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Video instructions and help with filling out and completing Get and Sign offer to purchase form
Instructions and Help about Get and Sign offer to purchase form
everyone in welcome to session four of new agent training Keller Williams Greater Cleveland this class is all about writing an offer and it's going to be separated into two parts the first part is this one which is a short video giving you kind of high-level highlights and important components of getting ready to write an offer the second one is also on this page and it's a longer video called purchase agreement July 2016 and it's on this page and that's the more technical video on actually step-by-step how to write your first purchase agreement so between those two are in the ditch everything that you need to know about writing an offer or writing your first purchase screen my name is Scott Phillips I'm the CEO of Keller Williams Greater Cleveland and before I was doing the job I had I wrote literally hundreds of purchase agreements so I'm looking forward to sharing with you some of the high-level items on that task right now so let's get started first off a purchase agreement is the
FAQ
When should I fire my co-founder? He told me that he doesn’t have any technical experience or skills to complement the start-up. Is it fair to just let him go, or should I give him 1% equity?
"Immediately after they give you the source code..."(Sorry, I just had to).This (was) just an awful question. Really.But you cleaned it up and now it’s much better (thank you).(And P.S. This is not an unusual situation. Many founders are out of their native element in a startup, and want a friend or associate to launch with. It’s lonely at the top. Always.)If you're serious about being an entrepreneur, you should be asking "How can I find the common thread between me and my cofounder so we can attack this market and make this succeed."Quick story: At one time I had a fast-growing laser company. Along the way, I had met a guy who was a kick-ass Silicon Valley-bred entrepreneur. Eventually I hired him as a consultant to me as we grew. Less than a year into it, he asked to buy the company and form a new entity, with cash and with me retaining 1/3rd of the equity.As we assembled a team, distributing options to everyone, and growing to 20-30+ employees, I became overwhelmed with all of the details of people management and my own (at the time) degrading health (note to self: Don't think you're indomitable at 30 after working 60-80 hour weeks for years on end. Eventually your body will reject you).Anyhow, Wyatt was asking me to increase my commitment, and I was playing my B game. Sometimes my C game. Basically, I was like a functional boat anchor, relegated to working 70% of the time from my home office.I hated Wyatt for pushing me to perform better. But, in retrospect, I can't believe he was as forgiving as he was.The year before we shut the company down (from an unrelated series of hires and events), Wyatt came to me and offered to purchase my shares at a reasonable discount, so he could engage more investors. He did so to both make good on last payments of the financial agreement we had made between us. And to provide me the resources to launch my next company (I had shared the idea with him over dinner, and he agreed it was a cool opportunity).When he was consulting to my startup, he handed me Stephen R. Covey's classic The 7 Habits of Highly Effective People. He said "read this. If you and I can agree on this model, we can build a business together."So we used that as the basis for our agreements, management principles and how we treated our employees, partners and investors. It was a solid process.And I was not playing my A-Game. I was slacking.Wyatt should have fired me.He had every reason to.Yet, he believed I'd make it through.He found a place for me to play that added value to the company. And kept me involved. Even when I didn't recognize more than half of the employees (because I didn't hire them).When should you fire your cofounder?Somewhere between "never" and "when he/she is ready to leave."It's not about firing them.It's about ensuring that you've done everything possible to help them succeed. And you've established when and why they need to go. And you both agree to it.There are plenty of extenuating circumstances that aren't provided here. So I could be totally talking out of my butt.But... make sure it's for the right reasons. And that you're doing it the right way. Unless you're one badass CEO who is a recruiting machine who can raise funds on a whim and people are banging down your door to work for you, firing a cofounder can be a serious hindrance in moving forward.As can keeping a cofounder who is dead weight.I don't envy your position (been there more than once).But I DO wish you great success.EPILOGUE: Wyatt went on to found Tripwire, Inc (a leader in packet detection systems for internet security), and SignaCert (bought by Harris Corporation in 2010).Cancer took his life in 2014I hated him for many years for pushing me so hard.Then came to realize, as I built dot-coms and helped fund startups, how invaluable his coaching was to my own success.He taught me, by example, how to be an A player. When, instead, he could have just as easily fired me.Keep that in mind as you approach your cofounder.http://www.oregonlive.com/busine...ADDENDUM DOS: I miss Wyatt’s frame of mind a lot. And our frequent dialogue.It takes a real entrepreneur to understand what we go through.The loneliness that is only filled by shared ideas with like minds.There are adventures you’ll have with certain co:founders that will make it all worthwhile. I’ll post a few we had on Medium, just because I need to get them out of me and onto the page.But Wyatt was not unlike Steve Jobs in many ways. A shark in some ways. But karmically cool in many ways. He wanted to do the right thing. But his survival instinct and need to win were his personal True North.Keep this in mind when you seek a partner in crime to go change the world. Don’t be afraid to engage someone much smarter than you. Much more capable. It’s worth it to accelerate your learning and your ability to make sh*t happen.Dig deep within and find your strengths. Amplify those. And contribute at such a high level that you earn their high-five at the end of the day.And better, make those stock options worth something.Create value.You’ll be better wo/man for it.
How do you invest in real estate for free?
I have invested in real estate with no out of pocket expense several ways and numerous times.I took over the payments on mortgages with no money down. I have done that on a $42,000 property, a $180,000 property, a $650,000 property, and a $3,000,000 property... and probably some other properties too.I was approached by an investor that did not really know how to maximize his return on his investment, but he knew that I could help him. I was offered 50% ownership in a property if I would help him find something profitable to invest in. I found a small shopping center. I formed an LLC for us. I control the bank account, the bills, and the LLC. I put zero down, he paid for the LLC and the property completely, and I own half. It makes him about 10% annually... and I make the same.I started working on an opportunity six weeks ago. I put a deal together this week to purchase a mortgage from a bank on a property. I offered investors 7% APR, and after three weeks the opportunities to invest filled up. As of two nights ago the deal is fully funded. I did pay to start an LLC, but I put zero down on the property. I control the property and have over $7,000,000 in equity on that deal for myself.I am not sharing this information to boast, but rather to enlighten you and let you know that YES, it is absolutely possible to purchase real estate with no money. It can take a lot of effort, a lot of negotiating, an understanding of the local real estate market, an awareness of circumstances, a willingness to take calculated risk, and a little good fortune to find the right opportunities.I do not know global real estate, but in North America it is possible run across opportunities like these. I would imagine that it is possible to an extent in other countries as well.Start by networking. Let potential sellers know that you are interested in their properties. Help them visualize a way that they can retire and still have a guaranteed monthly income by owner financing the mortgage on their properties.
What's the weirdest thing a guest has done at your house?
When I was in high school I had a friend who told me her parents were verbally and physically abusive towards her and each other and were threatening to kick her out of the house when she turned 18. She was a very nice girl who was seemingly intelligent that I had been friend with for about a year and my parents had met and liked. I asked my parents if she could come live with us if her parents did actually kick her out. After a week of thinking they eventually agreed that her situation was a bad one and we would be happy to help her out. We did not have a spare bedroom in our house so if she was going to stay with us for the remainder of her senior year she would have to stay in my room. Because we were so up close and personal my family got to see her do some really strange and confusing things.One strange thing she did was put her HOT curling and straightening irons directly on the pillows on my bed while she was using them. One day when I was making my bed I flipped over one of my pillows and it has burn marks all over the back side. I told her that i’d rather she curled her hair in the bathroom and then my mom asked me why there were burn marks on our washcloths. When we confronted her about the pillows and the washcloths she said that she was afraid she would burn our counter tops and my bedside table (which was metal…). So instead she decided to put hot flat/curling irons on pillows and washcloths between grabbing pieces of hair?Although there were many many other things she did that ultimately caused my parents to ask her to move a month into her stay, there was one thing that really weirded me out. When she moved in one of the only things I asked of her was that she didn't wear my clothes. I am allergic to almost every detergent so I had to use a different detergent than my other family members and I wanted to prevent possible rash breakouts. I didn't borrow her clothes, she didn't borrow mine. To avoid having to spend extra time in the morning getting ready I would almost always put out the clothing I was planning on wearing the next day. She would get up and leave earlier than I did every morning to go to a club activity before school. When I would get up 30 minutes later all or most of the clothing I would lay out would be gone. When I got to school she would be wearing the clothes I had put out, down to the underwear and bra. Even after I asked her to stop, any time I put clothes out to wear, whether it be the night before or a couple mins before a shower, she would take ONLY the underwear I had chosen and wear it that day. I have always wondered why she chose to continuously take and wear my clean underwear/bras when she had just as many pairs and even bought herself some multiple times during her short stay with us. I was left utterly disgusted.
How do I create my own gang?
If you are reading this answer, then you are probably interested in starting you very own
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