How To Get A Contingency or Inspection Period

Kandas and Larry discuss how to set up a contingency or inspection period when making an investment purchase.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

It's time to brag being rich and generous rank radio was hosted by best selling real estate investing doctor Larry Jones and co host Candace. For the next hour they'll show you proven and effective way you can be successful and real estate. From the WBD studios in beautiful uptown Charlotte. The flagship station of the bright radio network here are your host the rock stars of real estate Larry and candidates. Rap stars of real estate and I think that here. Harry like bond of one beyoncé over there. Finally beyoncé. And. How like beyond Alan I'm beyond. You Bil that that. That would declare that what do you say about me and you believe Chad's side. Outlet but. Been you'd be on tour right now. Opry. People Tony and I get on the phone at. The. Yeah call can't say that Larry go. The person who hears that and calls. Urged the. And now that. That. Nina. Yet to do it anyway you know what you would feel better for. Keep their loan. His bail amount people her husband is like Superman and Hulk. And all those complete. Appeared. There is kids calling them hoax match. So he's not an owner made things he does in the candy and candy. But anyway when I'm on the phone with people I do like that then there's likely sounds like you do on her radio. As opposed him through. A lot. Of that the Ares. And then like. This. You. Boys like Alan. I only read it. Now. Love that. It doesn't brag Iranians. Real. Stage show most of the time. And now we kind of go through how we are successful with real say in how we can help you and and others like heroes while. Awesome and I thought what we would talk about today F have a lot of people. And you have talked about this a little bit. In the last minute and a my wife California. Are it's. So any electric cut short a lot better than last eight. But I don't listen I don't know what else I don't know if you can but. Yeah with that read you very much sun some pop so I'm black look like I'm from sub pop. Anyway moving right along with some of Obama wardrobe can leave me alone. Content in the last few neat and apparently. Actress and I guarantee and enough about it anti adamantly. Iran she she didn't even want she did by. Of being in LA you know. Check out the rough surf are nicer. So as knowledge with the cruiser. And it is knowledge all right let's talk about rules that I've had a lot of people all we talk about. People are scared to make offers enough said this before their biggest years yet. However. The big things afterward about this is the mechanics. Of going through. The ethnic area. Well it's like OK okay these days that yes willow about what people were used were at a Contra. Were uploaded a few. It's now. And and it's it's it's going to be hard for me to explain. Exactly the way to do it's that last word for word on the radio right. And that and that's for them people that's true. But the biggest thing. You know when I was starts growing but who went I was getting started rules. You know back in the eighties that in my first 1986. I remember seeing in some. Some educators trainers on TV these commercials. And they still. There was ago there used to talk about. In your contract mixture you put into weasel calls put into weasel. You know what it is a weasel hopes. On the note it's. Basically the term comes from. You want a clause in your mantra that shoot to weasel. With. Look at you and mark. And your layout alarm well. And the generations are immune manage. Should. He was an expert at the warm during spring and I mean you are not. I L iron and it spasm. Not now have both done that. You guys are distraught and these guys are brutal. A look at it and rumba voters don't comport. Showed up. So funny if he could play a migrant all the bad nobody answered I. Am gonna hurt you. That episode a couple of big bang and other towns and Craig appeared and cute check your email. A little late I am. So anyway. Meanwhile back at the rats move and rent alone. We've had a lot of people there that are they would do deals are scared OK maybe they're not in an emotional program that despite the phone call me direct. You know or just an over their paperwork and how helpful with it but you know if found. If you're gonna put out an offer you need to have I wouldn't call weasel clause. But you need to have some content Tutsis or some clauses that will allow you to be able to give you some talent to do you do deal it's okay. Now first thing we're hoteliers YouTube video houses that you read my book content of some of your free copy of Google it if you call. It was or a I. Al hunt. To me about. If you call Canas at the Hud book then. You'll see in there that you know that there are no. Contingencies with pot if your bidding on a hot house vote today if you bid on a clubhouse. And you get an accepted. And there is no fifteen day continues to your nose. That especially as an investor you've got to pay cash. And not cast over deals but you've got work to turn that with a but he comes from but. The contract offer about intangibles. Or subject to inspection but also out of pod. You wanna make sure yet what what we call at least a fifteen day inspection. Some people call it an inspection period some people caller that you built. A guy. One or the other and inspection due diligence period now typically in most contracts that the realtors use. There's going to be a paragraph in this has inspection. And you can check yet certain oh and put the number of days and an adjustment in the prize or melt at the sellable today. In the event this'll become so it will allow you. To give you some time. The number one and inspect the property check it out now that you don't necessarily dual home inspection. But. Day you're going to. Maybe have a contractor who look or take pictures or whatever. Whatever you do for your due diligence. Right in the beltway. If if you the don't have a sold for holes. Or you know this year you know every all the information you need what you can do is what comes up about that thirteenth or fourteenth day. You can ask for extensions. To move it over past. The fifteen day. We have a job that day. And on our board with our deals where we have to decide. When that days coming up with a organ and followers were program and drop from a form and ask for an extension. Send them like that leaking into that that's true. I'm so that clicking it and only come back you got. For now give me a call 877 Larry 877 link and it's in the investors kits enough here email if you're close enough to listen link I. We're in Charlotte area that you could come by the office and pick up the physical hit. Make sure you check out our the other show our anthem back radio dot arm. Or even student email to me it info at Bragg radio we'll be right back. And we're back. Brag radios investing emails they use it to get it where back to hook up. I was what but then. The radio land. So. Brad radio be rich in generous we teach out invest in real state. And which who have been generous you know we knew it was going to be generous and help others a couple of charities that we love to support our veterans path. Right. Yep ways where bettors that's not purple heart homes pretty frequently. We've got several other ones are actually about swift Denny BT's John Hancock take is a sin and a share. As well. I know we are we're we're we're hopeful that we. School. Manic and from the couple of these charities lately that meant we start supporting. Out there amigo yeah I don't let's add didn't get it. So let arts and I was research and yeah. It and a prep but it. Pre makes it he's trying to repaint it might and it. That is what. He we're going to talk about what it really again and drop him like at a packed and he has and things like that obviously Taylor is as a big being rock and help the big things and now you Google. Rocker I do this for rockers full parity and. I Google the term rockers for it and think and Chris for cute rog and diplomat rocking chairs okay. I'm from like rock general stores for you know different thoughts on the weekend yes shall we can get involved with. Rock and roll stars support different charities and stuff. The very first thing that toppled list owned Google search is that it is chaired this is the nonprofit and I cannot go to. I don't know we're only oh at a token is like the ring selflessly. I'm Oliver. Luck ran out of practice. Practice and aren't aren't you spot him. A case the name a rarity is. It's for breast cancer awareness and name over the lockers and markers. Counselors and they have concerts all over the country. Tokens that I loved because my first one passed away from breast and guys like hey I'm. Do. I run at all in their breath and oh yeah. So. It's apparent that I just couldn't bring themselves talk and talk about. I'm on the dark about it and say yeah. I get in trouble for some kind of rational Rochelle live partially thank Ralph and. Are we off and it ain't that it's it's that we want to see that we wanna get it I think it's great and honestly acting on and it is an inflated and it ain't. You ordered him teacher who. Had gone and it. Did you really. Now. But until Kenneth I couldn't even click on the link and look at my browser history. We. I really think that in you. Candidate but I really think that that. Was a god thing because you have close ties to. You know experience with breast cancer Aaron and with your first by going through that not only part that with UN Landon and the rest of your family and when does my daughter who. It was her more on the past and tools for the right. But not only with that but just the passion you have around rock and roll around rock stars and and just a natural camaraderie that you feel when you're in an environment acting that. For that to be the very first thing that popped up. But we knew it's doing asserts is maybe as uncomfortable as it makes it makes you when you say it. Al I really think that for me that sounds like they've got things he'd just something really fantastic right in your way. My mom still live in could even be considered that the yeah. And go wrong admit and I seen it you know I mean she would be out at that she didn't answer that. The winners and it seemed. That's this weird okay so we do support different charities. And and brag we even have little brags I'm up in our office that can dismayed that we have where we may differ donation. Townsend and he's giving these are like three feet tall letters of BE RAG on that take up a whole law. An opposite end and their cork board letters so weekend. Pushed thin. Different things done thank you letters notices of different charities that we've supported and on things like that too it so when our office staff whop buyer. And you know whenever people come into the office is really wanted to do it for our office staff so that they would know what their efforts are going to support. They wouldn't know all the people that we help our only funding more people to help. Now with the appointment to report. Like it out Amador. You. See that you. All right so we're talking about. Contracts. Right before we went to the brink of that we're supposed to be talking about contract. A lot of UB investors are scared. Two. There's geared. To put it offers houses because they don't know the paperwork that with a note process or procedure whatever. It's maybe they're not an optional program we have all through that. So. So basically. In the conference you wanna make sure as I mentioned last and wanna make sure you have a fifteen inspections. OK that's very important. That's very important. And yesterday. When you say you're having trouble it. Let out anyway. So. You wanna make sure you know fifteen inspection. And it's it's obviously going to be Castro for because when you're an investor. In that you make an offer subject defiance and that'll pick New Year's news do. Now and they don't they want cash byers that means we don't. Obviously had to consider every app for that comes in. Didn't as a seller and and respond appropriately but we we market for cash buyers and that's really what we want. And then through the door. That's exactly right and and a lot of people say well we have a copy of a contract well. Any needing a training course. Powers in the middle. And a lot of them and they already have these clauses that attack and now in them. That's true that's true but now if you don't have a training course if you don't you know if you were with us or whatever you can't just whatever state you were. Whatever state area. You can do a guy. That don't go to legal do okay. One. While they're probably the next advertisers from a couple of Olympics. The next. The vote. But it's in no way in the referenced to in the similarly important. But you don't have to do that all you have to do is likely you're in North Carolina. Google North Carolina offer to purchase. And and the word realtor guy. And the key word PD. Okay. So when you do that any PDF of realtors agreement itself there'll one it'll pop. Into and right. So is troopers. That's the second set. So we have a third and it's. Not come back. So you know world with a target but but if you used the exact same one the two brokerages. And number one if you're making for house listed with the real or they're going to be familiar with it except. Except that a lot. There in the sale ego. Right but also if you'd deal with the force. Of his vote for cell phone. The good news is. Sometimes you run in to for so borrowers. And they said well let me have my. Own homes and Ernie look at this paperwork. You know they if they approve of this. Was he if you use in the same exact contract every Rupert stay with uses. You have to say it is you know this vaccine paperwork than every age. For every single files balls sold in north uses. That's exactly. So you can say that and you can say you're welcome. To have the attorney look at it but quite frankly in last economic and offer under house or know or art appraiser. They can tell you you pronounce its cash offer with the fifteen day inspection. And I'm on the senior region need to do that. So and in it they do tool to note that when comers and attorney told you know to do it the first thing you should say is what Imus did fail for. But I'll love it out of that line. He gets Guinean cry since seven link go in the mouth in that racked radio dot com. Check out our investor kits that can get that out see it here email that this is right and somebody office and pick up the physical can't without the thought that three day events that are coming up mentoring programs and indeed for education materials available umi call it citizen and again. Welcome mat brag radio and that it would be rich in dinners. It's time. In new. Well we've got there is relayed that we and that's how. It is now in an. Leary here plane's air guitar adds. Bobbitt and a bit. Layers and my one month and it is that that that shall. He. Oh I love love. Away. Our mood or lower talking about contracts. Lot of people are very very scared to make offers. Because they're scared and don't really know the process. So what I want to talk about all of this section as we've talked about you gotta have a fifteen day due diligence period he typically set up about thirty day close look. Day one you get it under contract or. And now this birth to exit now they've got. A lot of will be involved and a part of our. You know our core values IBO that he. Hadn't aired it out we can have moved omen. An accurate. Or like our. And Kayla. Anyway so one of the things I want to share is like you have a fifteen day due diligence period. When you put in that fifteen days. Okay there's several different times that you and killed as the fifteen days reason for example OK let's say you put you have a fifteen day inspection. From the date of the offer okay well what do you make offer on Monday. And they signed it on Friday. But you've already lost five dead. Right. So you what if you put in their fifteen days. For on. Fifteen days from the date the cell or science right. Fifteen days from the date. Everybody I'm fully executed fully executed contract right. So look for it that is the term. Vision and that vote fifty days from executed and try to right. So. Let's say it's it's. It's Friday before they get it signed so used there again you've lost five days right. So what do you okay well now that's not true because. If they sign an old fraud in this fifteen days from that day and it and it not Monday that they understand that no Monday but yet fifteen days from Friday. How Lenovo. Or if you put. Fifteen days from buyers receipt. Executed. By so you can use a little Monday. They started on Friday let's say agent or seller doesn't get it back to you until Monday. Your fifteen days doesn't start until Monday. Right so you've got you got like an extra hole week there's an extra seven days. So that's what we would always put in there fifteen days from buyers receive them. You'd be exactly exactly. So. Ratified. Matchup. And another term so if you've heard that so that's and other. Great great way to do that. And a few more Denny's two year due diligence period because the goal especially wholesaler and you know that we talked about this. Three year five shows ago that. About 73 shows. That real story has levels that we talk about. Rules that has levels you know most. I don't it in and keep. Up. Real estate. We did talk about that negative talk about the the title of mr. Kramer at levels. Apple's. Levels that value associate. Yes. Elite tournament and jumped into that levels Jerry level right yet. That's right so. Rules they have levels look at about the rules. Most people start out wholesale okay it's the lowest barrier to entry to like that. Both mayors in bolstered entries holes. It last vote and then after that it's probably landlord. And then after that is probably at least options slash fun it's right. And then after that. It would be fixed and for a lot of people they go to the seminars come around. All over the cities and able people to do in six and flips. Now here's the problem with that Dixon flips. It takes a lot of expertise. OK take. It in the journal opinion to know how not over and over improve the house for the neighborhood not under improve the house. He's got to be able contractors. It'll it'll take advantage of it because not everybody's best interest out there that's what the reasons I hate the media. Hate to make it may. Hated. A there's the SNL. This or else deal with that too right Ted Turner must be hated it couldn't hurt and anyway so. So. Dispute carefully does exist you know. Get yourself some education but Kyle's. A lot of people think rules to rescue rules state is risky real state is no rules no risk and it was risky. Be an image. Fortress. Is fees to sell off some education. Right. That's true that's true. Education takes away its once you have it now acknowledges that and me in knowledge plus action. You gotta take action I'll be the first one at the candles will be the first ones to. That. If it was easy it might be doing right. Cabrera and got the earth there that we see the outcome we see it everyday and I don't wanna get on any kind of though boxer. Or anything like that because it gets me tired. That we have people that will. And get the education. And they never do anything with it. And we really want action takers they really weren't doers we really want to change. And help people we really want to help people change their lives we know we can we and given the education and but we make and take the action and he sent. So it doesn't really mean it comes and I your students that have been with us for a year or two years now I need to pull out the snow on indelicate that. It is it's fracture and. Again is this frustrating actually and a lot of people think art are indisputable can do this. Some people can't bear RH there not many people but some people can't get a book and do. So some people read and study course and I we've seen it. But most people quite frankly. You know I mean we in and we had people call up and say leader your course doesn't work. You know my fingers and my standard answer is if somebody says hey I got a course that doesn't work my standard answer we'll mention question. How how many offers to Jimmie how many offers to human. And you know what the number always is none in hand you know what. I got little joke I'd do with this they say well I'm a maintenance nine good for you that's a good start. No no later I didn't make him. Wow. Libya should question. What chance do you think you have them by the house if you made zero offers approximately. You've got to make golfers that's where we say is the three most important things in roles they makeovers make offers make offers write it for so. Now remember with the contracts OK you've got to have consideration. No contract is valid without consideration. Meaning EMB earnest money deposit right guys. You can't put an offer also opened with a zero deposit. That contract does not enforceable for a contract to be enforceable it has to have what's called consideration. That could be a dollar. For. He can be a dollar. Or they can be a hundred dollars or ten it didn't matter that they were bounty hunter house or in the last house is going to be Arafat on the books right. Typically but I know that we've got sent students just their standard run a hundred dollars isn't. And our own entity in their prime at that and they are getting deals on that suit that works for you just run whatever your car. Oh and once you get to property and contract. Are you gotta do is call up a local real state attorney we can recommend them to be in the Carolinas call our office will help you with that. And then the attorney who handled the rest. You go to the closing you bide at 10 o'clock you sell the tenant. 1030. AKA rules state they trade and get the book from Candace. It's 77 Larry gag me clock and sending additional investors get to your email Lori diplomatic office and pick up the physical version of that 877 Larry go. Or you can see me an email info attract radioed in asking me questions that you've got invited Kevin on the air we can talk about three day events mentoring opportunities. Source for the office to steps to answer any questions. We 877 Larry go we'll be right back. Welcome back to brag radio. Mean you know I'll be rich in generous. The fourth segment so happy so excited element where things. This week treatment with. There you know and this hour though under the control of the slope I think so we're ready than it is anyway. We've got. Well we've got a student that I'm really excited about this week. The house she is like the epitome of a go getter she has. Just taken charge since she met you last month at her local real thing meaning she's a doer Tina's she is. And aren't so Sabrina Ari there. Yeah. So basically. You got some training from us. You invested in yourself by getting some training education promotes. You went out and did no one deal but three deals and then we get your money back for that we can stop and test them. No rebounds yeah. We just let her voice senior I have Helio like close to a thousand level now. Not only did she hired at military iMac that's enough then got three or make their money. On. I'm Sabrina I wanna be the first one to say congratulations. I'm just so excited for. How about you but does bubble until he's not at Portland international. I. How can handle that I think earnings at Atlantic and and there are quite a acres in the area of being. So content every week. And anybody that's often a love that I'm loving it. So why don't you tell us a little bit about yourself and in a kind of move into the deals that you did. I'll cut Obama I have seen again. Study in dabbling in real deep as they can't partly about ten years. Com and when I heard you accompanied. Local real estate meeting and made that. You know it gets your presentation you Qaeda. Tweak the way it's looking at doing deals that Beijing operated and that's really. He's not out. Fine realistic and I immediately started it. Making operated. Are excellent that they really hit it. Where the program in Atlanta. Salaries. Multiple properties. I you know negotiated him down. Any political low ball offers. He counter offered him to feel that if you. Give it. Wind whether the properties are not rented out already have a and then. So that positive cash flows. There. That's also and that's one of the things in real state being an odd deal investment income right. I'm ready so that they want to be rented out com. By September of architects and we lived in the area. And let let let equity and I can't really get deals aren't elevated materials. So we find that wasted so actually my preference working and one of the properties now. I'm sitting Republican from where it'll. Well here you can't say it's a nonchalantly okay that's where do you need to be in a little bit more digital environment and. That's great so we're ask your question you mentioned something a minute ago. A lot of our listeners may or may not be familiar with it maybe this their first show liver but you mentioned you hired a virtual assistant. Tell us a little bit about that and how much you pay them what they do. A kind of lie. Actually starting out I write different companies that beaten Conchita against each other. Com slightly at 24 out where. Convert solicit consent and it site is by. Call. My keep by ample. Time and then the other local to me I'd just ninth at five but I found it. Most of these calls happening between nine and getting to me. In a number outside so I give them a spreadsheet. I'm so mania that really is called them back what. You know off. Com or its you know flowing down on bail com to start making the so called port guardian currently a spreadsheet that they need. And then if you know everything anyway is it just sit there and practice today. They get from there. That's awesome. That is great I was so you have to separate services. And they're competing against each other to determine who you gonna keep long term correct. Well no local one line. Like having a local. Police that I could go in Hackett talked with the girls and guys. That one places so stick it was corrected. That they couldn't be EPA they are really working there for what I needed them to Q a the other op and insists three girls. And they've they've been really great. That is good that is good commute can give us a little rundown on your deals because. I know you said that you told us earlier that you you ball three of them from the same cell work. Right even gave you will but the seller financing with that that you negotiated the loss of her true. And she. Had my boyfriend got that that cellar and yet our. Silly Buick is eighteen but I win. Looking for property is that you areas. You know that are low quality tablet lower priced houses. So acting what an act that this protecting themselves. It. I found later that year number 4000. Blanket that. Hi I love. Always good of an odd number eight the calculator to. So we ended up settling on hand out then batted. Properties on the blocker on for about forty to sixty ballot and low. That got it straight ten and he's that while days I have another property great knack for it male and it. You know at that what we can you know it's it's in that they can do that to get everything right. On the that would be so it close when I looked at them. And then he called back and we agreed to that rate than any car backing stick it out. Cashing out an old guy you haven't got their property. Baker you could turn it into it in black. You know I want it I want it 25 if you are twenty. Doubt that Mac quick break out and he got it found that they've seen. And he's doing at 7500 dollar note for you. Yet so we we create. We could have turned it into it duplex with them as they do and since then but it's he'd been at. Think what they think that bring out that the timeliness say that you expect to be dying. The the target dated September 3. McGee you know rented out at that lights that probably praying. It did bring it thousand dollars modestly but have weekly Saxony it will probably break at about 12113. Month. So you got 40000 Indies what's going to be your total income per month on their 40000 dollar investment who really is not fortieth like 32 file. Suggest yeah hundred and and financing but what's gonna be your total gross income all of these three properties want to get the other two rented out. It would be a battle Tony 300 dollars a month that we you know went with ten minutes. A couple of Craigslist killer. You know any of that rental places the order we went specs and aid will be probably closer to talking. Creeped out and even. That's about. That's about a 50% return on your money you're gonna get half your money back in the first year EL I wanna congratulate you that is awesome I love it you've taken it to the whole next level and even after money back on the course. Yeah I got my money that you can get a little that is all it does seem well look back. And I got it back. So I know we got about a minute left. I know you're planning on doing some things to be generous. So you know let's go out with you tell us some things that you planned to do to be generous cause I know your big a warning to give back. Yeah I would loved to really get into that public school has spent. Local affiliate out. It didn't really get it kids and let them know that day. Today 95 planes that go to college map everywhere so sick that I am really. Give them. Some of that gives them incentive to repeat that the book that really helped mean chants while our life. Com you know at an early age based on and you know quit there eight laughable. Time making it time give them water you know that there. Getting it out that they might use later. But they're getting away in the sort term acute. Tidbit I'm main priority is in letting us. It's that we'd be six that's. That is also thank you so much for joining us today. And that is gonna wrap up today's brag radio leading the world to be rich and generous more information about what Larry Candice talked about on today shelf. Or to get a free investors can't. Call 877 Larry you know that's 8775277946. You can also got to brag radio dot com. Make sure to tune in every Saturday for ranked radio leading the world to be rich and generous. Larry and candy we'll show you how to invest in real estate and them anyways realistic creates. The ideal investment here on news elevenths and 993. WGC.