I’m a shy person but I need to find out how to 1) learn to do a title search 2) learn how to write a contract.
I first started being interested in real estate in the mid 80’s and have purchased 4 or 5 home study courses. They are a great source of ideas and information for learning the possiblities of what can be done. My problems have always been credit and financing (which I still have) so I have never done anything to get started. But a few weeks ago I started to look at this site and a few others and have ignited the fire again of thinking big. I did do about 1.5 years of going to the court house steps and watching foreclosures and then looking up information at the recorders office. I thought there was at least 4 super deals a month but never opened my mouth to people who would have the anwsers to questions I had so I’m wanting to try again. Can someone help?
I thought of a couple more questions. 1) I need to find about closing cost ie: what are all the cost involved and who is usually responsiable for them? 2) What cost will be in acquiring a team of professionals ie: r.e.agent, title co. contact, lawyer etc.
bigD,
In regards to your shyness…
GET OVER IT!
You will learn far more talking to people in person and let them know you are clueless than acting like you know after reading some forums or not saying anything at all!
Ever see a Columbo show? He has got to be the slowest, dumbest LOOKING detective that solves murder cases in less than 60 minutes not including commercials. Through out the show he asks question after question and never makes a statement till the last 5 minutes of the show when he nails the bad guy. Go Columbo! ;D
LOL…good analogy Abel!
Number 1, Title serches are not your problem. The title company does that. Even if you did a title search, they will do one also. Number 2 Let the agent write the contract. All you have to know are the outs to put into the contract. like financing, apprasal, inspection, etc. Closing costs are different depending on the deal, but in Houston Texas you should look at around $2500 to $3000. If you are doing rehab and the loans are rehab loans, you can borrow 75% of the “rehabed” value of the house. That means that if you get a house for 60% of the rehabed value, then you get a check at closing for the remaining 15%. You use that money to rehab the house and you may be able to use some of it to pay for closing costs. In any case you will have to pay for the appraisal $550 to $600 before you can get the financing. and any ernest money usually $500 to $1,000. Max out of pocket should be around $1,650. The team will only get paid when you close the deal. That comes out of your closing costs. They cost you nothing out of pocket, the deal pays them. They do, however, like repeat business.