Starting Steps - Contracts and Documents

1 Reply

I’m here in Texas and I’m needing to know how I go about getting my contracts and other documents in order before proceeding. Do I need to have an arsenal of contracts at the ready depending on what type of transaction I’m dealing with? Do I rely on a RE attorney for all of this? Texas has the Texas Real Estate Commission website which has contracts ready for download by the public...but I am a little leery of just downloading and signing without proper counsel.

I’m interested in buy and hold and possibly flipping later.

I’m new, VERY excited about getting into the game, but I am full of nothing but questions and uncertainty at this point.

Thank you very much!

Never underestimate the power of having an attorney review your contracts before you go forward.  If you are looking to be a buy and hold investor/land lord you will need two basic contracts:  First, your purchase contract, generally, you will use the stand form for your state which your real estate agent/broker will help you fill out & they generally have them on hand.

The second would be a lease.  If you are going to manage yourself then I would find a standard contract, adapt it as you see fit then have your attorney give it once over.  If you are using management, do the same, review the contract that the manager uses then have your attorney look it over.

Hope that helps you get going.

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