DATE: 09/17/2021

 

NAME OF POSITION: Director of Acquisitions

 

PERSON’S SENIOR: VP of Marketing and Sales

 

PURPOSE (The reason why this position exists): Equity & Help’s bread and butter begins with the purchase of a quality home- without which, our company stands no chance in success. Our investors are reliant on our acquisitions team to find quality homes which procure them profit; our families are reliant on you to help them obtain a home when they otherwise could not; your fellow employees are reliant on you to find homes because without, we would not get paid. You are responsible for the first and second qualification tier of possible homes to bid on- everything that goes on in the home-buying process including inspections, bids, and purchasing falls under your purview. 

 

VIEWPOINT (The viewpoint that an employee should have to be successful at the job): Acquisitions is a serious part of our company, and it should be taken as such. The weight of responsibility falls heavy on your shoulders since our company starts with a home that you and your team procure. That said, taking extra care to be proactive as well as detail-oriented will be an aid. 

 

COMPUTER SKILLS REQUIRED: Microsoft office suite, Google Suite, knowledge of internet scrapers, E&H Matrix

 

SKILLS REQUIRED: Have a strong phone presence, able to get a product, able to run juniors, must be organized. 

 

RESPONSIBILITIES OF THE POSITION:

  • Ensure due diligence was done to qualify home
  • Pricing home for bid
  • Make sure contracts are correct
  • Make sure Deed name and address are correct
  • Make sure Matrix is accurate and complete with data
  • Ensure juniors are hatted and helped

 

WEEKLY ACTIONS:

  • Call for recorded deeds
  • File deeds and contracts in Trust folders/Drive
  • Set up closings, wires, contracts and proof o funds so they are efficient

 

STATISTICS:

  • EMD’s on properties
  • # Deeds recorded
  • # Properties put in E&H Inventory 
  • # of offers put in 

 

 

Valuable Final Product: Qualified sellable homes for our investors purchased by our company, in which families will want to buy. 

 

GLOSSARY OF TERMS:

ARV: The ARV (or After Repaired Value) definition states the following: the value of a property after it has been rehabbed, not in its current condition.

Sold As Is: Sellers list their homes for sale as-is when they don't want to do any repairs before closing. It means there are no guarantees from the seller that everything is in working condition. If you buy an “as-is” home and later find major problems, you're responsible for the repairs.

Listing Agent: A listing agent represents the seller in a real estate sale. Their job is to set a competitive price for the home and then bring in potential buyers to see it. While it's certainly possible to sell a house yourself, working with a listing agent gives you access to their knowledge of the local housing market.

Under Contract: Under contract means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met. In some instances, a buyer may make the sale of the home contingent upon the sale of their current home, so they don't have to deal with multiple mortgage payments.

Rental ARV:   Since we have determined that the estimates online have been inaccurate, we have based our ARV off the listing, then we change the ARV until the investor price is reasonable, the family price is reasonable, and the rent is as close as possible to the current rent of the property, we also need the ARV to give us a net gain around 10k or above.

Seller Disclosure: A Seller's Disclosure, or property disclosure, is a legal document that sellers fill out to reveal and explain defects and conditions of the home they're selling (or events that happened on the property) that prospective buyers may find unfavorable.

Addendum: An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement. Any addendums that are attached can be very powerful.

EMD: Earnest Money Deposit

Quit Claim Deed: Good for a simple transfer between family members, but no guarantee- most do not come with title insurance. 

Special Warranty Deed: More protections than Quit Claim 

Warranty Deed: Offers the best protection for the buyer

Title Insurance: Indemnity insurance that protects the buyer from financial loss due to defects in Title (liens, back taxes, etc.)