Love it or list it? To start off the show, Robby discusses a decision he has to make with his condo/loft in Las Vegas. He needs to decide whether to rent it out again or to sell it and use the capital for a multi-family deal he has his eyes on.

Chase lets listeners know that a survey will be emailed out to the Note MBA Insiders who will get to help Robby decide what to do!

Chase then brings up the idea, from a few shows ago, about bringing on a tax/accountant guy to interview on the show. He let’s everyone know that it is actually in the works and is trying to make it happen before the end of the year.

The guys then segue into the topic of Contract for Deeds. Recently, a well informed listener (on the topic of contract for deeds) reached out to Robby to give him a contact for an attorney in Columbus, OH and also, a link for a great resource as well which is:

• contractfordeed.uslegal.com/state-laws

It’s an extremely beneficial resource that links to each State’s laws on Contract for Deeds!

Robby then discusses another email about Contract for Deeds from a listener in Orlando named Earl Green and how he has purchased 5 of them in the last 5 months. He divulges some great info about how he has found some of the unspoken nuances with them. This turns out to be some excellent intel for Robby who is very grateful as it has saved him some much needed time and money during the due diligence phase. Listen in to hear 4 great tips from Earl that will be a huge assistance with these types of deals!

1.       Eviction clauses may work on the borrower, but my attorneys have warned against it.  I’ve checked with them in GA, LA, SC, NC, FL and AL.  All indicated the CFD gave the borrower equitable interest and a foreclosure or similar legal action would be required.  LA had a fast track of 45 days, but that’s because it’s similar to their Bond for Deed (Title 9-2945).  It wasn’t because of the Agreement for Deed language.

2.       One of the more prolific sellers of CFDs has been sending QuitClaim Deeds signed by their attorney, but the Power of Attorney documents haven’t been included.  Some municipalities are recording the QCDs, but the QCDs are being challenged when they are reviewed by a Closing Attorney.

3.       Foreclosure may actually take longer in GA.  My attorney warned the Agreement for Deed (CFD) didn’t include a Power of Sale clause.  Without it, foreclosure would become a judicial matter instead of the typical and faster non-judicial proceedings.

4.       Supposedly NC has recently added some statutes regarding CFDs, but the language was unclear.  The problems with the language could leave you without recourse if the borrower could not be located.

On another note, Chase reveals that a great upcoming interview will be with a company who does Special Servicing. For those that don’t know, Special Servicing is the borrower outreach side of servicing and this group has an amazing ability to reach out to the current borrowers to help create win-win situations for all parties involved.

This will most likely be a few episodes down the road so keep an ear out as there will be some great content to come out of it. Robby shares that sentiment as the company has served him extremely well on multiple deals as of recent and he goes on to explain one of his current deals.

Chase then brings to light that they are a third of the way through the 4th quarter and reminds everyone of the fact that their goal review is coming up! Robby agrees and shares that he wrote a note to himself last night that he has been “neglecting his health, both physical and mental, in exchange for more money and has continued to restrict himself from spending to enjoy the fruits of his labor in the pursuit of even more money.”

This statement has been helping Robby revise his goals while also prompting him to reread Tim Ferriss’ 4 Hour Work Week which provided some meaningful reflection points to help guide him in 2017.

On a final note, the guys let listeners know that Robby will be at Note School’s Rich Rewards Class this week in Orlando for any who want to register and attend. Also, Note Expo is coming up on the 4th and 5th in Fort Worth, Texas and there is still time to register for those that have been thinking of attending. A great interview with Daren Blomquist came out of last years Note Expo so there is definitely a ton of value there.

Chase is very much looking forward to next week’s episode so be sure to tune in and listen!

Thanks for listening everyone and as always, if you have any questions, comments or potential deals to send our way, email us at [email protected].

Listen & Watch this Week’s Show to Learn:

• The importance of balancing your work and personal life
• Orlando Investor Earl Green’s 4 great tips to save you time and money with Contract for Deeds
• What Special Servicing is and why you may want to be using a company to do it for your business
• About a few great interviews and podcast episodes coming up that you will not want to miss
• And much more!

Featured on the Show:

• Ryan Holiday’s book, The Obstacle is the Way
• An online resource that links to every State’s Laws on Contract for Deeds
• Tim Ferriss and the 4 Hour Work Week
• Daren Blomquist
• Note School’s Rich Rewards Class in Orlando, Fl on October 28th, 29th & 30th
• Note Expo in Fort Worth, Texas on Nov 4th and 5th

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• Subscribe via iTunes.
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Thanks for listening to our show! We’ll be back next Wednesday morning.

Cheers,

Chase & Robby