CREATIVE CASH FLOW SCENARIOS

Are you sick of real estate courses that tell you what the author has done and then tell you how easy it is for you to do it too, but never really show you how the author did it or how you can do it, too?

Hi, my name is David Chodack. I've been involved in real estate for
30 years now, as an investor and a student of real estate and I know
I was sick and tired of learning theories, with no real blueprint to
show me how to turn them into practical, money-making strategies
- especially ones that Sellers would actually accept and go along with,
and give me ideas I could actually translate into accepted offers

HOW DID HE DO THAT?!.

The final straw came for me when a man came out with a book of
contracts, a loose leaf binder just full of xeroxed deals he said he
had done over the years. The idea was that you could buy the
book, study the contracts and see how to duplicate all these great
deals yourself.

People loved the book and it sold lots of copies. The man who wrote it made lots of money.

There was only one problem. At least as far as I was concerned. The man never attempted to tell you HOW he got Sellers to accept all these deals. All he did was show the final contracts that he got Sellers to agree to. He never showed the steps it took to get there.

In my experience, very few Sellers except the most desperate ones just rolled over and accepted the first offer that was presented to them. Successful, money-making deals usually involved back and forth negotiations, offers and counter-offers and creative solutions to problems that inevitably presented themselves and had to be dealt with.

Therefore, I got frustrated. For me, it wasn't enough to know what somebody else had done, when I saw deals like this, I WANTED TO KNOW HOW HE DID IT!

I was lazy and greedy and wanted a step-by-step roadmap to guide me to success in writing creative offers and getting them accepted and since there was none, I decided then and there to create my own and that's how Creative Cash Flow Scenarios got started

I began going back through my own successful deals, the ones that .I had done as an investor and as a real estate agent and sure enough, most of them were a lot more complicated than the final contract would indicate. There was usually a lot of back and forth, wheeling and dealing before we ever got to the final contract that we could both agree on and I realized I had learned more - and earned more - from all that back and forth negotiating and brainstorming than I ever could from just looking at the final contracts.

So, I decided to go back and recreate the best ones, step-by-step, just the way they really happened, not in theory, but in REAL LIFE. I found that it helped me because I couldn't remember the details of all my past deals and without those details, the final contracts didn't mean much, because every deal was different.

By going back through the deals step-by-step I was able to get new creative ideas that I could use in new situations.It helped me so much that I began to share it with friends and other investors and soon they were excited about it too, so I decide to package it as a full-blown course and share it with the world.

Real estate laws vary from state to state, but in most cases, the law has very little to say about what goes into a real estate contract. The buyer and seller must agree on the terms and conditions of the sale and each of them must be informed of any material facts --i.e., if the house has a leaky roof, or the buyer intends to turn around and sell the deal to someone else before the close of escrow, this must be disclosed -but beyond that, almost anything is negotiable.

Even when there are rules established by agencies such as the Federal Housing Administration or the Veteran's Administration, saying that the seller, rather than the buyer, must pay the loan fees and/or the loan costs, it still comes down to a matter of negotiations in many cases. For instance, if the seller will not accept a standard VA/FHA offer and the buyer really wants the property, he might waive his rights and agree to pay the loan fees himself.

Many buyers and sellers get confused about this and think that the law requires buyers or sellers to pay certain costs or make certain improvements whenever a property is sold and that there is no way around it. For instance, if there is a transfer tax levied on property each time it is sold, they think the seller has to pay that transfer tax, or that the seller must deliver the property in good condition and/or provide a pest control-inspection and clearance.

In most cases, this is not so. Occasionally, state and local governments will pass mandatory inspections and/or repair ordinances forbidding ''as is" sales --for instance, in Berkeley, California, residential buildings must have up-to-code insulation in the attic before they can be sold and the buyer cannot waive this. If he buys a property ''as is", then the buyer must have the insulation put in within one year of the purchase -but generally it is institutional lenders who set these requirements, not the state or local government.

Generally, the law does not care how anyone buys the property --"as is", or in perfect condition, as long as neither buyer, seller, nor lender is being deliberately cheated or misled.

Assuming that buyer and seller are both rational, consenting adults, the law generally leaves it up to them to fill in the details of a contract to buy/sell a piece of property as they see fit. There are certain things that must be in every contract -the property address, street and/or legal address, the names of the buyer and seller, the purchase price, and the terms under which the purchase is to be carried out. Beyond that, your imagination is the only limit.

Almost anything can go into a contract, as long as it is not blatantly illegal - such as the buyer paying the seller with sex, drugs, or some other sort of contraband --and it is agreed to by all parties involved.

This allows you a lot of flexibility in designing contracts, and whether you are a buyer or seller, you can take advantage of this to structure deals that fit your needs.

Dealing in a creative way and using a win-win philosophy, means everybody should benefit from a transaction, buyers and sellers. But it does not always mean that they benefit equally.

There are two basic philosophies of real estate investing.

"STEALING" PROPERTIES

One philosophy tells you that you, the buyer, have all the power and knowledge on side. All you have to do is find "Don't Wanters", people in trouble, who need to get rid of their properties at any price. Then you make them an offer and they gratefully accept it. You "steal" their properties. By dealing with people like this and using any of the dozens of creative techniques that are taught in the various real estate seminars - so the theory goes - you can get rich. Each and every time you buy something, you will be stealing someone's equity and making thousands of extra dollars. Why? Because you know so much more than the sellers you are with. You are a shrewd investor and they are just people in trouble.

NEGOTIATING GOOD DEALS

The other philosophy of real estate investing starts with the premise that the seller is also an investor and knows just as much as you do. This means you can't present him with your offer and expect him to sign it. You have to sit down with as an equal and negotiate an agreement that will benefit both of you. You have to treat him with respect, one professional to another.

This is the philosophy behind Creative Cash Flow Scenarios. I feel that it's great to buy properties from "Don't Wanters" and get yourself all sorts of free equity if you can. But deals like that don't come up all the time and anyone who waits around for them to happen, will miss out on lots of other good deals while they wait. Creative Cash Flow Scenarios is made for sellers as well as buyers.

Too many real estate books and seminars seem to take the attitude that all you have to do is buy enough real estate and you will automatically get rich. They treat buyers and sellers as though they are two different and unrelated species pitted each other.

Real estate investing becomes almost like a game of Space Invaders. All you have to do is learn how to shoot down the alien sellers as fast as you can and get as high a score as you can rack up. The winner is the one who can write the most offers, with all the clauses and phrases they need to weight everything in their favor. Since the sellers are all desperate, they will accept anything the players come up with.

Unfortunately, things are not so clear-cut or simple in the real world. Not every seller is a "Don't Wanter" ready to grovel before you. Anyone can negotiate with a seller like that. The real trick is to wring good deals out of the sellers who are not desperate, the kind who will hit you with a counter-offer instead of accepting the first proposal you present. And this is what Creative Cash Flow Scenarios is designed to teach you to do.

That is half the story. The other half is learning how to negotiate good when you sell. Sellers are not creatures from another planet. They are just yesterday's buyers.

There are only three basic reasons for anyone to buy real estate that they are not going to use themselves for a home or business: and to get the full benefit of two of them, you have to learn to Sell right, as well as Buy right..

You can get TAX BENEFITS merely by purchasing real estate, any real estate that has been improved --i.e., built up -whether it is residential or commercia, but selling the property on an installment basis, or even better, exchanging it, can save you big monbey when you sell..

You can get POSITIVE CASH FLOW by buying the right property and/or structuring the deal properly. How easy this is, depends on where you live and what the local market conditions are like. In some places, positive cash flow is the rule. It is an accepted fact of life that is taken for granted. Elsewhere, it is a rarity, something to be treasured. The only way you get it is by putting up a large down payment and/or learning to buy creatively. There are lots of good books and/or courses which will teach you to do this.

When it comes to APPRECIATION AND EQUITY BUILDUP though, buying property --no matter how creatively you do it --is not enough. You can find all the "Don't Wanters" in the world and steal their equities, but until you can resell the properties, it won't do you much good.

You can't eat equity or spend paper profits. Too many investors have found this out the hard way. You can get some of your equity out by refinancing, but first of all no one is going to loan you the full value of the property without charging high interest rates and fees, and secondly, any money you do borrow will have to be repaid. In the end, if you really want to get all your hard-earned profit out of the property you are going to have to sell it. This puts you on the other side of the negotiating table.

You have to learn to evaluate offers from buyers and deal with them. You have to learn how to write counter-offers that will help you get what you want from the transaction without scaring the buyer off. This is also what Creative Cash Flow Scenarios is all
about.

Creative Cash Flow Scenarios was written with the idea that buyers and sellers don't always have to be at odds. If deals are properly structured, there should be plenty for both of them. How? By cutting out the unwanted silent partners who want to grab part of the profits for themselves.

Most people think there are two parties to the average real estate transaction: the buyer and the seller. Unfortunately, there are actually four parties involved: the buyer, the seller, the lender, and the IRS. The last two don't contribute anything to the deal, but they are always waiting --like a pair of vultures circling a corpse - to grab off a share of the profits.

The lender wants to charge loan fees and interest and of course the IRS wants its taxes. The more the two of them get, the less there is for the buyer and seller to share. Conversely, if the pie is only cut into two pieces, instead of four, then buyer and seller can both benefit and this is what Creative Cash Flow Scenarios is truly all about.

Naturally, you still want to get the most you can -and give the other person as little as possible --whether you are buying or selling. But the trick is to do this without leaving the other person feeling dissatisfied. The ideal contract is one where buyer and seller both feel that they got what they wanted -or at least what they needed -from the deal. The twenty-five transactions in Creative Cash Flow Scenarios are structured this way. Sometimes the buyers gets more, sometimes it is the seller who comes out on top, but both of them wind up with something they can live with and that is what counts.

These deals may not be ideal for either party, but they are real. They are deals you can get accepted by real people in the real world and that is what makes them special.

HOW TO USE CREATIVE CASH FLOW SCENARIOS

Creative Cash Flow Scenarios is meant to be a complete home study course in the art of negotiating real estate deals and writing contracts that make sense in the real world. Where you want to start with it, depends on where you are at now, how much you already know about real estate and how much you need to learn.

The course is set up to take you right from the beginning --if that is what you need -or you can pick it up somewhere in the middle. That is up to you. The workbook has been divided into seven major sections. Six of them are autonomous study subjects. You can concentrate on one or more of them at a time.

Some of you may want to start at the beginning and go through the book from cover to cover, starting with Section One and going right through to Section Seven. Others will skip various sections they feel they are already familiar with and just concentrate on the areas where they feel they are weak.

Whatever works best for you is fine. It is your course and your real estate education. You are the one who is best equipped to decide what you do or don't need to work on. We have tried to put in everything you need to know about real estate contracts, how to put them together and use them to negotiate creative deals. If only some of it is new to you, then that's fine. Just skip the rest.

On the other hand, if all of it is new, just take it one step at a time and don't expect to absorb it all at once. There is a lot of material here and no one says you have to learn it all overnight. Take it one chapter at a time and work at your own pace.

SECTION ONE

ALL ABOUT CONTRACTS

I have started the course with an explanation of different types of contracts that you can use. How can you go out there and write up offers if you don't even know what form you want the final contract to take?

For example, I live in California, where the primary instrument used to secure loans against real estate is the deed of trust. But, you can also use mortgages, land contracts of sale or long term leases and/or lease options. In order to make intelligent offers. you have to know about all these different alternatives and what they mean.

What is the advantage of using a deed of trust as opposed to a mortgage? When do you want to use a land contract or a lease option? What are some of the possible disadvantages? The answers to these questions will change depending on where you live, what type of deals you are trying to put together and whether you are buying or selling.

This is why I take you step by step through each of the alternatives, explaining what your options
This section breaks the Deposit Receipt down, point by point and explains exactly what it all means. The detailed, point-by-point explanation goes on right to the end of the purchase agreement, laying out every point in detail, to make sure that you understand what the purchase agreement is all about and how to write one effectively. Then, this section goes on to give the same detailed treatment to

* THE COUNTER-OFFER

* CONDITIONAL SALE CONTRACTS (LAND CONTRACTS OF SALE)

* ALL -INCLUSIVE (OVER-RIDING OR "WARAPAROUND") DEEDS OF TRUST (MORTGAGES)

* REAL ESTATE OPTIONS

* LEASE-OPTIONS

For each of them, you get a description of what they are and how to use them, followed by an example of the actual form and a detailed point-by-point explanation of how it is used. Then, in Section Two, you get two "Ideal Contracts" and two special addendums, one for Buyers and one for Sellers, each with all the clauses weighted in your favor to help you make money on every deal

SECTION TWO

IDEAL CONTRACTS

THE IDEAL BUYERS CONTRACT

THE BUYERS SPECIAL ADDENDUM

THE SELLERS IDEAL CONTRACT

THE SELLER'S SPECIAL ADDENDUM

Then, in Section Three, it's time to learn all about Notes and how to use them

SECTION THREE

ALL ABOUT NOTES

Notes are an integral part of every real estate deal, unless the buyer is paying all cash. If the buyer is borrowing money --whether it is from an institutional lender or directly from the seller --he has to sign a note. This is his promise to repay the money. The note tells you how much is being borrowed, how it will be paid back, what the interest rate -if any --will be and what security --if any --the lender in case the borrower defaults. Like contracts, notes come in several different forms.

There are periodic payment notes, where the borrower makes payments to the lender at predetermined intervals, i.e., once a month, twice a year, once a year, etc. Periodic payment notes can be fully amortized -i.e., principal and interest are both completely paid up by the end of the loan term -interest-only, where the entire principal balance is due in one lump sum at the end of the loan term, or partially amortized. They can even be set up with less than interest-only payments where the borrower would wind up at the end of the loan term owing more than he borrowed.

There are also straight notes, where principal and interest are all due in or lump sum at the end of the loan term and the borrower makes no payments in t! meantime. These are quite useful for borrowers who want to keep their month payments down, but they can be trouble for lenders. We explain what they are, hc theyare used and what some of the possible pitfalls are for borrower and lender.

Notes can also be secured -by real estate or some other specific property they can be unsecured, guaranteed only by the borrower's word and his good credit. We give you examples of both types of notes and then break it down further into no1 secured by mortgages, notes secured by deeds of trust and by personal property and land contracts of sale.

Particularly once you get into creative financing which usually involves the seller carrying some sort of loan for at least part of the purchase price, note terms can roc or break a deal. This is why we have included two lists of important note clauses, one for borrowers and one for lenders. These are the little zingers that you want put in every note that you write. Clauses that will allow you to payoff the note any time when you borrow money, or skip one payment a year without penalty. Clauses that prevent the borrower from passing the loan on to anyone else when you lend mol and prevent the borrower from substituting a different property as security for the loan without your prior permission.

You can often slip things into the note that would never be accepted in the contract. Once you understand the types of notes available and the different clauses you can use, you can make up your own notes. You can make up notes to use when you are borrowing money and notes to use when you are lending money. Have them printed up to look like any ordinary note from a title company. The only difference is that they will have your special clauses inserted in the fine print.

Make up different notes for different occasions, different notes to go with different types of offers. By the time you finish the section on notes, you should understand how to do this and to make sure, I have included samples of different types of notes, with detailed explanations of how they work.

Just like Section Two gives you a complete explanation of different types of real estate contracts, with illustrated examples, this section does the same for notes. You get examples like this:

and then examples of:

*Note Secured By Deed of Trust
*Unsecured Installment Note
*Note Secured By A Mortgage
*Unsecured Straight Note
*Straight Note Secured By A Mortgage

as well as the following Special Agreements:

* Request For Notice Of Default
* Subordination Agreement
* Substitution of Collateral Agreement

Then, once you understand Notes and Special Agreements, you are ready to go on to the Creative Cash Flow Scenarios themselves, from the Situation to the Offer, the Counter-Offer and the Final Magic Contract. Twenty different situations to give you twenty different techniques for getting rich in real estate, each one acted out in a real life mini drama in eight scenes.

As you read through the home study workbook, don't be afraid to improvise. If you come up with ideas of your own -new twists on ideas you read about in the workbook, or whatever --don't be afraid to use them, blend them in with what you learn from the home study course. Do that and you may come up with new and better techniques of your own and this workbook will pay for itself many thousands of times over and over again.

SECTION FOUR

THE CREATIVE CASH FLOW SCENARIOS

What happens when Lease-Option Louie meets Hard-Cash Harry or "As-Is" Amy across the negotiating table? You get an offer, a counter-offer, and hopefully a final magic contract, if they can both agree. This is what Creative Cash Flow Scenarios is all about.

Creative Cash Flow Scenarios is a complete wealth-building system for both buyers and sellers. The heart of this system is twenty-five complete wealth-building transactions broken down and analyzed from both the buyer's and seller's point of view. (A total of 7 variations to think about.)

Each transaction is a separate chapter containing:

1)The Language of Real Estate --a brief explanation of all the real estate terminology used in that chapter

2.) The Situation -- what is the property like, what is the financing, etc.

3) The Offer -what the buyer wants and how he/she writes it up

4) The Seller's Reaction --what the seller thinks about the buyer's offer and why

5) The Counter-Offer --what the seller wants and how he/she writes it up

6)The Final Analysis -the Buyer's and Seller's last chance to think about what they want versus what they are likely to get, and see if they can work out a compromise they can both live with

7)The Final Contract --this is the deal that the buyer and seller work out together with benefits to each of them laid out in a clear T-Ear pattern showing who gets what. It is magic, because it is real. It may not be what either person really wants, but both of the can live with it and so both of them will sign it. It is presented first on blank paper for easy reading, and then on a standard Purchase Agreement form for authenticity

8) The Final Transactional Recap -- the whole deal from situation to final contract, in a series of easy-to-follow diagrams and pictures showing you step-by-step how it was done and how you can do it, too.

9) There is also commentary on each transaction showing you how it has been improved, with the essential clauses both buyer and seller should have put in to protect themselves better and make the contract air-tight and error-free.

SECTION FIVE

CREATIVE CLAUSES FOR BUYERS AND SELLERS

There is also a section on Creative Clauses (a comprehensive list , classified and cross-referenced for easy access and use by buyers and sellers alike. Buyer's and seller's clauses, inspection anti escrow clauses, contingency and weasel clauses, option clauses --everything you need to know to put a deal together whether you are buying or selling.

SECTION SIX

THE LANGUAGE OF REAL ESTATE

Just to make sure that you understand real estate terminology and how to use it in Offers and Counter-offers, I wrap up the course with a final vocabulary lesson

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