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Author Topic: Contracts  (Read 2284 times)

Offline RogJr35

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Contracts
« on: May 14, 2010, 10:13:15 am »
Where can I get simple contracts that I can use to wholesale
properties?I don't want any contract that looks complex or that
will over whelm the seller.Any suggestions would be appreciated.

 

Offline ChrisPaysCash

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Re: Contracts
« Reply #1 on: May 14, 2010, 01:40:40 pm »
See if you can get your states standard real estate contract or the Realtor one...
People might be more comfortable with a contract that an agent might use, and don't worry about the inspection "out" clause, it's part of the contract (and you can put a big X through the financing contingency 'cause you won't be trying to get a mortgage or anything for it, so it'll make the offer look a little stronger with a big X through it).

That'd be the easiest and most simple way to do it, and people might be more comfortable with it too....

Offline joolkano

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Re: Contracts
« Reply #2 on: May 15, 2010, 06:37:40 pm »
join your local REIA (Real Estate Investment Association) and see what other seasoned investors are using and request to get a blank copy.
 

Offline MichaelQuarles

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Re: Contracts
« Reply #3 on: May 18, 2010, 08:21:36 pm »
Good to meet you

I would stay away from wholesaling, however that just my opinion... As for forms... Shoot me an PM and I will send you one..

Happy hunting

Michael
www.YellowLetters.com... Handwritten letters at an affordable cost.

Offline davidmontano

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Re: Contracts
« Reply #4 on: May 19, 2010, 11:31:41 am »
Hi Michael,

Why would a you want to stay away from wholesaling? Can you elaborate on the pro's and con's of the strategy?

Offline MichaelQuarles

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Re: Contracts
« Reply #5 on: May 19, 2010, 11:43:10 am »
Great question

First I will back up and say I am assuming that they meant assigning when they typed wholesaling... Most investors think they are the same. With that said. Wholesaling is the most costly form of real estate investing for the investor selling the "assignment"

Finding the deal is the hard part.. Financing it and reselling is the easy part... So if you find a deal another investor would consider good enough to buy why not do it yourself??

Cus you don't know how... And frankly that just lazy....

Now if they meant wholesaling then as long as the number fit a minimum of 23k net net or 95% of value then by all means wholesale... And since you're wholesaling then you're actually taking title so the sales contract can a regular receipt for deposit and purchase agreement.  Pick one up from your board of Realtors.

happy hunting


Michael
www.YellowLetters.com... Handwritten letters at an affordable cost.

Offline xpandergt

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Re: Contracts
« Reply #6 on: May 23, 2010, 08:18:58 am »
Great question

First I will back up and say I am assuming that they meant assigning when they typed wholesaling... Most investors think they are the same. With that said. Wholesaling is the most costly form of real estate investing for the investor selling the "assignment"

Finding the deal is the hard part.. Financing it and reselling is the easy part... So if you find a deal another investor would consider good enough to buy why not do it yourself??

Cus you don't know how... And frankly that just lazy....

Now if they meant wholesaling then as long as the number fit a minimum of 23k net net or 95% of value then by all means wholesale... And since you're wholesaling then you're actually taking title so the sales contract can a regular receipt for deposit and purchase agreement.  Pick one up from your board of Realtors.

happy hunting


Michael

I have to disagree Michael. Finding a deal isn't that difficult if you have a solid marketing plan in place. It does take time to get that up in running I will admit. A lot of wanna be wholeslaers have come and gone because they knew jack about how to actually market for deals.
Bulls make money. Bears make money. Pigs get slaughtered!

Offline MichaelQuarles

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Re: Contracts
« Reply #7 on: May 23, 2010, 01:43:33 pm »
Certainly the three component to a successful business is lead generation, lead capture and lead fulfillment... All need to be learned..

Having an on purpose system for each one is even more important. 

Investors should not assign deals as they are giving away too much of the green. And I still say finding an on purpose deal is harder then doing or selling the darn thing...

www.YellowLetters.com... Handwritten letters at an affordable cost.

Offline FraserCo

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Re: Contracts
« Reply #8 on: May 24, 2010, 04:21:04 pm »
xpandergt

Any books or websites that you would recommend on putting togehter a solid real estate marketing plan?

 




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