I'm looking for some general information about contracts that can really only be answered by someone who's used one before. I'm brand new to this, keep in mind.
When it comes to contracts, around how much does an attorney charge to write one up that's suited to your needs? Can the same contract be copied and printed and used multiple times or will a new contract need to be created for each deal (assuming all deals are the same type of purchase i.e. wholesale).
Can I find a contract online that covers all the basics and have an attorney look over it to make sure it is sound? Around how much would this cost? When is payment for any of these transactions due?
I don't have much capital to put into the real estate game, though I'm looking for sources all the time. So, things like this could not be feasible if I don't personally have enough money to pay for them. I'm looking to do no cash no credit deals in order to build enough wealth to not worry about these problems, but I've got to start somewhere, and I'd like to know some of this stuff before I go around calling law offices.
So, you're wanting to go to high school without going through grade school or junior high!
Do you have $50 to get a real estate text book and a business law text book? In about 3 weeks you can blaze through those and you'll be years ahead of he average newbie and general public.
Then, you can look at sale contracts used in your local area. Begin with that. Then jot down what you want to do with your contract. Do a rough draft of your contract and then take that to an attorney. A review as to content and form might be $100 as they can breeze through it quickly if you don't get too unconventional with guru stuff.
Yes, even if you spend $1,000 with your attorney in obtaining advice on how to contract, it's money very well spent as it can save you thousands and that's not to mention the costs and fines from doing the wrong thing. And yes, your contracts are your business tools, they are used over and over and over, so the cost should be viewed as capital expense in your business that reduces the cost of you doing future business. It's the engine to your car.
Good luck :)
This is great advice. I'm not completely broke, and I do have money to invest in my business. Any money spent on educating myself is definitely money well spent. I'm a perfectionist sometimes which is one of my greatest flaws. I like to make sure every minute detail is in order before I step into something.
For the most part, I just need a contract that works for wholesaling. I'm not trying to do the crazy guru stuff yet. Just simple contract assignments. I'm sure that a simple purchase agreement would work for that, with the added contract assignment.
I think I'll make a trip down to the book store however.
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. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
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