th among the largest southeastern metropolitan areas
* Represents 24 percent of Alabama's total population
* Represents 31 percent of Alabama's total payroll dollars
* Ranks 48th in population among the nation's top 300 metropolitan areas
* Home to 40,680 Businesses
Area: 5,332 square miles--MSA (Metropolitan Statistical Area)Bibb, Blount,
Chilton, Jefferson, Shelby, St. Clair and Walker Counties.
Birmingham: 151 Square Miles
Altitudes: Average - 620 ft.; Range - 538 ft.-1,200 ft.
Latitude: 33o 38' N
Longitude: 86o 50' W
Climate: Average high 65; Average low 51; Average annual 61.8.
MEDIAN 2004 HOUSEHOLD EFFECTIVE BUYING INCOME (MSA): $35,146
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LARGEST EMPLOYERS (MSA):

University of Alabama at Birmingham
Baptist Medical Centers
BellSouth
Jefferson County Public Schools
EDUCATION: Three universities, three colleges, four junior colleges, three
technical schools, three religious training schools, four business and 276 public
schools.
GOVERNMENT:
Birmingham,
the
county
seat,
is
one
of
33
separately
incorporated municipalities in Jefferson County. The City has a mayor/council

form of government with a general fund annual budget of approximately $300
million for fiscal year 2007.
RESTAURANTS: There are more than 500 restaurants in the Birmingham area.
This number includes full service restaurants, cafeterias, fast food outlets and hotel and motel establishments.
CHURCHES: The Birmingham metropolitan area has over 1,300 churches, and
church membership is held by approximately 60 percent of the population
Neighborhood Description
County: Jefferson
Area: Ensley/Fairfield /Midfield/West End
Subdivision: ROSEMONT
Neighborhood Zip: 35221
School District: Birmingham City
Elementary School: Jones Valley Middle School
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Middle School: Green Acres Middle School

High School: Wenonah High School
Home Description
3205 SW Cedar Ave Birmingham, AL 35221
Nice older single family home.
Great for handyman.
Needs some repairs.
Can move in or rent out with a little work.
Fenced yard.
Year Built: 1952
Year updated: 1995
3 total bedroom(s)
1.5 total bath(s)
1 total full bath(s)
1 total half bath(s)
Sq ft: 1,484
Single story
Lot size: 15,246 sq ft / 0.35 acres
# Stories: 1
Total rooms: 6
Public Water
Parcel #: 2919102900100000
Legal Description: LOTS 1 & 2 BLK 7 ROSEMONT
Interior Features
Refrigerator, Tile Floor, Vinyl Floor, All Windows, Eating Area,
Laundry on the Main Level
Hardwood floors
Roof type: Asphalt
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Exterior Features
Fenced, Porch Screened
Exterior construction: Wood,
Crawl Space
Corner lot
Other Info:
2016 tax assessor's value: $39,900
Last sale and tax info: Sold 01/01/1997: $52,000
2016 Property Tax: $570
Value Estimates
Eppraisal.com value $70,864.00
Link to Eppraisal.com:
http://www.eppraisal.com/home-values-3205-cedar-ave-sw-birmingham-al35221-37917019.mvc
Cyberhomes.com value $27,270
Link to Cyberhomes.com:
http://bankofamerica.cyberhomes.com/homes-birmingham-al35221/3205cedaravesw/41367478.aspx
Realtytrac.com value $34,650
Link to Realtytrac.com:
http://www.realtytrac.com/ValueTrac/HomeValues.aspx?a=b&address=35221&p
arsed=1&ct=Birminham&cn=Jefferson%20county&zp=35221&stc=AL#35221
LINK TO THE HOMES COUNTY TAX INFORMATION
http://www.jeffcointouch.com/ecourthouse/ta-parcel-ID-results4
.asp?listTaxYear=2016&listTownship=29&listSection=19&listQuarter=1&txtBlock
=29&txtParcelNumber=1&txtRecordType=RR&txtRecordNumber=0
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Closing Process
HIGH BIDDER MUST CONTACT ME WITHIN 24 HOURS OF THE END OF AUCTION.
1) You send complete down payment (Bid Amount) by certified bank check to
Neighborhood Housing Group, LLC within 48 hours of the end of auction. (I do
accept credit cards and PayPal but I must be notified prior to funds being sent)
2) I send you the purchase agreement to review and sign.
3) You send me the purchase agreement signed along with your full name, (any
other name you wish to have the deed recorded) address, email address and
phone numbers.
4) All financing and closing documents are emailed or mailed to local closing
attorney/title company to be signed by you.
5) The deed and security instrument gets recorded in your name with the county
office.
I will pay for all closing costs.
Thats it, simple as that. You are now a homeowner!
More Important Information
Please Bid Only If You Intend To Buy and If Your Down Payment Funds Are Available!!
New eBayer or less than 5 positive or negative feedback please email me before
bidding, if I do not hear from you I will have to cancel the bid.
We encourage you to look at our home before bidding and do your own due
diligence on this property.
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Please Note: This Property will continue to be marketed until both Buyer and
Seller have signed the Purchase Contract and the complete down payment is
received and buyer has met all qualifications.
This property is also being marketed by other methods at the same time as this
auction.
Seller, Neighborhood Housing Group, LLC., reserves the right to end the auction
early or withdraw the property at any time before or after the auction has ended,
for any reason.
Information presented in this listing has been obtained from Public Record,
Treasurer's Office, Realtors, Appraisers, Inspections and Inspection Reports. The
information is believed to be accurate, but not guaranteed. Please rely on your
own due diligence and inspections! Neighborhood Housing Group, LLC & its
of-
ficers, employees and/or affiliates did not take up residence in subject property
nor have we ever physically visited or seen the property and has no knowledge of
any hidden or latent defects. All information stated is based upon their
information.
There is no existing mortgage on the property.
Buyers and/or potential buyers hereby acknowledge that any reliance upon any
statements contained on this website shall be at your sole risk. Sellers reserves
the right, in its sole discretion and without any obligation, to make improvements
to, additions, deletions or correct any error or omissions in any portion of the
statements contained on this website. We are not, however, responsible for any
errors or omissions.
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I welcome any and all questions. Please ask prior to bidding. Serious bidders
only!
Please do not bid if you do not intend to buy.
By bidding on this property, you are agreeing to all terms and conditions in this
listing. This property is being sold as is, where is, with NO guarantees
whatsoever. It is the responsibility of the buyer to do any and all inspections
BEFORE THE AUCTION ENDS!
I have tried to describe this property the best I can, but if you still have
questions or would like to go look at the house, you can contact me at any time
at by calling 803-831-0056.
Bid with confidence and good luck!
Thank You, Larry Goins
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Craigslist Ad
We also run an ad on Craigslist. Here is an idea that will help you get a lot of
visitors to your eBay listing. Everywhere you run ads for the property put in your
eBay listing link. This way they all go to eBay and bid against each other. Pretty
good, huh?
Sold on eBay!
This particular property was actually sold on eBay. Below is a screen shot of the
winning bid. The winning bidder won the house for a down payment of
$5,101.00. Now even though I now only have $899.00 invested in this property
(plus my closing costs) it is still a good deal for the buyer.
This was a property that last sold in 1997 for $52,000 and also has a tax value of
$39,900. It was foreclosed on and when I first saw it, it was listed for $18,900.00
and had already been reduced a couple of times. Now I am a very good
negotiator so I made multiple offers on this one before getting it under contract
and then I even went back and got a bigger discount after receiving the pictures.
Below is a screen shot from eBay showing the winning bid.
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803-831-0056.
Getting the Down Payment
Now that I have a buyer, as per the eBay listing, the buyer sent the check to me.
Below is a copy of the check that the buyer sent:
Contract and Disclosures

Now that I have the buyers down payment from the eBay sale of the property, I
can send them the contract package with all of the disclosures. Below you will
find the complete contract package that I sent to the buyer to sign and return to
me so we can proceed to closing. I am not, however, going to include the
application that the buyer sent to me, as there is no reason to show that to you
since it is all of the buyers personal information. Just know that we had the buyer fill out a credit application, as well.
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I am also not going to show you the buyers credit report either; however, given
the fact that I only have $899 invested in this deal, plus closing costs, I dont
really care what the buyers credit is like. I dont think a buyer that just invested
$5,101.00 is going to default any time soon. Next is the contract and disclosures.
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Closing Package
Although this property was sold to an investor so there were no disclosures required, I still gave them disclosures. Now that I have sent the contract and disclosures to the buyer and received them back, it is time to close the deal with my
buyer. Now the attorney who closed the property when I purchased it is the same
one that closed with my buyer. I did, however, allow the buyer to choose his own
attorney, if he wanted to. You will notice that I even had the buyer sign an Attorney Insurance Preference form above.
Now the attorney updates the title by searching the courthouse to make sure
there have been no changes to the property since I purchased it. Once that is
done and the buyer has obtained their property insurance, we are ready to close.
You will also notice that I have applied for Authority to Transact Business in Alabama. Make sure that when you close a deal in any state other than the one your
company was formed that you get this. If you ever have to foreclose you will
need it to get access to the court system. Also, if you are ever sued and do not
have it, then the courts may break the corporate veil and be able to sue you personally which is not a good thing.
Now, for my closing documents I had the attorney prepare some of them and I
also used a service called DocMagic. You can find them at www.DocMagic.com I
did this because the attorney said there were a few documents that I needed to
include that were Alabama specific that was new and DocMagic did the rest. I like
DocMagic as you can set up an account and then enter all of the transaction
information then print them to a PDF and they will be emailed to you. The best
part is it only costs $35. Next is the closing package.
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Sell the Note

Well, after you close on selling the property you may want to sell the note;
however, as I have mentioned many times, please keep it if you can. This is the
only way you can start to build up a large cash flow. Be sure that you get the
Loan Purchase Agreement and Hold Harmless Agreement signed by your note
buyer. Then you are ready to sell the note. Be sure to sell it Without Recourse
by using an assignment that clearly states you are selling it without recourse.
Had I sold this loan I would include the assignment; however, as of this date, I
still own the loan and have not sold it yet. I may season it for six months and
then sell it to be able to get more money out of the note as mentioned in a
previous chapter. Well, that is a complete deal. It really isnt complicated at all.
Remember, I am here to help you through any part of your transaction!
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CHAPTER 18
What If I Just Want to Buy Notes?
I have had many investors tell me that even though they could buy these properties then resell them and create their own notes that they would just rather buy
the notes that I or someone else creates. Well, there is absolutely nothing wrong
with that. In fact, I have purchased notes over the years from other investors
and note sellers, as well. It is a good way to get a good return on your money for
little or no effort and with the Filthy Riches deals, even if the buyer defaults, you
can simply foreclose then put in another buyer to take their place.
If you would like to purchase some of the notes that I create, feel free to contact
me at www.PrivateInvestorsOnly.com and I will be glad to put you on the list to
get one of my next deals and you could earn anywhere from a 12%-18% yield
based on the purchase price of your note.
What If I Just Want to Buy Properties with Seller Financing?
I have also had many investors tell me that even though they could buy these
properties themselves that they would like to be able to buy some of these with
seller financing either from me or another investor doing the same thing. There is
also nothing wrong with this. Even if you purchase a property from another
investor, whether it is me or another investor, you are still getting into the property without bank qualifying and you will still be able to rent it out at a positive
cash flow. This is win-win all the way around.
If you would like to purchase some of my properties that I will finance, feel free
to check out my website at www.NeighborhoodHousingGroup.org and sign up for
our property alerts so you will know the next time I have a property for sale or
feel free to email me.
Quick Start Checklist
I know that you have been through a lot of information and are probably
wondering, Where do I start?. I wanted to give you a quick run-down of what
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you need to do in order to get started. This is different than the process and
procedure check list as it is about the properties themselves. Below you will find
a short list of the items you need to do to get started and in the order you need
to do them in.
1. Learn to identify properties listed under $50,000 that do not need
total rehab.
2. Line up your funding so you can make all cash offers and buy at
least one Filthy Riches property.
3. Line up your note buyers so you can have them sold as soon as you
find a buyer for the property.
4. Start making offers.
It really is that simple.
How to Sell a Property to Us
You should be selling your Filthy Riches properties by seller financing them.
However, if you have a deal that you would like to have us buy from you for
cash, you can submit it to us to see if it is a deal we would buy.
Remember that these are very small deals so we dont get appraisals or
inspections but we do our due diligence. (I am not telling you not to do this
especially on your first deal as previously mentioned.) Please check the
neighborhood, crime reports, rent comps, etc., as previously mentioned in the
course before submitting it to us. You can submit any property that you would
like us to consider buying by going to www.SubmitaProperty.com
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CHAPTER 19
Personal Mentoring with Me
We also offer personal mentoring programs to help you jump-start your business.
Some of our mentoring involves personal one on one mentoring with some of my
trained mentors and we also offer personal, in person one on one mentoring with
me personally. If you would like more information and to see if having a mentor
is right for you, please visit www.LarrysInnerCircle.com to get your FREE
mentoring profile or you can call me direct at 803-831-2858. In fact, with the
purchase of this course, I offer you a free mentoring profile with one of my
Education Consultants to explain how our program works.
803-831-0056.
Summary
In this course, I have given you many ideas to use and implement. Some you
may have heard of before and many I am sure you havent, regardless of your
experience. The most important thing to remember is that buying and selling
houses is not brain surgery, so please keep it simple and just know that I am
here to help you with anything you need help with. And more than anything else
have fun! You can get course support at www.LarryGoinsSupport.com.
I know there are a lot experienced investors who may have been investing full
time for many years that have just gone through this course. I also understand
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that many of the techniques you have heard or read in this course you may have
already known. However, no matter how many years you have been investing or
how many courses and seminars you have attended, I know there are many,
many new techniques in this course that you have never heard before. I can say
that because I created them. I challenge you to use just a few of them and I
promise you that no matter how many properties you are buying now or no
matter how much money you currently make, if you use the techniques in this
course, you will be able to buy more properties and make more money all while
spending less time doing it. THAT IS A LARRY GOINS GUARANTEE! Thank you
for your investment in this course and remember that I am here for you if you
need me.
Larry Goins
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CHAPTER 20
Foreclosure Process for 50 States
Next is each states foreclosure laws, process and the types of documents used
for that state. This is for your informational purposes as the laws do change and I
always recommend hiring an attorney to handle any foreclosure preceding you
may need to do. The listings beginning on the next page have come from
www.foreclosurelaw.org. It is a great resource you can use as well.
I put this last because it is not something that you will need to refer to often;
however, I wanted you to have it handy in case you wanted to know the laws in
your state or the state that you are buying and selling properties.
803-831-0056.
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Alabama Foreclosure Laws

Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Primary Security Instruments: Deed of Trust, Mortgage
Timeline: Varies by Process; Typically 30 - 60 days
Right of Redemption: 12 months
Deficiency Judgments Allowed: Yes
In Alabama, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Alaska Foreclosure Laws
Timeline: Varies by Process; Typically 90 days
Right of Redemption: Varies by Process
Deficiency Judgments Allowed: Varies by Process
In Alaska, lenders may foreclose on deeds of trusts or mortgages in default using
either a judicial or non-judicial foreclosure process.
Arizona Foreclosure Laws
Timeline: Typically 90 days
Right of Redemption: None
Deficiency Judgments Allowed: Varies
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In Arizona, lenders may foreclose on deeds of trusts or mortgages in default

using either a judicial or non-judicial foreclosure process.
Arkansas Foreclosure Laws
Right of Redemption: Varies
In Arkansas, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. However, an appraisal of
the property must be made prior to the schedule date of foreclosure.
In any foreclosure under a mortgage or deed of trust in Arkansas, the property
must sell for not less than two-thirds of the appraised value. If it does not, then it
may be offered for sale again within twelve (12) months. The second sale may be
to the highest bidder without reference to the previous appraisal.
California Foreclosure Laws
In California, lenders may foreclose on deeds of trusts or mortgages in default
Colorado Foreclosure Laws
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Right of Redemption: Yes
In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Connecticut Foreclosure Laws
Non-Judicial Foreclosure Available: No
Primary Security Instruments: Mortgage
Right of Redemption: No
In Connecticut, lenders may foreclose on a mortgage in default by using the
judicial foreclosure process.
Delaware Foreclosure Laws
Deficiency Judgments Allowed: No
In Delaware, lenders may foreclose on a mortgage in default by using the judicial
foreclosure process.
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Florida Foreclosure Laws

In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure
action, the court severs, for separate trial, all counterclaims against the
foreclosing lender. The foreclosure claim shall, if tried, be tried in the court
without a jury.
The court order of foreclosure will specify how the foreclosure must take place,
and the foreclosure must take place on those terms. Whenever a legal
advertisement, publication, or notice relating to a foreclosure proceeding is
required to be placed in a newspaper, it is the responsibility of the lender or their
representative to place such advertisement, publication, or notice.
Equitable Right of Redemption ends at the foreclosure sale (or at another time
specified by the courts, but this rarely happens). There is a period of time after
the sale that "the court reviews the sale to ensure a fair price has been paid."
Basically, this period of time allows parties to object to the sale on the basis that
proper procedures were not followed or collusion existed between the bidders, for
example. This period is usually 10 days, after which the Certificate of Sale is filed
and title passes, if the sale is confirmed. If the sale is not confirmed, another sale
is ordered. (Reference F.S. Chapter 702)
The lender may sue to obtain a deficiency judgment in Florida.
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Georgia Foreclosure Laws

In Georgia, lenders may foreclose on deeds of trusts or mortgages in default
Lenders may seek a deficiency judgment in Georgia.
Hawaii Foreclosure Laws
In Hawaii, lenders may foreclose on deeds of trusts or mortgages in default using
Idaho Foreclosure Laws
Judicial Foreclosure Available: No
Primary Security Instruments: Deed of Trust
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In Idaho, lenders may foreclose on deeds of trusts in default using the

non-judicial foreclosure process.
Illinois Foreclosure Laws
Lenders in Illinois have a number of options available to them to foreclose on a
mortgage in default.
Indiana Foreclosure Laws
In Indiana, lenders may foreclose on a mortgage in default by using the judicial
Iowa Foreclosure Laws
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In Iowa, lenders may foreclose on a mortgage in default using either the judicial
or the alternative non-judicial foreclosure process.
Kansas Foreclosure Laws
In Kansas, lenders may foreclose on a mortgage in default by using the judicial
803-831-0056.
Kentucky Foreclosure Laws
Timeline: Varies
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Deficiency Judgments Allowed: Yes, but with restrictions

In Kentucky, lenders may foreclose on a mortgage in default by using the judicial
Louisiana Foreclosure Laws
In Louisiana, lenders may foreclose on a mortgage in default by using the judicial
Lenders may also sue to obtain a deficiency judgment, but buyers have no rights
of redemption.
Maine Foreclosure Laws
http://www.biggerpockets.com/foreclosurelaw/
In Maine, lenders may foreclose on mortgages in default by using either a judicial
or strict foreclosure process.
Maryland Foreclosure Laws
Non-Judicial Foreclosure Available: Yes, with restrictions
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In Maryland, lenders may foreclose on a mortgage or deed of trust in default
using either the judicial, assent to decree, or non-judicial foreclosure process.
Massachusetts Foreclosure Laws
In Massachusetts, lenders may foreclose on deeds of trusts or mortgages in
default using either an entry by possession or non-judicial foreclosure process.
The borrower has no rights of redemption.
Michigan Foreclosure Laws
In Michigan, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
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Minnesota Foreclosure Laws

In Minnesota, lenders may foreclose on deeds of trusts or mortgages in default
Mississippi Foreclosure Laws
In Mississippi, lenders may foreclose on deeds of trusts or mortgages in default
Missouri Foreclosure Laws
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In Missouri, lenders may foreclose on deeds of trusts or mortgages in default

Montana Foreclosure Laws
In Montana, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Nebraska Foreclosure Laws
In Nebraska, lenders may foreclose on a mortgage in default by using the judicial
Nevada Foreclosure Laws
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In Nevada, lenders may foreclose on deeds of trusts or mortgages in default
New Hampshire Foreclosure Laws
Timeline: Varies by Process; Typically 60 days
In New Hampshire, lenders may foreclose on a mortgage or deed of trust in
default by using either the judicial or non-judicial foreclosure processes or any of
the following special methods: Entry under Process, Entry and Publication or Possession and Publication.
Borrowers have no rights of redemption when any of the three (3) special
methods of foreclosure are used.
New Jersey Foreclosure Laws
In New Jersey, lenders may foreclose on a mortgage in default by using the
New Mexico Foreclosure Laws
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In New Mexico, lenders may foreclose on a mortgage in default by using the
New York Foreclosure Laws
In New York, lenders may foreclose on deeds of trusts or mortgages in default
North Carolina Foreclosure Laws
In North Carolina, lenders may foreclose on deeds of trusts or mortgages in
default using either a judicial or non-judicial foreclosure process.
Lenders may pursue a deficiency judgment and borrowers retain the right to
redemption.
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North Dakota Foreclosure Laws

In North Dakota, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
It is possible to obtain a deficiency judgment against the borrower in North
Dakota.
Ohio Foreclosure Laws
In Ohio, lenders may foreclose on a mortgage in default by using the judicial
Oklahoma Foreclosure Laws
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In Oklahoma, lenders may foreclose on deeds of trusts or mortgages in default
Oregon Foreclosure Laws
In Oregon, lenders may foreclose on deeds of trusts or mortgages in default
Pennsylvania Foreclosure Laws
In Pennsylvania, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Rhode Island Foreclosure Laws
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Right of Redemption: Varies by process

In Rhode Island, lenders may foreclose on deeds of trusts or mortgages in
default: 1) by using the judicial foreclosure process; 2) by filing a lawsuit seeking
eviction; 3) by taking possession of the house; 4) by the borrower voluntarily
giving up possession; or 5) by using the non-judicial foreclosure process.
South Carolina Foreclosure Laws
Timeline: Varies Right of Redemption: No
In South Carolina, lenders may foreclose on a mortgage in default by using the
South Dakota Foreclosure Laws
In South Dakota, lenders may foreclose on deeds of trusts or mortgages in
Tennessee Foreclosure Laws
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In Tennessee, lenders may foreclose on deeds of trusts or mortgages in default
Texas Foreclosure Laws
In Texas, lenders may foreclose on deeds of trusts or mortgages in default using
803-831-0056.
Utah Foreclosure Laws
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Timeline: Varies
In Utah, lenders may foreclose on a mortgage in default by using the judicial
Vermont Foreclosure Laws
In Vermont, lenders may foreclose on mortgages or deeds of trust in default
using the strict or the power of sale foreclosure process.
Strict Foreclosure
The strict foreclosure process is based on the premise that the lender owns the
property until the mortgage has been paid in full. If the borrower breaks any of
the conditions established in the mortgage prior to the time the loan is paid in
full, he or she will lose any right to the property and the lender will either take
possession of the property or arrange for its sale. In Vermont, a suit must be
filed in the county where the property is located before either of these actions
can occur. The borrower will be served a summons to appear before the court
and informed of his rights, at which time the lender may move for a summary
judgment and avoid the trial altogether.
Regardless, the borrower has either a six (6) month (post-1968 mortgages) or a
twelve (12) month (pre-1968 mortgages) redemption period.
Virginia Foreclosure Laws
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In Virginia, lenders may foreclose on deeds of trusts or mortgages in default
Washington DC Foreclosure Laws
Judicial Foreclosure Available: No
Primary Security Instruments: Deed of Trust
In Washington D.C., lenders may foreclose on deeds of trusts in default using the
non-judicial foreclosure process.
Washington Foreclosure Laws
Right of Redemption: Yes, but may be precluded
In Washington, lenders may foreclose on deeds of trusts or mortgages in default
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West Virginia Foreclosure Laws

In West Virginia, lenders may foreclose on deeds of trusts or mortgages in
Wisconsin Foreclosure Laws
In Wisconsin, lenders may foreclose on deeds of trusts or mortgages in default
Wyoming Foreclosure Laws
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In Wyoming, lenders may foreclose on deeds of trusts or mortgages in default

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INDEX
A
Ad 350, 359
Ads 49, 50, 53, 71, 72, 211, 350, 359
Alabama 350, 351, 352, 353, 370, 448
Alaska 448
Analysis 63, 64, 177, 192, 208
Analyzer 22, 24, 35, 38, 46, 208
Application 78, 80, 88, 93, 103, 150, 255,
360
Arizona 448
Arkansas 449
Attorney 40, 60, 88, 97, 107, 127, 135,
138, 147, 148, 149, 168, 170, 181, 202,
211, 214, 223, 241, 245, 307, 335, 356,
370, 447
Auctions 50, 211, 350
Auto Responders 220, 221, 222, 231, 240,
241
B
Banner 70, 348
Banners 70, 348
Bookmarks 40, 43, 46, 49, 50, 54, 62, 63,
64, 159, 210, 214, 253
Bulk 50, 74, 216, 218, 220
Buying in Bulk 216, 217, 219, 220
C
California 22, 449
Canceling 64
Cash Partner 56
Cash Sale 70, 218
Checklist 155, 156, 212, 252, 443
Classified Sites 49, 50, 72, 213
Clauses 60, 61, 62, 71, 95, 255, 266
Closing 36, 49, 57, 58, 88, 96, 98, 136,
139, 147, 148, 150, 156, 175, 187, 212,
213, 223, 232, 241, 252, 254, 264, 307,
335, 351, 356, 359, 360, 370
Closing Coordinator 212, 252
Closing Docs 97, 335
Closing Package 370

Code Enforcement 51, 52, 61, 211
Collateral Assignment 203, 204, 206
Colorado 449
Commission 21, 46, 173, 183, 186, 189,
254
Compensation 254
Comps 63, 208, 286, 444
Congruent 17
Connecticut 450
Contracts 60, 95, 144, 166, 179, 180, 200
Craigslist 26, 53, 57, 61, 62, 71, 218, 350,
359
Credit Partner 56
D
Deed of Trust 37, 40, 138, 158, 159, 165,
168, 170, 172, 181, 184, 188, 199, 206,
448
Delaware 450
Disclaimers 13, 71
Disclosure 101, 107, 123, 124, 128, 129,
131, 132, 156, 164, 197
Disclosures 88, 89, 107, 137, 150, 156,
360, 361, 370
DocMagic 150, 151, 168, 370
Down Payment 20, 23, 35, 36, 50, 55, 59,
70, 78, 81, 84, 94, 96, 105, 139, 149,
165, 200, 208, 213, 219, 225, 232, 243,
350, 359, 360
Downside 40, 216
Due Diligence 21, 61, 190, 357, 444
E
eBay 35, 50, 57, 70, 71, 73, 350, 356,
359, 360
Email Signature 251
Escrow 40, 65, 91, 94, 100, 138, 141, 142,
148, 149, 153, 174, 187, 195
Escrow Taxes 149
Estimate 62, 63, 103, 144, 150, 355
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Firefox 210
Florida 451
For Rent 53, 71, 72, 212
Foreclosure 40, 44, 49, 79, 90, 93, 142,
157, 168, 178, 182, 186, 194, 447, 448
FSBO 44
Land Contract 21, 41, 90, 105, 138, 139,

165, 170, 179, 180, 181, 199, 202
Lead 53, 82, 101, 107, 123
Leads 15, 72, 75
Lead-Based Paint 124, 125, 134, 156
Ledger 152
Lenders 21, 53, 58, 80, 147, 149, 159,
199, 216, 448
Letter 58, 64, 80, 93, 95, 99, 153, 154,
156, 157, 199, 202
Liability 13, 148, 176, 177, 191, 192, 196
Liability Insurance 148
Loan Checklist 156
Lock Box 87, 218, 348
Louisiana 455
Hawaii 452
Homeowners Insurance 97, 135, 148
G
Georgia 452
Goal 16-19, 36, 81, 95, 146, 158, 168, 199
Goals 17, 18, 19, 253, 254
I
Idaho 452
Illinois 453
Indiana 21, 453
Inspection 45, 47, 61, 62, 65, 98, 101,
124, 129, 132, 223, 252, 266, 357, 444
Institutions 158, 159
Insurance 50, 79, 94, 97, 105, 135, 136,
138, 140, 146-149, 156, 170, 174, 188,
212, 351, 370
Internet Explorer 210
Investor Agreement 162, 163
Investors 14, 21, 36, 50, 53, 71, 72, 73,
83, 102, 149, 159, 161, 163, 200, 203,
221, 225, 229, 232, 240, 241, 443, 445
Iowa 453
IRA 159, 160, 163, 182, 212, 214, 215
K
Kansas 454
Kentucky 454
Maine 455
Managers 49, 53
Marketing 61, 66, 78, 99, 211, 221, 231,
252
Maryland 455
Massachusetts 456
Measurable 16
Mentoring 445
Michigan 456
Minnesota 457
Mississippi 457
Missouri 457
Mold 101, 124, 126, 127
Mold Inspections 126
Money 14, 18-23, 29, 36, 38, 46, 53, 5559, 62, 72, 79, 80, 81, 85, 96, 99, 105,
125, 149, 152, 159, 161, 166, 169, 171,
180, 182, 199, 202, 208. 212, 213, 215,
218, 219, 220, 224, 442, 443, 446
Montana 458
N
Nebraska 458
Neighbor 43, 52, 63, 74, 218
Nevada 458
New Hampshire 459
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New Jersey 459

New Mexico 459
New York 460
North Carolina 460
North Dakota 461
Note Buyer 37, 58, 59, 63, 156, 158, 161,
170, 200, 252, 442
Note Buyers 38, 89, 158, 159, 161, 241,
444
O
Offers 21, 22, 35, 44, 46, 47, 49, 58, 59,
61, 84, 99, 220, 253, 254, 266, 359, 444
Ohio 182, 461
Oklahoma 461
OPM 55
Oregon 462
P
Partial Assignments 181
Peer-to-Peer 57
Peer-to-Peer Lending 57
Pennsylvania 462
Pictures 24, 31, 34, 45, 61, 62, 65, 71, 73,
78, 87, 88, 213, 218, 264, 275, 285, 289,
348, 359
Post-Employment 262
Profit 20, 36, 56, 81, 160, 179, 197, 200,
208, 219, 254
Promissory Note 139, 154, 172, 182, 185,
188, 202, 203, 204, 206
Property 21, 22, 28, 35-38, 40-45, 47-51,
53-66, 70-76, 78, 81, 83-87, 90-96, 98,
105, 106, 107, 124, 126-134, 136-144,
146, 150, 156, 158, 159, 163, 165, 170,
171, 172, 174, 182, 185, 189, 199, 202,
206, 208, 212-220, 222, 223, 232, 240,
241, 252-255, 264, 275, 285, 286, 288,
289, 307, 348, 355-360, 370, 442-444,
449
Q
Qualifying 35, 78, 84, 150, 351, 443
R
Real Deal 54
Realtor Script 47
Realtors 20, 46, 49, 60, 70, 212, 218, 220,
222, 223, 232, 252, 357
Renegotiating 289
REO 99, 53, 216, 264
Residential 78, 79, 96, 124, 131, 132, 149,
156
Resources 55, 212
Rhode Island 462
Rolodex 40, 49, 57, 63, 64, 72, 88, 89,
148, 152, 153, 159, 168, 218, 255, 286
Rolodex Bookmarks 62, 210, 211, 214, 253
S
Sample Deal 71, 264
Script 44, 46, 47, 51, 52, 73, 75, 76, 81,
83, 84, 98, 252, 255
Seller 15, 20, 24, 38, 41, 48, 49, 50, 5861, 65, 73, 94, 105, 107, 124-131, 136,
139, 146, 149, 174, 187, 194, 214, 221,
227, 241, 245, 249, 252, 289, 357
Seller Financing 28, 71, 77, 87, 95, 105,
107, 138, 150, 165, 200, 208, 223, 232,
243, 443, 444
Selling 15, 20, 28, 38, 39, 44, 45, 46, 50,
58, 72-75, 81, 87, 95, 100, 107, 125, 138,
150, 158, 161, 170, 175, 181, 190, 196,
199, 202, 208, 221, 225, 241, 253, 442,
444, 445, 447
Software 152, 212, 220
South Carolina 40, 171, 173, 179, 182,
183, 186, 463
South Dakota 463
Spreadsheet 24, 89, 152, 208
Structure 39, 40, 56, 90, 93, 101, 133, 158
T
Tabbed Browsing 210
Table Funding 58
Tax Assessor 216, 288, 355
Tenant 25, 44, 77, 93, 107, 132, 232
Tennessee 463
471
Copyright TGG
Texas 464
Title Insurance 50, 146, 147, 170, 174,
189, 351
Title Searches 143, 146, 147, 252
U
Utah 464
V
Vacant Houses 43
Vermont 465
Virginia 465
Virtual Assistants 252, 253, 255
W
Washington 466
Washington DC 466
West Virginia 467
Wisconsin 467
Wyoming 467
Y
Yields 19, 23, 35, 37, 63, 78, 81, 189, 195,
219, 443
472
Copyright TGG

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The Goins Group, LLC

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Where to Find Filthy Riches Properties ............................................................................43

Running Online Ads ......................................................................................................71

Attorney/Insurance Preference .................................................................................... 135

ASSIGNMENT OF DEED OF TRUST ................................................................................ 185

Hiring Others to Do the Work ...................................................................................... 252

Alabama Foreclosure Laws .......................................................................................... 448

North Dakota Foreclosure Laws.................................................................................... 461

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Number Your Goals and Have a Why

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Singlewide Mobile Homes in Parks

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How Much Money Will I Make?

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Filthy Riches FSBO Form/Script

May We Call You At Work? Yes No Best Time To Call: AM

How Did You Find Out About Us?

How do you know?

How Far Behind?

2nd Mortgage Bal.

How Far Behind?

Are you in foreclosure? Y N When is foreclosure date?

Any Other Liens?

The name the house is in?

Why are you selling?

Had any offers?

Why didnt you take it?

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Least Amount You Can Take By Friday

Least Amount You Can Take By Friday

Least Amount You Can Take By Friday

Least Amount You Can Take By Friday

Least Amount You Can Take By Friday

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Realtor Script for Calling on a Listing

and I was calling about the property at