first deal

General Real Estate Investing
1

I have my first deal on the table. How do I draw up the contract? Are there contracts you can buy at the store? Please help.

2

Hi Karon,

What kind of a deal are you doing and what is your strategy for the property. to flip or to hold? I recommend the latter. The type of contract you use is determined by what you want to achieve. We need a lot more information. Don’t be bashful.

Da Wiz

3

Buying the house from a friend. We both agreed on the price, now what do I do? Plan to live there for a year, then possibly sell.

4

Karon,

As long as you will have a partner, the first thing you need to learn is the various ways to take title. There are eight ways to take title, six of them allow for co-ownership:

  1. Community Property;
  2. Joint tenancy;
  3. Tenancy in Common;
  4. Tenancy in Partnership;
  5. Title Holding Trust
  6. Community Property Right of Survivorship.

For a truly independent analysis, here is an excellent report from Chicago Title Company that should answer many questions. I recommend that you download it to have on hand. Enjoy:

http://www.chicagotitle.com//pdfs/8ways.pdf

Da Wiz

5

ther might be sales contract on line if you look it up. I know my brother who is not a realestate agent put a contract on a home by himself. or whta youcan do instead of using an agent use a realestate attorney they know the law and can help you more that supid agents who half of them are high scool drop outs.