Introduction, classes, and forms. (a little bit long)

General Real Estate Investing
1

Hi everyone!
Ok, so, I’m pretty new to REI. I haven’t made any offers, or deals, yet, but I have a pretty good idea of how everything works. But, as the saying goes, “The difference between knowledge and wisdom is experience.” Anyway, I’m taking a real estate principles class, as well as a real estate finance class at my local community college. The textbooks are almost 2 inches thick each, and are full of concrete information. I also bought the RE Practice textbook, which is all about being an agent and/or a broker. I would recommend that anyone new to REI should look and see if there are classes similar to these near them, because it’s a good, solid foundation to start on. Anyway, enough with the introduction.

When you’re buying property, do you usually use an agent? From a lot of articles and posts that I’ve read, I don’t think that agents are used often, but if not, then you have to do the purchase offers and comps yourself, correct? Also, if you don’t use an agent, where do you get the forms you use? I’ve seen some home office software that provides forms, as well as some websites, etc, but I was curious as to what the longtime investors actually use. After years of doing this, I’m pretty sure they’re very familiar with the whole procedure, etc…

Anyway, I’m sure I’ll have a lot more questions, once I get more involved. I’ve been driving around getting information on vacant and abandoned properties, FSBOs and forrents. Reading a lot of books at the library and bookstore, checking articles and posts on this site and similar sites (creonline.com). Thanks for reading, and I look forward to posting a success story sometime soon.

Also, I’m located in the San Fernando Valley, in Los Angeles county. I haven’t joined any local REI clubs yet, but will soon.

Thanks again!

2

Howdy Leighland:

Glad to have you aboard the REIclub. Just don’t be a study junkie and attent all the seminars, courses etc and give up and never do a deal.

The forms are easy to get. Your local real estate commission should have them on line, they do in Texas, if not visit them or a local title company or a Realtor may share a copy with you.

Realtors make it quick and easy to find deals but most are priced at retail prices. I look everywhere to find leads. I am a member of Quickoffers.com and webuyhousesforcash.com and fasthomeoffers.com and get some leads from them. Some of the services are monthly fees and some will send you leads that you can buy for a small fee ($25) or you can buy the territory for a monthly fee too if available. If your county is taken already find out who has it and you may be able to get leads from them.

Bandit signs work too and even an ad in your local papers. There are many ads here in Austin but you will get calls just the same.

The last two or three deals I did I bought thru Realtors. They were REO’s and were in horrible condition but were priced right.

Again about the forms. It is easier to use the standard forms in your area in my opinion. Only under special conditions would you need to use different ones. My first partner used a 37 page contract written by his lawyer. No one wanted to even read the thing much less agree to all HIS terms and conditions. After meeting me we bought our first property with the standard forms for all cash no inspections or loan approvals and closed in two weeks, quick as the bank could move.

Anyway, hope this heps you a bit. Hope to see you posting more questions and success stories especially.