WHAT IS AN ASSOCIATE

Associates oversee single family residential inventory NIRA acquires under leasehold transactions. NIRA refers to this style of acquisitions as Model III.  To better understand Model III transactions, we require all associates to read our e-book as it defines the laws relating to leasehold estates, how to get it and the rights tied to that type of ownership. For now, we will refer to this property as leasehold inventory.  If you are new to the Real Estate business, we have Senior Associates available to help you build your business.  Our assignments have huge margins so Associates enjoy awesome cash flow, training, and the ability to build your leasehold portfolio. An Associate can enjoy as much as 50% of the rental income per property (assignment). Essentially Associates help maintain properties that are put into service to keep them in a performing status.  NIRA will continue to find more properties that need capital improvements and come to agreeable terms with the owners and convert vacant properties into assignments for Associates.

Assignment Process

NIRA believes that our business should be conducted in an ethical, honest, and fair manner, using the "Golden Rule" as a basic principle in all business activities. We expect our Associates to present our services in an honest and truthful manner, with dignity, always conscious of the reputation and integrity of NIRA and its Associates. We want you to have the best and most profitable real estate experience possible. NIRA has done most of the due diligence, take the time to do your own.

 

Become a Member

Register right now, over there to the right. Check the website often and/or follow us on twitter to see the next assigmnets available in your area. You can also receive new assignment notifications via your mobile device by simply texting @nira to 81010. Being added to the list allows you to receive new opportunities you can drive by, and choose the Assignment most suitable for you.

 

Become an Associate

Once you've decided to become an Associate contact “NIRA” and discuss the assignment and payment terms. Then Sign the Associate Agreement and pay the assignment fee of  $1,500. - HERE IS WHAT YOU GET !!   a.) An assignment (property) in 3-6 weeks. b.) $1,000 paid back to you out of the first rents recieved once in service.  c.)A refund of all costs of improvments up to $1,500.  d.)50% of the net rent moving forward until lease termination (12-18 month avg.). The Associate (you) must be liquid (typically $1,500) for the leasehold improvements and utility connections. The standard Associate Agreement allows for a 14 day improvement period before the property is marketable. It is important that you have the resources (capital) ready when you pull the trigger. The goal is to get the property ready and in service as soon as possible for maximum performance.

 

What Happens Next?

Once you've accepted a property assignment. The following takes place:

  • Contact your Senior Associate if you have less than 5 assignments on your books and let them know you are taking on a new assignment. 

  • Property inspection and rehabilitation analysis, pictures, door signs, change locks, yard signs, call utilities get figures for connections and turn on.

  • Create a buget, get bids if you’re not doing the work

  • Turn on utilities and begin the improvments, be on time and on budget, final clean

  • Turn in Final basis summary form, and pictures of the improvments.

  • Put the property on the market.

  • Show the property to prospective tenants. Identify your best candidate.

  • Complete Sublease Agreement and all disclosures.

  • Collect and remit any additional funds needed to finalize the agreement.  (1st and last months rent).

  • Turn over keys to tenant. Make sure you have a copy.

  • Subtenant takes actual possession of the property (transfers all utilities to their name) varify within 5 days of signing.

  • Original documents sent to NIRA, copies are sent to Tenant, keep a copy for you.

  • NIRA reviews final closing documents, allow funds to clear NIRA opens case file makes proper recordings in land records.

  • NIRA processes the case file

  • NIRA disburses funds to Associate. (1st money in / 1st money out, less acquisitions fee [$500]), then co-op is *50/50 split less SA fee bourn by the associate.

  • *first 5 assignments a $100 per month per property will be disbursed to the senior associate helping you build your business.

 

Forms and Disclosures

Our assignments are simple and straightforward. We use custom real estate forms that address every aspect to the transaction to protect every party. Our contracts fully explain the scenario, nothing is left in question, all agreements are bilateral, legitimate and proper. Where applicable, we use any other state mandated forms or other disclosures. Most forms can be completed within just a few minutes.

 

Associate Disclaimer

www.iownrealestate.com, LLLP is a platform for financing and marketing real property for Northern Illinois Realty Acquisitions, LLC, an Illinois limited liability company ”NIRA”. NIRA is the General Partner in the LLLP and has an equitable interest in every deal marketed by the LLLP. NIRA, contracts with individuals interested in making money in real estate as independent contractors known as “Associates”. NIRA will provide real estate opportunities “assignments” for “Associates” as independent contractors. All property assignments are in “As Is” condition. No warranties or representations as to the condition of any properties are made by NIRA. NIRA offers no guarantee of any kind regarding a specific property's performance, return on investment, rate of return or cash on cash. Each property performs different therefore Associates should conduct their own due diligence before finalizing an “Assignment”. NIRA is NOT a licenced Real Estate Broker, attorney, tax advisor, or accountant. Prior to undertaking any real estate transaction, you may consult your own accountant, legal and tax advisors to evaluate the risks, consequences and suitability of that transaction.