Posted by Patrick on March 25, 2006 at 01:28:59:
I have someone willing to lend me upto $100 for the EM deposit.
I have a large list of buyers who Ive called and are all willing to buy from me.
Ive been researching the area Im shoping in. Most decent houses in the area are selling 110-120k. Well, yes it needs a lot of repairs but my entire family has been in some form of contract work from framing on up so I have a good estimate on cost to repair so I know a deal when I come accross it.
I worked for a family plumbing company for a year and a half as the office manager so I was in constant contact with many title companies. Some of the employees of said companies remained my friends and I have talked to them and they will help out for discount price.
as for not getting out. I do have the oh so popular “Subject to final inspection or aproval by buyer or partner” clause in the contract.
Contracts - Posted by Patrick
Posted by Patrick on March 24, 2006 at 10:59:54:
Im ready to jump into the field now and today I plan on creating a list of at least 50 houses to make offers on. My first couple of deals I am going to try and assign to another investor. My question is this:
Is it safe to use the purchase agreement contract found in the book “Flipping Properties” by William Bronchick? Like some of you know I have not a dollar to my name at the moment (I just paid my car payment I literally have $10 in the bank account) so getting an attorney review is out of the question. I want to make sure it wont bite me back in the arse.
Once again thanks for all yalls help…I have been truely inspired and hopefully I will have a deal done before my next bills are due! hahaha!
Re: Contracts - Posted by John
Posted by John on March 24, 2006 at 18:09:19:
I would feel comfortable using Bronchick’s contract.
I want to ask you a couple questions!
- Most offers need a EM deposit, where does it come from?
- Just getting a property under contract does not mean it is flippable. Do you have buyers lined up?
- Do you know property values and repair costs so you can get a property at a price that it can be wholesaled at.
- Do you have a title company that will do double close or assignments?
I have seen alot of newbies contract properties at too high a price that no other investor will touch. Be sure you know what you are doing as you can easily dig yourself a hole that you can not get out of.
Re: Contracts - Posted by Rob
Posted by Rob on March 24, 2006 at 11:29:59:
Maybe its just me but, I don’t think you are ready. I take it you have some type of insurance for your vehicle you just paid on. REI can cost you more money and headache than the value of your car. I would find find the $350 or so to pay an attorney as insurance so that you don’t lose your butt. Remember REI is a business and it takes money to run a business.