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Author Topic: Just starting  (Read 2886 times)

Offline Lyndell

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Just starting
« on: July 20, 2011, 10:29:49 am »
Good day : I am new at this, in fact I still haven’t done my first deal yet.
    I have two questions to ask the group. The first does anyone know were I can get a copy of Jerry Norton’s  15 min. checklist. I had a copy but my computer crashed and I lost it. I posted on Jerry's facebook  page but no response yet. The second question has to do with wholesaling . I understand most of the process, but not the part of after you get a contract on the house and find a cash end buyer. Do you do a title search then or or does the buyer do it? Also how do you set up the closing and what do have to do for it?
Thanks in advance for the help
                        Lyndell

Offline Delondon

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    • Wholesaling Real Estate 101
Re: Just starting
« Reply #1 on: July 27, 2011, 09:22:14 pm »
Wow :shocked, you have a whole lot of reading to do. Good news you are in the right place, bad news, you wont learn unless you have it in you to push for it.

Offline daniel08

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Re: Just starting
« Reply #2 on: August 28, 2011, 06:54:59 pm »
keep reading the forums, they will give you all of the information that you will need

Offline lomax_properties

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Getting Started
« Reply #3 on: August 31, 2011, 07:08:42 pm »
I am also looking for the same 15min rehab cost....however, when you get the contract with the seller you going to put that closing will be 30 to 45 days from the date of the contract.  The title company will then pull the title report and conduct the whole closing.  Now depending on whether you are going to do a double close or an assignment will depend on what you pay.  If you assign the contract the fee is minimal to nothing...if you do a double closing you will have to pay your portion of the closing cost.  You must find a cash buyer or end buyer within the 30-45 days and have them pay the closing costs,however, if you do double closing there are two closing costs so you pay one of them. Also remember to have your out clauses in the contract. I believe it is section eight of the standard Purchase Contract...

1. Contract contigent upon parters approval (partner being you finding a cash buyer)
2. In the event of a defualt the sole remedy shall be the earnest money (earnest money being from 0-10 dollars because you are only dealing with motivated sellers, now if you try to do an REO you are going to need 1000....) look into going to Flip2Freedom.com sean terry is amazing and Tell him that Tim Lomax sent you.  He is a great coach and he has amazing free podcast that will teach you everything you need to know.

Offline jpetrucci

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Re: Just starting
« Reply #4 on: September 02, 2011, 01:27:23 pm »
Lyndell, the title search is done by the title company of your buyer and for the closing date you should try to have as much time as the seller's allows you.  That way you will have more time to find the a buyer.

Offline xpandergt

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Re: Just starting
« Reply #5 on: September 02, 2011, 09:07:05 pm »
keep reading the forums, they will give you all of the information that you will need


I have to respectfully disagree. The forums are great for answering questions with deals and other aspects of R.E Investing, but nothing can take the place of a god mentor or home study course to learn the steps from A to Z.
Bulls make money. Bears make money. Pigs get slaughtered!

 




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