I use the standard Realtor contracts. Now-a-days these come on CD-rom and are fully readable and writeable with Adobe Acrobat for most modern areas on the country. I’m sure someone can email you one for free that applies for your state. Whatever you do, don’t use the one-size-fits all contracts that come in these real estate courses. Most are very generic and probably miss a dozen or so state laws and disclosures that are specific to your state. They are very dangerous in my opinion. On top of that most Realtors and other investors will cock their head like a dog if you write an offer on one.
Seriously, I can beat $4.50 per contract.
Heck, I’d suggest you send out at least 50 offers per week, and I’ll sell you each agreement for the low low bargain basement cost of $2.50/contract.
The only thing is, you need to use a fresh one for each offer, no making photo copies of my agreements.
Seriously, why buy a contract at all?
Get one from someone else for free, and then add an addendum with all the things you and your attorney want to.
Also, as mentioned here, many courses come with agreements.
Although it is still wise to run them by your local RE attny, to insure that they comply with local laws etc.
I use my own. It’s 8.5" x 22." One thousand contracts printed on 4-part NCR paper at the local Minuteman print shop costs $1000.00. Because of the way they buy the paper, the next price break is at ~ 7,000 contracts. I change the wording too frequently for that.
If you?re making a few offers a week, it may be less expensive to buy the Realtor® contracts and use a computer-printed addendum for non-standard items.
I am in central florida as well…hey neighbor!
just wondering if you use and/or have any advice on Bronchick’s forms as they pertain to florida law?
I am a newbie and still in the learning phase…I will be doing my own research on these matters but figured I would ask anyway. I have come to the conclusion that Bronchicks courses will be the best for me…just wanted to see if you have any experience with them.
Christopher- we are definitely compatriots! There’s plenty for everyone (and then some!)
Jim- Thanks for the knowledge of the forms. I planned on having them checked out anyway but now that I have some advice on certain things from you I can use it as a gauge to see if my chosen lawyer knows his shtuff. Basically, I am going to let him tell me what he thinks then if he doesn’t mention those topics I will question him on it. Very much appreciated! And I looked at your REmentors website, Jim, and found it quite interesting. If I had the spare cash I would definitely sign up for it. It crossed my mind that if we could take the cost of the course out of the first deal we close together then I, and many more, might take much more advantage of it. Something along the lines of this–I sign up for the $4,000 unlimited mentoring program and agree to pay the $4,000 subject-to our first deal (nice little RE reference, eh? always the wheeler dealer…lol). That offers me protection while at the same time guaranteeing you money if you can do what you say you can (please don’t take that the wrong way…after seeing all the great advice you give on this website I certainly believe you can deliver whatever you promise!). But I beleive in win-win situations and it seems to me that would be the best way to assure the outcome. I hope I didn’t step on your toes with any of that…if I did please know it was not my intention…your knowledge is very valuable and I DO recognize that…it just the TERMS of the deal I was wondering about…
(now, if only I could wheel and deal like that with motivated sellers!)
Do you guys belong to CFREI? will you be going to the next meeting? If so, I’ll see you there!
oh yeah, I am in Northwest Orlando. Jim, are you in Lakeland? hmmmm, by the way, do you know much about clermont? I know someone (not sure how motivated yet) that has been trying to sell their house in Clermont for over a year. they are about to move out (into their other home in south florida). I am not sure they are very motivated…I thought I might let them sit on it for a couple months and make the double mortgage payments and then see how motivated they are. Clermont, though, is way out of my known region and was wondering if you had any ideas on investing out there…good? Bad? hot? cold? Maybe, if you think you might be able to work something, I can turn their name over to you. Who knows…let me know…
anyway…good to hear from fellow Central Floridians…and keep in touch. I am sure we can help each other in many ways.
Where in central Florida are you located?
I’m about half way between Tampa and Orlando.
As for Bronchicks forms, I like them, but do not use them.
The forms that I use are actually a compilation of ideas from several different courses, as well as my own ideas, and then all put together by a local attorney to comply with local laws.
Just one example:
A generic 3 day notice, like you see with many of the courses available today was not good enough for my area, per the judges at eviction court.
You must have in the 3 day notice to “Pay or give possession.”
Also, where some of the courses that teach selling houses with L/O’s, or L/P’s, with seperate agreements, it is not wise to say in the option or purchase agreement that if the lease is violated, the option or purchase agreement is “null and void”.
I was advised it must say, “Agreement is terminated should any lease between the seller and buyer be violated in any way prior to closing of the sale.”
or something like that.
Also, the warranty deeds being sold with many of the courses for placing houses in a trust needs to have some added language.
I think Bill’s forms are a good starting point.
Just don’t use them blindly.
Get a local attorney to review them and write you up some docs with Bill’s language as well as what ever is needed to conform to local laws etc.
Realize that I know next to nothing, but it it possible to print 4000 sheets of whatever contract you are using and want three carbons of at kinkos for dirt cheap and then by some carbon to sandwich between the various copies? The carbon could be reused several times. That sounds infinitely cheaper.
I like how you explained those little things that go unnoticed when not reviewed before use. Exactly why you shouldn’t take for granted a contract written in Mississippi, to be used in Alaska, without an attorney review to comply with local statutes. Besides compliance, you can also adjust to be more beneficial should laws allow you things not allowed in Mississippi statutes, but fine with Alaska statutes.