hey all… i very new to rei but once i heard about it i fell in love with it(is that a good thing) it’s all i think about but i haven’t been able to pull the trigger on my frist deal.don’t know if i have all my ducks i line maybe someone can help??? 1) I find the property make a deal with the seller put it under contract… do i have to pay a lawyer to look over the contract? basically if someone can give me a miny draft on how i can make this work with none of my own money and how to quick sell the property i couldn’t thank you enough you can help me really start my real-estate business off the ground THANKS ALL!!!
- Build your buyers list (I have a post on here somewhere about it)
- Locate a home to buy
- Put home under contract, you can use the same form that realtor use or buy some other good form. be sure to have an out such as an inspection clause. You can make it assignable or use a back to back closing
- Get your buyers through during your out period.
- If they like it get non refudable earnest money from them
- If they dont then use your out to get out of the contract.
I use the standard purchase contract approved by the State. It’s usually found at the Agency that regulates the Realtors in a particular State & you can download it off the internet.
In addition to the “inspection out,” I personally put something in the contract that allows me, inspectors, contractors, partners, etc. access to the property. That way I can show it potential buyers.
I write my own on a hybrid from Oregon,I add the provision, seller reserves the right to schedule contracters for repairs, market, schedule for property clean up prior to closing.
This allows me the right to list ,advertize and show the property prior to paying for it.
I keep everything above board with the seller, so they know I do this for a living and intend to sell soon. But this allows the re agents to list the property even though I am not the owner, and other double close bennies. Darin