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Phil pussy offski here and hopefully you watched the previous videos we talked about the near future real estate where real estates go in the next one to four years next we talked about motivated sellers how to talk to motivated sellers how to find them now we're going to talk to you about locking in your profits we're gonna talk about paperwork about contracts okay this is a lesson that's really important that you that you heed and that is you can't make profits on a deal you don't control okay the word here is controlled with the right contract you can control a real estate deal and when you control the real estate deal you can make money on it if you don't control real estate you don't have your paperwork right you can't make money on it it's that simple think of it this way if you ran a hot dog stand your inventory would be hot dogs well you don't run a hot dog stand in real estate what is your inventory it's paperwork you have to have your contracts correct if your paperwork is right you'll make a ton of money then you'll control the deal if it's not you won't it's really that simple okay so if we go back to our kind of where we're living up here to lock into your profits you've talked with a motivated seller on the phone they're ultra motivated they want to get rid of their home they want to get rid of their apartment bill and they want to get rid of their their piece of real estate now you want to control the deal with the right paperwork now each deal is a little bit different whether it's a short sale lease purchase subject to wholesale REO fix and flip you know the paperwork is going to be a little bit different but the point is you have to get it locked in correctly now here are the two basic components of that first you have your we call it a purchase contract all right we can call it that we also call it agreement to sell real estate we'll call it a purchase contract the purchase contract is what's going to lay out all of the terms of the deal how much the price everything else in between all the different clauses and the second part and this is really important you'll rarely hear this talk ever but it's unbelievably in number two is you need to get a memo recorded okay what do I mean by that a memo is nothing more than a glorified post-it note only when it's recorded at the County Courthouse for where the property is located you're locked into the deal because here's what happens in real estate when somebody agrees to sell you the home you don't close it that day it doesn't work that way you close it usually sometime in the future now if we were selling hot dogs it's a pretty easy exchange right you want to buy the hot dog the guy at the hotdog stand gives you the hot dog you give a dollar and it's over you've got the hot dog not the what the same way in real estate in real estate you agree to something and then there's this period of time where people can change their ID people can go behind your back people can do all sorts of...
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