How Much For Bird-dog Fee In This Case
I have found a large very profitable deal (pay ~18M for a 22M property) and was pitching it (an apartment complex in foreclosure) to its previous owner.
I asked for 3%, and they freaked and basically said thanks, but no thanks. When I asked what number they thought was reasonable, I was silently ignored.
What did I do wrong here?
Was 3% just way out of line?
Negotiation is something I have a difficult time with.
Thanks.
perhaps calling it bird dogging minimizes the effort I have in the project.
I am trying to get an exclusive w/ the note seller that I am covered.
The people that I have a verbal commitment from are a >500M private equity fund, so they certainly have the resources. I would like to line-up a back source of capital.
Sign the Purchase and Sales contract with "123 Main Street Land Trust" and sign your name with "Trustee of the 123 Main Street Land Trust" underneath your signature. "123 Main Street Land Trust" is the name of the land trust.
You should not have to show your land trust documents to anyone so no need to even have them at this point.
Then work with an attorney that will do your closing. Have the attorney create a land trust with your buyer as the trustee and beneficial interest and the buyer signs the land trust, and the HUD1. The buyer does all the signing.
To answer your question, I have templates for my Florida Land Trust, Warranty Deed to Trustee, Assignment of Beneficial Interest. I got them from Mark Warda and his are Florida specific. I have asked several times how to assign the trustee and have been told it is best to do a new Warranty Deed to Trustee and have it recorded. That way everyone knows who should be signing the deed when you want to sell the house.
My Land Trust templates have a fill in the blank for the property legal. So it assumes that the land trust is getting created after you own the property or the day you obtain the property. I do not have paperwork for creating an empty trust. I know to put a property into a trust you just need a Warranty Deed to Trustee.
Correction to above
Quote: Sign the Purchase and Sales contract with "123 Main Street Land Trust"
Have "123 Main Street Land Trust" as the buyer on your purchase and sales contract.
cbrousard,
From your post it looks like you want to do a 1031 with your personal residence. This is not allowed under the 1031 exchange laws. The property must qualify as an investment property to be elegible.