Posted by Jim…Nv. on October 30, 2002 at 13:02:50:
It matters not what you offer; you need to wet your feet…when you write up the contract, put "your name or assignee on it.
Only if you wish to flip it to your partner for cash or anyone else for that matter.
As for Earnest Money, Almost everyone thinks that you must put it up. I have always put up a dollar and have noted that if the seller gets another offer while in contract, I get first right of refusal.
Also you can offer the down within 30 days if your partner approves the purchase. You then have your partner put the Earnest Money up.
Good Luck
Jim
OK. I am getting ready to start my investing journey…i am ready to place on offer on my first prospective property but i have a couple of questions first.
First, I want to offer $60,000 on a rehab project- asking price is $79,900- Is this way off target???
Second, I am working with a partner and have NO money of my own to use. SO I am writing the offer “subject to partner’s approval”. Do I need to put my own earnest $$ sown on this?
Lastly, if my offer is taken and the partner agrees, how do I “assign” it over to the partner, so i don’t get stuck in a bind with a contract??