Green Cove Springs, FL · Member since 2008 · 25 posts · 1 vote
I'm new to REI and want to get into wholesaling. I've got 4 questions…
Question #1- Which is better to wholesale real estate? Getting a property under contract and assigning the contract or getting an option to purchase the property and assigning the option?
Question #2- What’s the best way of getting purchase/option contracts? Do you use a standard realtor’s purchase contract or is there one specialized for wholesaling?
Question #3- Where can I purchase and/or download a purchase contract to be used in Florida?
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Question #4[/b]- Does the contract need to have carbon copies so that when you have one signed, you can leave a copy with the seller?
#1 I personally have never heard of selling an option to purchase a property but I guess it could be done. Just out of my ignorance for the alternative I would recommend assigning contracts/double closings.
#2 I used a standard realtor's contract until I came across another wholesaler who used a simple one page contract. I copied their's, added some things, took away some things, and now its my standard contract.
#3 For the standard state contract I would check online at the Florida's real estate commission's website or check with a local title company. Local title companies will normally be glad to give you a blank contract.
#4 With my one page contracts, I just write up two identical copies if I don't have access to a copier. I know in at least in Texas the seller/buyer is supposed to have a copy of the executed contract for it to be valid.
Ryan Webber: The wholesaler you came across most likely had his made by a Real Estate Attorney correct? With that being said, do you know the price range a Attorney would charge to draw up a contract?
The wholesaler got hers from a Russ Whitney contracts package. I would guess from $250-1,000 for an attorney to draw one up.
The problem with an attorney writing one up is that they use lots of lawyer jargon that normal people get confused by. The point of a one page contract is for your seller/buyer to easily understand the contract.
Now of course having an attorney write up or at least look over your one page contract is important so that its legal and binding, but I would focus on making it simple and easy to understand.
Marvin i used to use the same 9 page contract that a Realtor used in my State.Now i use a 1 page Purchase Contract with the same language and a couple weasel clauses i added to protect myself.Anyways try to get a Purchase Contract from the State your investing in or if you have any friends that are Agents that can provide you with one would be better.Start by eliminating all the Broker's stuff,Financing,and all other stuff that you don't think is needed also add all the legal language your State requires.HAPPY HUNTING.. :superman:
There is already a link to these in the forms section on this site, but here it is anyway. They have many forms for free which you can copy and paste into a word document and just print them. :wink:
I’m new to REI and want to get into wholesaling. I’ve got 4 questions…
Question #1- Which is better to wholesale real estate? Getting a property under contract and assigning the contract or getting an option to purchase the property and assigning the option?
Question #2- What’s the best way of getting purchase/option contracts? Do you use a standard realtor’s purchase contract or is there one specialized for wholesaling?
Question #3- Where can I purchase and/or download a purchase contract to be used in Florida?
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Question #4[/b]- Does the contract need to have carbon copies so that when you have one signed, you can leave a copy with the seller?[/quote
This is my major field of investing not selling REO, but with that said I will provide you with everything you need up to date contacts and all been tested around the states by others but since you live in the same state that I live in I will tell you this I have had mine checked out by a hand full of attorneys and they have always passed. But then again you could always check with your attorney just make sure that he is a real estate attorney. contact me for price.