Hey guys! I'm new here and I have been absolutely loving these forums! My biggest question in getting into real estate is the cost for attorneys, contractors to give you estimates; However, I'm pretty sure contractors don't need any money up front. Don't they get paid only if you hire them to do the work? Also what about attorneys for the paperwork and how do I go about doing that? This is my biggest concern because I want to wholesale a couple properties first whether it be assignment contracts or double closings. But how do I go about doing an assignment contract or double closing with my attorney & do all attorneys know what these are & are familiar with? People say you don't need any capital to wholesale, but don't you need the capital to go through the paperwork? Lastly, how do you go about getting an appraisal where they tell you how much other properties have SOLD for? And how much do they cost? If any of you guys have done wholesale deals if you can leave like a step by step basis and how much were things roughly. That would be amazing!
~Thanks, Adam & Great luck to all you wonderful people in the biggerpockets forums helping kids like me out! :D
Hi Adam. Welcome to bigger pockets! Great to see someone younger than me on here. I'll. let others speak to the lawyer question but about the appraisal: single family homes are appraised based on comps. (Comparable sales) and an appraisal costs about $400. However you don't need one to wholesale a property. What I think you're asking is how to determine a property's value. What I do is enter the address on zillow so I know where it's located, set the range for square footage, year built, bedrooms and bathrooms, that are all close to the stats of the subject property and then say "sold in the last. 6 months". I look at the houses right around the subject property and if they're all pretty close, I subtract 20k or 50k depending on how high the prices are and use that as a rough estimate. Hope that helps. Craig
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