invstor looks around for poor condition or old houses and then tries to contact the owner of the house or place and get an option [this is the confusing part] to purchase it or an option to purchase thus allowing him to find a buyer for a specified time and then gets the buyer to get it and he gets a finder’s fee. It seems simple but I had spoken to this person… how do I get started in this as what was explained to me was quite simple but it is in fact not as I think. Anyone care to explain?
Howdy Yudie:
I answered part of this in another post but here is my opinion about the part you are confused about that I touched on before. If options confuse you and you do not know where to get the forms and how to use them then do not bother. Just get an earnest money contract from a Realtor or broker or even on line from your local state agency and put the property under contract which is basically an option with an inspection period. Make the inspection period long enough where you will have time to walk away if you do not find a buyer in time and still get your earnest money refunded. If you only put up a few bucks as earnest money then this part will not be as important.