Hello, I am new to this real estate game(have not done my first deal yet). I’d like to know if anyone has any insight on contracts. I particular for wholesaling. I think this is the avenue I want to start with. I’ve been reading, and researching, but it seems like there is soooooo much information, I just want to be able to protect myself and not fee as if I’m in way over my head. Also, I’m in the South Florida area and looking for a mentor.
Hello opmcapinvest,
It is not hard. Really its not. It only seems that way when you don’t take action. Make sure this is not a problem for you.
There are several diffrent ways of sealing the deal between you and the seller. I personally only use a Option to buy. It’s a one page document and it is very simple. It also makes the seller feel more comfortable filling out this document.
What I sign with the buyer, is a P&S agreement.
Hey Delondon,
Would you happen to have a copy of these ageements to share?
And thank you for responding to my post and not making me feel like my question was stupid…
By the way, what is a P&S agreement, does that stand for purchase and sell???
I agree, the option is so much cleaner. The person doesn’t have to feel under any pressure to find a buyer and the seller knows up front that you may or may not buy the property. These days with fewer buyers in the market and more and more of them being picker then ever, I wouldn’t think of putting a property under contract if I didn’t already have a buyer in place.
How do you get a buyer lined up without a signed contract? Doesn’t the buyer usually want to get on the property to see inside and how do you do that unless the seller has it under contract?
I am curious not being a wise guy (girl) because I am about to get one under contract with a seller and would LOVE to start looking for buyers before I have the contract just to get a heads start but I tried to market a buyer once on a property that wasn’t under contract and the seller got ticked off with me.
Just got a contract signed on a boarded up house today. No doors to put a lockbox on etc… so I was granted by the seller permission to bring back my contractors or anybody affiliated with me to come to the house while he is not there.
Its just that easy, just either ask for the key or ask for what you want. You will get it if you say it right.
:bobble
Delondon,
Great advice big daddy!! Hey great video on your site, your Crushin It!!
I was a Marine, I didn’t here what branch your were in.
Cheers:
Sean
Thanks Sean,
I was a 91w1p (Airborne Combat Medic) in the US Army. We might have crossed paths in Afghanistan.I met plenty of Marines in Kandahar. Did you do a tour over there?