How to get a current Wholesale contract for San Antonio, TX?

Question

Can someone please let me know where I can get the latest wholesale contract for the state of Texas? I heard to try a local title company, but they don't seem to have any idea what I'm talking about. Please help!

Mark Nolan · Answer

@Jennifer Parrott

Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members which is my favorite part of the website.

Seth Teel · Answer

Send me a colleague request or my email should be in the signature of all my posts.

Guy Gimenez · Answer

@Jennifer Parrott

Kind of odd SAREIA would send you out of state instead of having you work with someone in Texas. Perhaps they have some affiliation with the group in Colorado.

The TREC contract form (unlike the TAR form) is a public document and can be used by anyone, not just licensee's.

Jennifer Parrott · Answer

@Seth Teel I've tried messaging you, but your name doesn't come up. Perhaps there is a different way? I'm new to this site so having issues navigating! Thanks!

Jennifer Parrott · Answer

@Guy Gimenez we are working with mentors now out of Colorado. We were introduced to them by SAREIA. These mentors told us to get the local TREC Contract and mentioned that some contracts will say they are only to be used by a licensed realtor, but they gave no other suggestions on how to get a contract with assignment. I wasn't having any luck and I've heard mixed reviews, some saying it's only allowed by a licensed realtor. These mentors ask for big money, but mentoring is impersonal, slow and not as promised. Im glad I found this website and I'm hoping it will help when I can't get a quick enough answer from our mentors.

Guy Gimenez · Answer

@Jennifer Parrott

Jennifer, the reason the title company is dumbfounded is because there is no such animal as a wholesale contract...it's just a contract. With no disrespect meant, but it appears you're quite new to this adventure and I would assume once you get the contract you won't really have any idea what the provisions contained in it mean.  Please don't make the mistake of jumping into investing with both feet only to find you just jumped into quicksand. This is not like riding a bike where you can jump on and perhaps, at worst, break a bone. Drafting contracts with little to no knowledge of their meaning can be potentially devastating financially if you damage a seller, even unknowingly.

I tell you this because there are plenty of horror stories on BP of folks like yourself who thought, "hey, how hard can it be?" and then found out later after losing thousands, even tens of thousands of dollars, that it actually requires a good working knowledge.

Partner with an active, experienced investor on your first 5 to 10 deals so you can learn what to do and what not to do.

Seth Teel · Answer

What do you mean by "wholesale contract?"  Do you mean assignment?  If so, DM me I will send you one I've use in the past.  If you are looking to contract the property directly with the seller, most wholesalers are using the TREC Form 20-12 One to Four Family Residential Contract.  TREC states that only licensed agents can use the form, but it seems to be the most commonly used contract and  title companies prefer it.  I can send you a copy of that as well.

How to get a current Wholesale contract for San Antonio, TX?

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