Frequently asked Questions:

What exactly is Sterling Partners?

What qualifications do I need to be an Associate?

What do I need to do to be considered for the Associate Program?

What cities are you currently in and which ones are you going to?

What all is involved in the training, how long does it take, and do you do it in my city or Dallas, Tx?

Do we pay for the trip to Dallas, Tx for training?

What types of property are we being trained to invest in?

Is Sterling Properties a Rehab company?

Does Sterling Partners pay for ALL cost of acquiring the properties we invest in?

How do I make money if I am accepted in the Associate Program?

If the person does not pay their home loan – will I lose?

Do we split profits 50/50?

Can I quit at any time?

Am I bound by any agreements?

Am I an employee of Sterling Partners?

You guys getting 65% on the owner financed notes sounds like a lot – what all do you do for it? 

 

What exactly is Sterling Partners?
Sterling Partners was founded for one purpose – to build up an army of deal makers, that we hand-trained, to find very distressed real estate opportunites, negotiate the deal, with us providing the training, capital and support services.  Then, share in the profits.  It is an apprentice program - on steroids. 

What qualifications do I need to be an Associate?
Although there are no ‘ground in stone’ requirements, there are a few that we do look for to ensure a successful relationship.

-       Self Motivation – You have to be willing to go find and negotiate the deals once trained.

-       Outgoing – You cannot be shy or afraid to go out and talk to others

-       Respect For Others – You must work well with others as well as have respect for the individuals you are negotiating with, who are usually in a financial bind and about to lose their real estate investment.

-       High Level of Ethics – This industry is document, signature, and trust based.  It is very regulated and requires complete honesty and disclosure.  Breach of honesty, full disclosure, and basic ethics will end your career in real estate investing.

-       Knowledge of: Internet, Microsoft Word and Excel – Basic tools of the trade.

-       Education – Min. High School Education, prefer some college

-       Clean Background – No felony background in last 10 years.  Traffic tickets and parking tickets are ok.

-       Transportation – good Vehicle, as you will be driving almost daily finding investment projects.

-       Financial Stability – While you will NOT PAY A DIME if you are selected to be in our program, you must be able to continue to support yourself, bills, etc. for at least 3 months, to allow time for income to start rolling in.

 

What do I need to do to be considered for the Associate Program?
Simply click on the link at the bottom right of this page, and fill out the online form.  Your information will be reviewed typically within a week, and someone will get back with you. 

 

What cities are you currently in and which ones are you going to?
Go to the PROGRAM page and click on the ‘Locations’ link.  We typically target cities with populations over 500,000 and have areas of town that are distressed.  Smaller cities are not currently on our list for now, but we might expand the program later.

 

What all is involved in the training, how long does it take, and do you do it in my city or Dallas, Tx?
A lot is involved in the training.  A week of training in Dallas, TX at the Associates ‘War Room’.  There, you will spend a few days learning about terms in the industry, numerous useful websites, how to analyze a property, do online research, negotiate a deal, use the internal forms needed to do a deal, meet the various departments you will deal with in the future and more.   Then you will spend a few days in the field with our pros and even possibly some of our successful Associates, learning hands on how to locate and analyze a deal.  Then you will be sent back to your city and you will have a Regional Acquisition Director that will complete your training in that city – he will also be your local partner to assist you with negotiations, documentation, motivation, further training, assist with closings and more.

 

Do we pay for the trip to Dallas, Tx for training?

You will pay for the airfare or method of travel to Dallas and your dinners.  We will pay for the hotel room at one of the upscale hotels in Downtown Dallas, as well as take care of your breakfast and lunch.

 

What types of property are we being trained to invest in?

Typically and initially, single family – very distressed properties.  Usually in lower income areas due to the significant profit margins – while still assisting individuals in changing their lives by providing them their first home, usually with no credit check and very little down.

 

Is – Sterling Properties a Rehab company?

Um… no.  We are Real Estate Investors only.  We do not rehab ‘any’ single family properties.  We either sell the properties ‘as is’ to renovators and rehabbers or we sell the properties at public auctions, or to homeowners where they are required to fix the home before they are allowed to move in – provide them a very significant sweat equity.  Sometimes, we even providing them a Home Depot or Lowe’s Debit Card with funds on it to purchase materials to renovate the property.

 

Does Sterling Partners pay for ALL the cost of acquiring the properties we invest in?

YES.  You never pay for anything out of your pocket to do a deal. 

 

How do I make money if I am accepted in the Associate Program?

Well – you are our partner.  You profit exactly the same way we do.  Some properties are acquired and immediately sold for cash to renovators/rehabbers or on auctions.  When the properties are paid for, you and Sterling Partners share in the profits.  Sometimes the properties are transferred to another entity to sell such properties based on the manner they are sold – but that does not affect your part of the profits.   Some of the properties are sold on ‘owner financed’ loans.  That means Sterling and you agree to sell a property to an individual where he pays a small down payment and monthly payments for 10yrs to 20 yrs, typically at 11% APR.  This provides you and with a long term income stream 10 - 20 years.

 

If the person does not pay their home loan – will I lose?

NO.  If we sell some properties on notes to create income streams and they do not pay – we will work with them to get them back on line.  But if they continue to not pay – the company is required to proceed to foreclosure and then resell the property – either for cash or on a note again.  The cost of foreclosure is handled by Sterling Partners at no charge to you.

 

Do we split profits 50/50?

YES and NO. 

YES, on single family properties we sell for cash and at auctions. We will split the profits 50/50 after the direct costs are repaid (costs are: purchase price, mowing, trash and clean out, direct auction cost and internet sale fees billed to us and any appraisals, surveys or other direct property related costs).  Sterling Partners – ‘never’ charges for its internal cost for: Legal, Title, Research, Marketing, Training, Foreclosure, Filings, Certified Mail, Collections, etc.

On properties sold on an owner financed note – typically the Associate gets 35% due to the company eating all cost for mortgage collections, annual interest income reporting, legal, foreclosure, marketing, training, property management, evictions, etc.

On larger properties, apartments, etc. that require ‘management’ or ‘large financing’ and other criteria, we will provide you a quote of what percent of ownership or how much cash we will give you as a partner in the deal.  And you can accept or deny the offer.  Sterling Partners will not do a deal brought to us by an Associate – unless we all agree to it.

 

Can I quit at any time?

Yes.  There are no restrictions on you quitting. (but there are restrictions on you competing against us, and to not disclose our methods to others so as to prevent competition).

 

Am I bound by any agreements?

YES.  If we are going to spend the money and time to train you as our partner, it is because we expect to share in profits on deals you do.  You will be bound by a ‘non-compete, non-circumvent, non-disclosure’ agreement.  This agreement states that you cannot compete against Sterling Partners in the cities we are in, doing the same type of deals, for two years after you leave the program.  And you will try to go around the agreement.  And you will not disclose anything about the program to others (again, seeking to not have competition in our areas).

 

Also, you will have an Associate Agreement (which the non-compete, non-circumvent and non-disclosure are a part of ), that lines out all the terms of our agreement.  And you will be required to sign a normal Employee Agreement related to the office you are at – even though you are not an employee.

 

Am I an employee of Sterling Partners?

NO.  We will assist you in forming your own Limited Liability Company, in which you will be the President and a Member (ownership).  And Sterling will also be a Member (ownership).  Where you will own typically 99% of your company, and Sterling will own typically 1%.  It is your company.  You will come up with it’s name.  You will run it.  You decide your hours (however, we do expect you to work full time if we are going to train and sponsor you).

 

You guys getting 65% on the owner financed notes sounds like a lot – what all do you do for it?  Wow – a lot.  All for NO CHARGE, we: handle all title documents, filing fees, monthly payment notices sent out, monthly late notices sent, delinquent notices sent, registered mail sent on seriously delinquent, pre-foreclosure notices, title research prior to foreclosure, Foreclosure notices as well as the filing at courthouse, certified mail of such to the Mortgagee, onsite property analysis prior to foreclosure, physical party to try one last time (at the property) to negotiate deal before foreclosure, ensure a Trustee does the foreclosure, many – many outgoing and incoming collections calls, re-sell the property, monthly reporting of income to Associate, annual interest charged statement sent to IRS and to Mortgagee, Attorneys expense for any litigation (one little $5,000 house once cost us $130,000 in legal fees – the Associate paid nothing.  Ask him – Hyde Investments), and much much more.   The extra 15% we get above 50% is – cheap for all we do.  But it makes it easier for us to figure, rather than large staff to figure ‘actual’.  And – it helps act like insurance to each Associate, since the ‘occasional’ large expense (legal or otherwise) is basically spread over all Associates property – no one gets hit with a massive cost. 

 

If you're interested in becoming a Sterling Partner.  Feel free to contact us.  We offer you all of the tools and contacts you need to make it in this business. You need to be ambitious and aggressive and willing to stay focused on the goal.
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