Below are the bullet points to help you gain new investing partners!!!  Don’t sit on the sidelines.  Get your partners and start writing contract while your competition is on the sidelines!!

You the investor are going to do the following:

1-       Find the property

2-       Fix the property

3-       Rent/lease option/flip the property

4-       Manage the property

 You are telling your potential Income and Credit Partner that you’re committed to:

1-       Buying a house with 30% equity or more or we find another one

2-       Giving your partner the TAX DEDUCTION until it sells or you buy it from them later at an agreed upon price

3-       Using other peoples money to finance the deal (Private funds or Hard Money)

You agree upon a percent of profit for the partnership which is usually 30 to 40% of the profit for the Income and Credit Partner and 60 to 70% of the profit for you the investor.  You have them sign a QUIT CLAIM before they buy quit claiming you on title with them as your security and hold onto the document to make sure you have interest in the house.  Quit Claim it after you are done with the refinance to permanent financing into a Partnership LLC if you want to or just quit claim onto title with the previously mentioned document.

The Income and Credit Partner shall:

1-       Apply online to make sure they can qualify for investment financing www.jasonpalliser.com

2-       Set a phone appointment to go over the 22 question investor checklist to make sure they know what the investment property plan is and what to do and what not to do.

3-       Get Pallisers office their income and assets documents

="Arial" color="#000080">4-       They are pre-approved and ready to buy….

 Key notes in today’s lending environment:

1-       Always place a renovation lien against the property the day your partner buys it so you can do an immediate refinance (No Cash Out).  You can currently pay off your renovation loan with no seasoning as long as it was placed on the home from the time of closing.  If you pay cash with no lien against the house, then you cannot refinance until you have 6 months seasoning.  You can go up to 75% of the After Repair Value.  Free and Clear = 6 months seasoning.

2-       Trying to get a loan under 50,000 on the refinance is going to be virtually impossible because of the small loan adjustment pricing hits from the bank.

3-       No flip flopping title.  Who ever is getting the final permanent loan must be on title from the purchase date and on the renovation loan/private funds loan.  If you try to add someone later, then you have to wait for 6 months seasoning again.

Who ever can get the most Income and Credit Partners lined up in the tight lending environment:  WINS!  

Find your partners and Palliser will qualify and train them to be your teammate.  We will look for applications and call.  E-mail their office the names and numbers of your partners that will be applying online so they can confirm that they received the application.

Where do you start the search?  Friends, family, co-workers, neighbors and post your partner search on Craig’s list!!!