getting started

6 Replies

okay so i should have my RE license in may/april, taking a 4month course wth allied schools (some special deal where military gets a free laptop if you pass the course) anyhow what i was wondering

1. If I signed a contract with a RE agent to get the comps for an area would it be worth it to tell them im only using them to see comps in an area? and just give them apart of the whole sale deal...

2. is there anyway to find comps without asking a RE Agent?

3. Contract forms, go to an attorney or continue to look for free ones?

4. this is the most active forum i have came across, thanks guys.

Im also working on summing up all of the most valuable posts i read on this website without repeating information and creating an e-book for newbies. I jus wanted to make sure it wasnt illegal to use information found here. Learning everything i could about real estate is pretty static when searching for free information. anyhow happy holidays

The contract you signed with a realtor, was it an exclusive buyer representation contract? If so, then legally they have a right to a commission from you for any property you buy within that time period (usually 6 months). If I have an agent push for me to sign a representation agreement, I make sure it specifies that it is only for that property or for properties that the agent specifically brings to me. Most agents won't push for a commission they didn't earn, but legally they still have a right to it. Many non-investor friendly agents won't work with you without a broad representation agreement, but I explain to them that I buy a lot of houses through my own marketing and my own effort and time, and there is no way I am paying them for something that I found through my own marketing.

Comps pretty much come through agents or through access to the MLS via an agent's logon. If you can build a strong enough relationship with an agent then they will probably give you their signon for the MLS, so you can pull your own comps. Just use them if you make any offers through the MLS.

In reference to contracts, an attorney will either charge you about $1000 or since you're in Texas you can go to the Texas Real Estate Commission's website and download the free promulgated Texas purchase contract. You can also just find a free one and use it with maybe some personal alterations on your part.

Originally posted by "iLikeVanilla":
Thank you ryan. maybe i am missing something here but when you whole sale a deal to a rehabber, you're actually puchasng the house for a real fast resell?

somtimes you can assign the contract to the rehabber for a fee or when dealing with fannie mae, hud, or banks you have to do a double closing and hope you rehabber doesn' back out. its best to join a REI club and make contacts with people that have cash ready and and close in days not months and get multiple back up offers.

I purchase ALL of my houses for a quick resell, and its not just to rehabbers. Actually my best customers are investors that do rentals and that carry notes.

You know thinking about it, I have never had a buyer, with my wholesale deals at least, back out of a deal once they signed a contract and gave earnest money. Now I stress to them the fact that they need to be ready to buy this property, and that if they have issues then they need to deal with them before they sign a contract. I also have only sold a wholesale deal to 1 or 2 people using conventional financing. All my buyers use cash, bank lines of credit, commercial loans, or hard money financing.

Originally posted by "iLikeVanilla":

Im also working on summing up all of the most valuable posts i read on this website without repeating information and creating an e-book for newbies. I jus wanted to make sure it wasnt illegal to use information found here.

Actually it probably IS illegal.
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