Posted by John Merchant on January 13, 2006 at 21:47:24:
RECs are used a lot, and mostly, experienced sellers have taken the deed from a don’t-wanter, and now they’re selling, but on a REC, with no deed just yet.
While you could just find a REC form and start in, that’s not really a good idea since you’re just a beginner.
You could really use a beginning seminar or course to teach you some RE basics, but be careful here, as if the hot-shot “gurus” glom onto you, some of those artists will clean out your bank account and max out your credit card and you’ll have no money left for RE investing.
Better maybe to find a local RE investor whom you like, trust and respect and ask him/her to mentor you as you’re learning, and plan to share profits with that person. This is a much safer way to learn, without spending yourself into BK.
With your present deal, with a would-be buyer standing by, I think the best route might be to make a deal with some local, much experienced RE Agent, to help you, for a given fee, (modest, since you’ve already found the buyer and the REA won’t have to do any selling). That agent will have access to the right forms and enough know-how to get the job done for you.